Floating Production System Market Trends

Growth Drivers

Growth in Offshore Drilling & Exploration Activity – With the rising demand for oil and other petroleum products and the enlarging development of countries to become energy independent, the exploration of potential oil reserves is on the rise. As per a report of 2021, worldwide there were 1.73 trillion barrels of oil reserves. This is projected to bring in numerous growth opportunities for the floating production system market in the coming decade.
Increasing Investment & Development in Energy Industry – for instance, ExxonMobil Guyana (ExxonMobil Corporation) finalized an additional investment decision of about USD 12.7 billion for the offshore Uaru development augmenting Guyana’s energy industry. The project ascertained all government and regulatory approvals and is expected to start in 2026, adding a daily production capacity of around 250,000 barrels.

Challenges

Cost Involved to Develop FPS Systems is High - Most floating production units require a substantial upfront investment for installation, and regular maintenance raises overall operating costs, slowing market growth.
High Maintenance & Operational Cost
Emerging Offshore Engineering Regulations & Maritime Codes

Floating Production System (FPS) Market

Base Year	2023
Forecast Year	2024-2036
CAGR	9.7%
Base Year Market Size (2023)	USD 9.9 Billion
Forecast Year Market Size (2036)	USD 29.4 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of floating production system is evaluated at USD 11.2 Billion.

Floating Production System Market size was valued at USD 9.9 Billion in 2023 and is expected to reach USD 29.4 Billion by the end of 2036, registering around 9.7% CAGR during the forecast period i.e., between 2024-2036. The increasing demand for crude oil and natural gas along with the growing oil and gas industry and rising offshore exploration activity are the major factors driving the growth of the market.

The Latin America region is predicted to be the biggest with a share of about 30% by 2036, impelled by the increasing investments in offshore projects in the region.

Mitsubishi Heavy Industries Ltd., Nippon Yusen Kabushiki Kaisha (NYK Line), Shell International B.V., TechnipFMC PLC, Hyundai Heavy Industries Co. Ltd, Keppel Offshore & Marine Ltd, Samsung Heavy Industries Co. Ltd, Bumi Armada Group, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Teekay Tankers Ltd., Reliance Naval and Engineering Limited

Floating Production System Market Trends