Market Size of FPSO Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 12.04 Billion |
| Market Size (2029) | USD 18.11 Billion |
| CAGR (2024 - 2029) | 8.51 % |
| Fastest Growing Market | South America |
| Largest Market | South America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
FPSO Market Analysis
The FPSO Market size is estimated at USD 12.04 billion in 2024, and is expected to reach USD 18.11 billion by 2029, growing at a CAGR of 8.51% during the forecast period (2024-2029).
- In the medium term, the increasing exploration and production activities in deep and ultradeep water depths are expected to drive the FPSO market during the forecast period.
- On the other hand, the high upfront cost is expected to hinder the market's growth during the forecast period.
- Nevertheless, the technological advancements and innovation in FPSO systems are expected to create huge opportunities for the FPSO market.
- South America is expected to be a dominant region for the FPSO market due to increasing offshore activities in the region.
FPSO Industry Segmentation
FPSO stands for floating production, storage, and offloading. It is a type of offshore vessel used in the oil and gas industry for producing, processing, storing, and offloading hydrocarbons. FPSOs are typically deployed in offshore fields where it is not feasible or economically viable to build fixed production platforms.
The FPSO market is segmented by construction, water depth, and geography. By construction, the market is segmented into contractor-owned and operator-owned. By water depth, the market is segmented into shallow water, deep water, and ultra-deep water. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The report offers the market sizes and forecasts in revenue (USD) for all the above segments.
| Ownership | |
| Operator-owned | |
| Contractor-owned |
| Water Depth | |
| Shallow Water | |
| Deep Water | |
| Ultra-deep Water |
| Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)} | ||||||||||||
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FPSO Market Size Summary
The FPSO market is poised for significant growth over the forecast period, driven by increased exploration and production activities in deep and ultradeep water environments. Despite the challenge of high upfront costs, technological advancements and innovations in FPSO systems are expected to create substantial opportunities. South America, particularly Brazil and Guyana, is anticipated to be a dominant region due to its extensive offshore activities and significant oil and gas reserves. The region's deepwater and ultra-deepwater reserves, especially in the pre-salt fields, necessitate the use of FPSOs for efficient production, storage, and offloading, further fueling market demand.
The market is characterized by a preference for contractor-owned FPSOs, which offer cost advantages and flexibility through leasing options. This model allows operators to minimize upfront capital investments and focus on core areas of value creation. The semi-consolidated nature of the market features major players such as Petrobras, CNOOC Ltd, TotalEnergies SE, Exxon Mobil Corp., and Shell PLC, who are actively involved in expanding their FPSO operations. Recent contracts and agreements, such as those by MODEC and SBM Offshore, highlight the ongoing commitment to enhancing FPSO capabilities and operations, underscoring the market's growth trajectory.
FPSO Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD, till 2029
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1.3 FPSOs in Operation, by Region and Operator, 2023
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.1.1 Increasing Offshore Oil and Gas Exploration and Production Activities
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1.6.1.2 Increasing Demand for Energy
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1.6.2 Restraints
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1.6.2.1 High Upfront Costs
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitute Products and Services
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1.8.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Ownership
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2.1.1 Operator-owned
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2.1.2 Contractor-owned
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2.2 Water Depth
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2.2.1 Shallow Water
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2.2.2 Deep Water
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2.2.3 Ultra-deep Water
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2.3 Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Norway
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2.3.2.2 United Kingdom
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2.3.2.3 Russia
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2.3.2.4 Netherland
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2.3.2.5 France
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2.3.2.6 Italy
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2.3.2.7 NORDIC
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2.3.2.8 Germany
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2.3.2.9 Spain
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2.3.2.10 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Australia
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2.3.3.4 Indonesia
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2.3.3.5 Malaysia
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2.3.3.6 Thailand
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2.3.3.7 Japan
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2.3.3.8 Vietnam
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2.3.3.9 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Venezuela
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2.3.4.4 Colombia
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2.3.4.5 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 United Arab Emirates
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2.3.5.3 Nigeria
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2.3.5.4 Algeria
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2.3.5.5 Qatar
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2.3.5.6 South Africa
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2.3.5.7 Egypt
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2.3.5.8 Rest of Middle East and Africa
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FPSO Market Size FAQs
How big is the FPSO Market?
The FPSO Market size is expected to reach USD 12.04 billion in 2024 and grow at a CAGR of 8.51% to reach USD 18.11 billion by 2029.
What is the current FPSO Market size?
In 2024, the FPSO Market size is expected to reach USD 12.04 billion.
