Floating Production Systems Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.00 % |
| Fastest Growing Market | South America |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Floating Production Systems Market Analysis
The floating production systems market is expected to register a CAGR of over 10% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic in 2020. Currently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as increased offshore exploration activity and focus on offshore oil and gas production development are expected to drive the market for floating production systems.
- On the other hand, the high cost of FPS systems, combined with the volatile nature of oil prices, are expected to hamper the market's growth.
- The demand for oil and gas is constantly rising, leading to increased offshore exploration activities. This factor is further expected to act as an opportunity for the market over the forecast period.
- South America is expected to witness significant growth during the forecast period due to the increasing investments in the offshore sector of countries like Brazil and Guyana, among others.
Floating Production Systems Market Trends
This section covers the major market trends shaping the Floating Production Systems market according to our research experts:
Floating Production, Storage, and Offloading (FPSO) to Dominate the Market
- FPSOs are the most popular floating production systems due to their additional feature of storing and offloading produced crude oil. Thus, FPSOs account for over 60% of the market share, which is expected to increase further over the forecast period.
- FPSOs help in long-distance movements, providing the operator a chance to use them over different regions and fields over their lifetime.
- Brazil deployed the maximum number of FPSOs, and it is expected to continue to do so during the forecast period. As of July 2021, 41 FPSOs were operating in the country, with an additional 11 on order.
- The increasing energy demand is expected to drive the floating production systems market during the coming decade, as the new exploration activity is at an all-time high. The operators are also often forced to work in much deeper waters that require sophisticated technology and equipment. They also require the capability of storage and offloading oil.
- Such factors are expected to drive the market for FPSOs over the forecast period.
South America to Dominate the Market's Growth
- The South American region is expected to boost the overall FPS market significantly. Brazil and Guyana are the most significant countries in the market, as the demand for FPS has substantially increased in these countries in recent years.
- The offshore oil and gas industry is expected to witness massive investments during the forecast period. In 2020, Rio De Janeiro was the highest crude oil producer in Brazil, as almost all the producing fields were located offshore. The state recorded the production of around 853 million barrels. In 2021, seven out of 10 FPSO contracted projects were from Brazil, with three additional projects to be added to the portfolio in 2022.
- In October 2022, Sembcorp Marine won a USD 3 billion contract for a new FPSO for Petrobras. The FPSO P-82 will be deployed at the Buzios offshore oil field in Brazil's pre-salt Santos Basin.
- In November 2021, SBM Offshore bagged a FEED contract for the deployment of an FPSO vessel for the Yellowtail Development Project in Guyana. The contract was awarded by Esso Exploration and Production Guyana Limited, the subsidiary of Exxon Mobil. The company plans to fabricate, install, and operate the unit for around two years from the commencement of production. With a production capacity of 250,000 barrels per day, the FPSO is likely to start production in 2025.
- Therefore, owing to such developments, the South American region is expected to hold a significant market share during the forecast period.
Floating Production Systems Industry Overview
The floating production systems (FPS) market is partially consolidated, with some of the top players accounting for a major part of the market. The key players are (in no particular order) Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd, Keppel Offshore & Marine Ltd, Malaysia Marine and Heavy Engineering Berhad, Mitsubishi Heavy Industries Ltd, and Samsung Heavy Industries Co. Ltd.
Floating Production Systems Market Leaders
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TechnipFMC PLC
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SBM Offshore
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Keppel Offshore & Marine Ltd
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Mitsubishi Heavy Industries Ltd.
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Bumi Armada Berhad
*Disclaimer: Major Players sorted in no particular order
Floating Production Systems Market News
- In September 2022, Keppel Offshore & Marine won an engineering, procurement, and construction (EPC) tender from Petrobras for the P-83 FPSO, worth USD 2.8 billion. The FPSO is scheduled to be delivered by the first half of 2027.
- In November 2022, Exxon Mobil Corp. announced its plans to order another floating production storage and offloading (FPSO) vessel for a project in Guyana from SBM Offshore. The two companies signed an MoU for the construction of the FPSO.
Floating Production Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Market Size and Demand Forecast in USD billion, till 2027
4.2 Offshore Active Rig Count, till 2022
4.3 Offshore CAPEX Analysis in USD billion, till 2027
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 Porter's Five Forces Analysis
4.8.1 Bargaining Power of Suppliers
4.8.2 Bargaining Power of Consumers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitutes Products and Services
4.8.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 FPSO
5.1.2 Tension Leg Platform
5.1.3 SPAR
5.1.4 Barge
5.2 Water Depth
5.2.1 Shallow Water
5.2.2 Deepwater and Ultra-deepwater
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Keppel Offshore and Marine Ltd
6.3.2 Malaysia Marine and Heavy Engineering SDN BHD
6.3.3 Samsung Heavy Industries Co. Ltd
6.3.4 SBM Offshore NV
6.3.5 Bumi Armada Berhad
6.3.6 Hyundai Heavy Industries Co. Ltd
6.3.7 Mitsubishi Heavy Industries Ltd
6.3.8 TechnipFMC PLC
6.3.9 MODEC Inc.
6.3.10 Teekay Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Floating Production Systems Industry Segmentation
A floating production system is a platform that receives fluids (crude oil and water, among other things) from a subsea reservoir through risers, which then separate fluids into crude oil, natural gas, water, and impurities within the topside production facilities onboard, depending on the type of floating production system.
The floating production system market is segmented by type, water depth, and geography. By type, the market is segmented into FPSO, tension leg platform, SPAR, and barge. By water depth, the market is segmented into shallow water and deepwater and ultra-deepwater. The report also covers the market size and forecasts for the floating production systems (FPS) market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Type | |
| FPSO | |
| Tension Leg Platform | |
| SPAR | |
| Barge |
| Water Depth | |
| Shallow Water | |
| Deepwater and Ultra-deepwater |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa |
Floating Production Systems Market Research FAQs
What is the current Floating Production Systems (FPS) Market size?
The Floating Production Systems (FPS) Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in Floating Production Systems (FPS) Market?
TechnipFMC PLC, SBM Offshore , Keppel Offshore & Marine Ltd , Mitsubishi Heavy Industries Ltd. and Bumi Armada Berhad are the major companies operating in the Floating Production Systems (FPS) Market.
Which is the fastest growing region in Floating Production Systems (FPS) Market?
South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Floating Production Systems (FPS) Market?
In 2024, the Europe accounts for the largest market share in Floating Production Systems (FPS) Market.
What years does this Floating Production Systems (FPS) Market cover?
The report covers the Floating Production Systems (FPS) Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Floating Production Systems (FPS) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Floating Production Systems Industry Report
Statistics for the 2024 Floating Production Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Floating Production Systems analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
