Floating Production Systems (FPS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by type (FPSO, TLP, SPAR, and barge), water depth (shallow water and deepwater and ultra-deepwater), and geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa)

Market Snapshot

Floating Production System (FPS) Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: South America
Largest Market: Europe
CAGR: >10 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The floating production systems market is expected to register a CAGR of over 10% during the forecast period of 2020-2025. Factors, such as increased offshore exploration activity and focus on development of offshore oil and gas production, are expected to drive the market for floating production systems. However, high cost of FPS systems, combined with volatile nature of oil prices, are expected to hamper the market’s growth.

Floating production, storage, and offloading (FPSO) accounts for the largest share of the floating production systems market, due to its additional function of storage of produced oil. FPSO dominates the market, with over 60% of the market share, globally.

· South America is anticipated to dominate the market’s growth due to widespread development of offshore exploration fields in countries, such as Brazil, with future investments in shale play exploration in Argentina.

· The demand for oil and gas production has always been on rise, which led to increased exploration activities in offshore. This, in turn, is expected to act as an opportunity for the market over the forecast period.

Scope of the report

The floating production systems (FPS) market report includes:

Tension Leg Platform
Water Depth
Shallow Water
Deepwater and Ultra-deepwater
North America
South America
Middle East & Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Floating Production, Storage, and Offloading (FPSO) to Dominate the Market

· FPSO are the most popular floating production systems due to their additional feature of storing and offloading of produced crude oil. This led FPSO’s to account for over 60% of the market share, which is expected to increase over the forecasted period.

· FPSO provides the capability of long distances movement, which provides the operator a chance of using it over different regions and fields over its life.

· Brazil deployed the maximum number of FPSOs, and it is expected to continue to do so, with almost 20 expected new deployments by 2025.

· 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 and the operators are often forced to work in much deeper waters, which require sophisticated technology and equipment. Furthermore, they require the capability of storage and offloading oil. Such factors are expected to drive the FPSO market’s growth.

Floating Production Systems Market

To understand key trends, Download Sample Report

South America to Dominate the Market Growth

· The offshore oil and gas industry is expected to witness massive investments between 2016-2025. The total global investments in offshore projects is expected to cross USD 800 billion by 2025.

· The two offshore projects in Brazil, namely, Libra and Itapu, are expected to get USD 15.8 billion worth of investments, with USD 2.2 billion as signing bonuses in 16th Bidding Round held in October 2019, providing a way to increase in wireline and perforating services.

· In Brazil, the offshore pre-salt layer production reached over 1.5 million bpd in 2018, with pre-salt production contributing over 55% to the country’s total oil production. The pre-salt oil is produced from wells drilled during the last decade.

· Petrobras is expected to deploy up to 20 planned and announced FPSO’s over the forecast period, for the purpose of increasing its offshore oil production by 1.5 million barrel per day.

· Therefore, factors, such as rising oil and gas investments, along with development of shale plays and pre-salt layers in the region, are expected to drive the floating production systems market’s growth over the forecast period.

Floating Production Systems Market

To understand geography trends, Download Sample Report

Competitive Landscape

The floating production systems (FPS) market is consolidated, with some of the top players accounting for a major part of the market. The key players are 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, among others.

Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Market Size and Demand Forecast in USD billion, till 2025

    2. 4.2 Offshore Active Rig Count, till 2019

    3. 4.3 Historic and Demand Forecast of Offshore CAPEX in USD billion, 2017-2025

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

      2. 4.6.2 Restraints

    7. 4.7 Supply Chain Analysis

    8. 4.8 Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitutes Products and Services

      5. 4.8.5 Intensity of Competitive Rivalry


    1. 5.1 Type

      1. 5.1.1 FPSO

      2. 5.1.2 Tension Leg Platform

      3. 5.1.3 SPAR

      4. 5.1.4 Barge

    2. 5.2 Water Depth

      1. 5.2.1 Shallow Water

      2. 5.2.2 Deepwater and Ultra-deepwater

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle East & Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Keppel Offshore and Marine Ltd

      2. 6.3.2 Malaysia Marine and Heavy Engineering SDN BHD

      3. 6.3.3 Samsung Heavy Industries Co. Ltd

      4. 6.3.4 SBM Offshore NV

      5. 6.3.5 Bumi Armada Berhad

      6. 6.3.6 Hyundai Heavy Industries Co. Ltd

      7. 6.3.7 Mitsubishi Heavy Industries Ltd

      8. 6.3.8 TechnipFMC PLC

      9. 6.3.9 MODEC Inc.

      10. 6.3.10 Teekay Corporation

    4. *List Not Exhaustive

**Subject to Availability

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Floating Production Systems (FPS) Market market is studied from 2016 - 2026.

The Floating Production Systems (FPS) Market is growing at a CAGR of >10% over the next 5 years.

South America is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2020.

TechnipFMC PLC, SBM Offshore , Keppel Offshore & Marine Ltd , Mitsubishi Heavy Industries Ltd., Bumi Armada Berhad are the major companies operating in Floating Production Systems (FPS) Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!