Floating Production Systems (FPS) Market - Growth, Trends, and Forecast (2020-2025)

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 and Africa)

Market Snapshot

Study Period:


Base Year:


Fastest Growing Market:

South America

Largest Market:



Greater Than 10 %

Major Players:

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Market Overview

The floating production systems market is expected to grow at 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 help drive the market for floating production systems. However, the high cost of FPS systems combined with volatile nature of oil prices have somewhat hampered the growth of the market.

  • Floating Production, Storage and Offloading (FPSO) makes up the largest share of the floating production systems market, because of its additional function of storing produced oil. FPSO dominates the market with over 60% of the market share, globally.
  • South America is anticipated to dominate the market growth due to widespread development of offshore exploration fields in countries such as Brazil and future investments in shale play exploration in Argentina.
  • The demand for oil and gas production have always been on an increase, which have led to increased exploration activities in offshore. This in turn is expected to act as an opportunity for the market in the forecast period.

Scope of the report

The floating production systems (FPS) market report include:

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

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Key Market Trends

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

  • FPSO are the most popular floating production system because of its additional feature of storing and offloading produced crude oil. This have led FPSO’s to have over 60% of the market share which is expected to grow in the forecasted period.
  • FPSO provides the capability of long distances movement, which provides the operator a chance to using it over different regions and fields over it’s life.
  • Brazil have deployed the maximum number of FPSO’s and 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, and also need the capability of storage and offloading oil, thereby helping drive the FPSO market.

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South America to Dominate the Market Growth

  • The offshore oil & 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 just in 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 have production have reached over 1.5 million bpd in 2018, with pre salt production contributing over 55% in 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 in the forecasted 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 give a growth to the floating production systems market in the forecasted period. 

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Competitive Landscape

The floating production systems (FPS) market is consolidated with some of the top players holding 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, 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 and 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 N.V.

      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

  7. *List Not Exhaustive

** Subject to Availability

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