FPSO Market

Detailed research report on the FPSO market, featuring market outlook, industry trends, size analysis from 2024 to 2029.

The Report Covers Floating Production Storage and Offloading (FPSO) Market Size & Share and It is Segmented by Construction (Contractor-Owned and Operator-Owned), Water Depth (Shallow Water, Deep Water, and Ultra-Deep Water), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The Report Offers the Market Size and Forecasts for FPSO Market in Revenue (USD) for all the Above Segments.

FPSO Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)

FPSO Market Size

FPSO Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 12.04 Billion
Market Size (2029) USD 18.11 Billion
CAGR (2024 - 2029) 8.50 %
Fastest Growing Market South America
Largest Market South America
Market Concentration Medium

Major Players

FPSO Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of FPSO Market with other markets in Energy & Power Industry

Oil and Gas

Power

Battery

Decommissioning

Emerging Energy Technologies

Energy Storage Technology

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 8.5% during the forecast period (2024-2029).

  • Over the medium term, the increasing exploration and production activities in deep and ultradeep water depths are expected to drive the FPSO market during the forecasted period.
  • On the other hand, the high upfront cost is expected to hinder the market's growth during the forecasted 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 the increasing offshore activities in the region.

FPSO Industry Overview

The FPSO market is semi-consolidated. Some of the major players in the market (in no particular order) include Petroleo Brasileiro SA (Petrobras), CNOOC Ltd, TotalEnergies SE, Exxon Mobil Corp., and Shell PLC.

FPSO Market Leaders

  1. CNOOC Ltd.

  2. Petroleo Brasileiro SA (Petrobras)

  3. Shell Plc.

  4. Exxon Mobil Corp

  5. TotalEnergies SE

  6. *Disclaimer: Major Players sorted in no particular order
FPSO Market Concentration
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FPSO Market News

  • May 2023: SBM Offshore and Esso Exploration & Production Guyana entered a 10-year Operations and Maintenance Enabling Agreement. The agreement entails SBM Offshore being responsible for the operations and maintenance of four FPSOs: Liza Destiny, Liza Unity, Prosperity, and ONE GUYANA.
  • April 2023: Following a major upgrade to enable gas production, Shell resumed operations at the Pierce field in the United Kingdom Central North Sea. The Haewene Brim floating production, storage, and offloading vessel (FPSO), utilized for hydrocarbon production at the Pierce field, underwent significant modifications. A new subsea gas export line was installed, connecting to the SEGAL pipeline system, which transports gas to the St Fergus facility north of Aberdeen. This development allows for the extraction of gas from the Pierce field, which had previously been focused solely on oil production.
  • April 2023: KBR, headquartered in Houston, has officially announced the unexpected acquisition of an engineering contract for Equinor's Bay du Nord project, valued at USD 9.4 billion and located in the offshore eastern region of Canada. The awarded contract encompasses the possibility of providing detailed design and procurement management services until the completion of the FPSO (Floating Production, Storage, and Offloading) unit.

FPSO Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD, till 2028
  • 4.3 FPSOs in Operation, by Region and Operator, 2022
  • 4.4 Recent Trends and Developments
  • 4.5 Government Policies and Regulations
  • 4.6 Market Dynamics
    • 4.6.1 Drivers
    • 4.6.1.1 Increasing Offshore Oil and Gas Exploration and Production Activities
    • 4.6.1.2 Growing Demand for Energy
    • 4.6.2 Restraints
    • 4.6.2.1 High Upfront Costs
  • 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 Substitute Products and Services
    • 4.8.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Ownership
    • 5.1.1 Operator-owned
    • 5.1.2 Contractor-owned
  • 5.2 Water Depth
    • 5.2.1 Shallow Water
    • 5.2.2 Deep Water
    • 5.2.3 Ultra-deep Water
  • 5.3 Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}
    • 5.3.1 North America
    • 5.3.1.1 United States
    • 5.3.1.2 Canada
    • 5.3.1.3 Rest of North America
    • 5.3.2 Europe
    • 5.3.2.1 Norway
    • 5.3.2.2 United Kingdom
    • 5.3.2.3 Russia
    • 5.3.2.4 Netherland
    • 5.3.2.5 Rest of Europe
    • 5.3.3 Asia-Pacific
    • 5.3.3.1 China
    • 5.3.3.2 India
    • 5.3.3.3 Australia
    • 5.3.3.4 Indonesia
    • 5.3.3.5 Rest of Asia-Pacific
    • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Venezuela
    • 5.3.4.4 Rest of South America
    • 5.3.5 Middle-East and Africa
    • 5.3.5.1 Saudi Arabia
    • 5.3.5.2 United Arab Emirates
    • 5.3.5.3 Nigeria
    • 5.3.5.4 Algeria
    • 5.3.5.5 Rest of Middle-East and 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 FPSO Contractors
    • 6.3.1.1 Modec Inc.
    • 6.3.1.2 SBM Offshore NV
    • 6.3.1.3 BW Offshore Limited
    • 6.3.1.4 Teekay Offshore Partners LP
    • 6.3.1.5 Bluewater Holding BV
    • 6.3.1.6 Saipem SpA
    • 6.3.1.7 Petrofac Limited
    • 6.3.2 FPSO Operators
    • 6.3.2.1 Petroleo Brasileiro SA (Petrobras)
    • 6.3.2.2 CNOOC Ltd
    • 6.3.2.3 TotalEnergies SE
    • 6.3.2.4 ExxonMobil Corp.
    • 6.3.2.5 Chevron Corporation
    • 6.3.2.6 Shell PLC
    • 6.3.2.7 BP PLC
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Technological Advancements and Innovation
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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. The report also covers the market size and forecasts for the FPSO market across major regions. The report offers the market size and forecasts for the FPSO market 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)} North America United States
Canada
Rest of North America
Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)} Europe Norway
United Kingdom
Russia
Netherland
Rest of Europe
Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)} Asia-Pacific China
India
Australia
Indonesia
Rest of Asia-Pacific
Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)} South America Brazil
Argentina
Venezuela
Rest of South America
Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)} Middle-East and Africa Saudi Arabia
United Arab Emirates
Nigeria
Algeria
Rest of Middle-East and Africa
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FPSO Market Research 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 8.5% 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.

Who are the key players in FPSO Market?

CNOOC Ltd., Petroleo Brasileiro SA (Petrobras), Shell Plc., Exxon Mobil Corp and TotalEnergies SE are the major companies operating in the FPSO Market.

Which is the fastest growing region in FPSO Market?

South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

Which region has the biggest share in FPSO Market?

In 2024, the South America accounts for the largest market share in FPSO Market.

Which segment dominates the FPSO Market in terms of operator ownership?

Major National Oil Companies (NOCs) dominate the FPSO Market in terms of operator ownership.

FPSO Industry Report

The global FPSO market is poised for significant growth, driven by increasing offshore oil and gas exploration and production activities, particularly in deepwater and ultra-deepwater regions. The floating production systems market is segmented by storage capacity, water depth, construction type, hull type, and ownership. FPSO units with varying storage capacities cater to different operational needs, with the 1-2 MMBBLs segment expected to see considerable growth due to new vessel contracts and bulk reserve discoveries. Deepwater and ultra-deepwater segments are set to dominate, propelled by continuous discoveries of new reserves. The market also sees a division between new build and converted FPSOs, with new builds offering higher construction costs but greater design flexibility, while conversions provide cost-effective solutions. Double hull designs are favored for their safety and operational advantages. The market's expansion is further supported by long-term contracts and collaborative efforts among FPSO companies to develop high-capacity fields, addressing the rising global energy demand. Statistics for the FPSO market share, size, and revenue growth rate are provided by Mordor Intelligence™ Industry Reports. FPSO analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.