Market Size of Floating Production Systems (FPS) Industry
| 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 |
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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 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 (FPS) Market Size Summary
The floating production systems market is poised for substantial growth, driven by increased offshore exploration activities and a heightened focus on offshore oil and gas production development. Despite the initial setbacks caused by the COVID-19 pandemic, the market has rebounded to pre-pandemic levels and is expected to continue expanding. The rising demand for oil and gas is a significant catalyst for this growth, presenting opportunities for further market development. However, challenges such as the high costs associated with floating production systems and the volatile nature of oil prices may impede growth. South America, particularly Brazil and Guyana, is anticipated to be a key region contributing to market expansion, fueled by significant investments in offshore sectors.
Floating production storage and offloading units (FPSOs) dominate the market due to their ability to store and offload produced crude oil, accounting for a substantial portion of the market share. Brazil leads in the deployment of FPSOs, with numerous units operational and more on order, reflecting the country's commitment to enhancing its offshore capabilities. The market is characterized by a partial consolidation, with major players like Bumi Armada Berhad, Hyundai Heavy Industries Co. Ltd, and SBM Offshore holding significant market shares. Recent contracts and projects in Brazil and Guyana underscore the region's importance, with substantial investments expected to drive the market forward over the forecast period.
Floating Production Systems (FPS) Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Market Size and Demand Forecast in USD billion, till 2027
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1.2 Offshore Active Rig Count, till 2022
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1.3 Offshore CAPEX Analysis in USD billion, till 2027
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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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1.6.2 Restraints
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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 Substitutes 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 Type
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2.1.1 FPSO
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2.1.2 Tension Leg Platform
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2.1.3 SPAR
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2.1.4 Barge
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2.2 Water Depth
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2.2.1 Shallow Water
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2.2.2 Deepwater and Ultra-deepwater
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle East & Africa
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Floating Production Systems (FPS) Market Size 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.
