Floating Production Systems (FPS) Market Size (2024 - 2029)

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).