FPSO Market Dynamics, Analysis, and Trends by 2031
FPSO Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Water Depth [Shallow Water, Deep Water, and Ultra-Deep Water], Hull [Single Hull and Double Hull], Mooring [Spread Mooring and Disconnectable Mooring], and Construction [Newly Built and Converted] and Geography
- Report Date : Nov 2025
- Report Code : TIPRE00027554
- Category : Energy and Power
- Status : Data Released
- Available Report Formats :
- No. of Pages : 150
The FPSO Market size is projected to reach US$ 25,101.9 million by 2031 from US$ 14,729.8 million in 2023. The market is expected to register a CAGR of 6.9% in 2023–2031. Increasing development of the oil and gas sector and mounting oil and gas exploration activities are some other trends for the FPSO Market.
FPSO Market Analysis
The growing expansion of oil and gas projects is the key factor stimulating the demand for FPSO. The demand for FPSO, especially offshore, coupled with a moderately stable oil price paired with an upsurge in offshore exploration and oil production activities is anticipated to boost strong growth in the global demand for FPSO vessels in the next five years. Some of the key FPSO companies such as Total Energies, Petrobras, CNOOC Ltd, Equinor ASA, and Exxon Mobil among others are focusing on driving the development of the FPSO market.
FPSO Market Overview
The oil and gas exploration firms, like Equinor ASA are concentrating on deepwater and ultra-deepwater oil and gas exploration activities. For instance, in 2022, Shell initiated a projects on producing oil at the PowerNap field. In addition, oil and gas firms are implementing novel technologies owing to the developments in offshore technologies, such as separable turrets, cylindrical hull designs, and double hull designs. In addition, the technological developments in FPSO over other production systems, such as the digitalization of FPSO and penetration of automation and lot in the oil & gas industry, increase the focus of market companies on R&D activities and development of new products would generate trends for the FPSO market growth in the coming years.
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FPSO Market: Strategic Insights
Market Size Value in US$ 11,911.53 Million in 2021 Market Size Value by US$ 21,833.07 Million by 2028 Growth rate CAGR of 8.0% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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FPSO Market: Strategic Insights
| Market Size Value in | US$ 11,911.53 Million in 2021 |
| Market Size Value by | US$ 21,833.07 Million by 2028 |
| Growth rate | CAGR of 8.0% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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FPSO Market Drivers and Opportunities
Mounting Number of Offshore Exploration and Production Activities Driving Demand for FPSO
In the last few decades, offshore oil and gas exploration and production have intensified substantially. Further, the findings of new oil and gas reserves are expanding exponentially across the globe. Increasing presence of major oil and gas extraction firms, such as Petrobras, in offshore exploration and production activities. In Petrobras, most of the oil reserves are in offshore fields, which has directed the drilling activities. In addition, according to the IEA, by 2040, annual capital expenses for offshore oil and gas production activities in Brazil would total US$ 60 billion. Moreover, the mounting number of exploitations of marginal oil reserves in remote offshore areas, along with the flexibility of FPSOs to operate without the support of a fixed structure, boosts market growth.
Rising Demand for Natural Gas and Crude Oil – An Opportunity in FPSO Market
The increasing requirement for crude oil and natural gas is constantly increasing , which is one of the major reason behind the growth of the FPSO market. The demand for oil is projected to witness upsurge trend during 2022-2025 in the OECD countries, as per the OPEC. However, the demand in non-OECD countries is anticipated to increase by 22.5 mb/day during the forecast period to 2045. The OPEC report identified that natural gas is anticipated to be the fastest-growing fossil fuel and would be the second-largest contributor to the energy mix, which is projected to hold a ~25% share in 2045. In the coming years, Asia Pacific is anticipated to witness high demand for natural gas owing to the rising use of natural gas in diverse industrial sectors. Thus, the expanding demand for natural gas and crude oil globally is anticipated to offer worthwhile opportunities for the FPSO market growth in coming years.
FPSO Market Report Segmentation Analysis
Key segments that contributed to the derivation of the FPSO Market analysis are water depth, hull, mooring, and construction.
- Based on the water depth, the FPSO Market has been divided into shallow water, deep water, and ultra-deep water. The shallow water segment held a larger market share in 2023.
- Based on the hull, the FPSO Market has been divided into single hull and double hull. The double hull segment held a larger market share in 2023.
- Based on the mooring, the FPSO Market has been divided into spread mooring and disconnectable mooring. The spread mooring segment held a larger market share in 2023.
- Based on the construction, the FPSO Market has been divided into newly built and converted. The newly built segment held a larger market share in 2023.
FPSO Market Share Analysis by Geography
The geographic scope of the FPSO Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
South America region includes Brazil, Argentina, and the Rest of SAM. The Rest of SAM includes Chile, Colombia, Guatemala, and Peru. Technological developments have strongly impacted Brazil and Argentina's economy, which helped in advancing it to a large degree. The application of oil in South America has gradually decreased over the last three years. Nevertheless, with the regaining of the crude oil extraction, the condition is probable to change, and firms are now focusing on more oil and gas exploration and production activities, which is driving the demand for the FPSO market in South America.
FPSO Market Report Scope
FPSO Market News and Recent Developments
The FPSO Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In May 2023, MODEC, Inc. announced to proceed with engineering, procurement, and construction on the Uaru Floating Production, Storage, and Offloading vessel for the Uaru project by ExxonMobil Guyana. (Source: MODEC, Inc., Press Release/Company Website/Newsletter)
- In April 2024, ExxonMobil made a final investment for the Whiptail development offshore Guyana, after obtaining required government and regulatory approvals. (Source: ExxonMobil Corporation, Press Release/Company Website/Newsletter)
FPSO Market Report Coverage and Deliverables
The “FPSO Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- FPSO Marketsize and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- FPSO Market Trends
- Detailed PEST and SWOT analysis
- FPSO Market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- FPSO Industry, landscape and competition analysis, covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Water Depth, Hull,, Mooring, and Construction
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
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