Floating Production Systems Market Regional Analysis

Why is Asia Pacific Leading Floating Production Systems Market in 2024?

​Asia Pacific leads the Floating Production Systems (FPS) industry through strategic offshore investment and innovation. China, India, South Korea, and Japan are leading with greater offshore oil and gas exploration, which requires advanced Floating Production Storage and Offloading (FPSO) units. China's strong local manufacturing base and government policies for the integration of renewable energy also support regional development. The intricacies of the sea geography of the region and the focus on sustainability fuel the uptake of adaptive and sustainable FPS solutions. ​

Japan Floating Production Systems Market

​Japan's Floating Production Storage and Offloading (FPSO) market is growing due to the development of offshore oil and gas production. SBM Offshore and Mitsubishi Heavy Industries (MHI) agreed in September 2023 to collaborate on the development of a CO₂ capture solution for FPSOs. The cooperation will reduce CO₂ emissions from FPSO operations by as much as 70%, aiding global decarbonization efforts.

South Korea Floating Production Systems Market

​South Korea's Floating Production Storage and Offloading (FPSO) industry is expanding, driven by offshore oil and gas developments. Hanwha Ocean submitted competitive offers for FPSO services to TotalEnergies for the Venus ultra-deepwater project off Namibia in January 2025. Hanwha's standardized FPSO design, which has been certified by top classification societies, positions it as a strong candidate for the contract. This move is a testament to South Korea's rising presence in offshore production solutions worldwide.

Why is Demand for Floating Production Systems Fueling Growth in North America?

​North America leads the Floating Production Systems (FPS) market due to its large offshore oil and gas reserves in the Gulf of Mexico. It possesses superior infrastructure, a stable regulatory environment, and a well-established supply chain, enabling easy FPSO deployment. Technological improvements, such as Chevron's ultra-high-pressure systems on deepwater fields, also enhance production capacity. Further, prominent energy operators like ExxonMobil and Shell are investing greatly in FPSO projects, entrenching the leadership of North America in the market. ​

U.S. Floating Production Systems Market

​The US Floating Production Storage and Offloading (FPSO) market is to grow due to deepwater exploration and technology advancements. ExxonMobil-led consortium started installing the "One Guyana" FPSO off the coast of Guyana in April 2025. The SBM Offshore-built facility has 250,000 barrels of oil per day production capacity and will begin operation later this year.

Canada Floating Production Systems Market

​Canada's Floating Production Storage and Offloading (FPSO) market is advancing as it is being driven by offshore oil and gas developments. Equinor awarded initial front-end engineering design (pre-FEED) contracts to BW Offshore and Altera Infrastructure for Newfoundland and Labrador's Bay du Nord development in January 2025. The $12 billion development is to install an FPSO in about 1,170 meters of water depth, aiming for 2050 net-zero emissions.

How is Europe Maintaining its Dominance in Floating Production Systems Industry?

​Europe is the global leader in the Floating Production Systems (FPS) market due to its vast offshore oil and gas resources in the North Sea, Norwegian Sea, and Barents Sea. Top energy majors such as Equinor, Shell, and TotalEnergies are installing state-of-the-art Floating Production Storage and Offloading (FPSO) units to develop deepwater production. Technological innovation such as the Hywind Tampen floating wind farm and the Aasta Hansteen spar platform illustrate Europe's efforts to integrate renewable power with offshore oil and gas operations. Furthermore, the regulatory systems and infrastructure within the region promote the sustainable development of FPS technologies.

Germany Floating Production Systems Market

Germany's Floating Production Systems (FPS) market is set to expand, fueled by the development of offshore oil and gas technologies. A major milestone was reached in November 2023 when HDF Energy announced the opening of HDF Energy Deutschland GmbH in Berlin. This step comes in line with Germany's rapid decarbonization drive and the updated National Hydrogen Strategy, which focuses on the shift towards renewable energy sources, such as hydrogen.

Spain Floating Production Systems Market

​Spain's Floating Production Storage and Offloading (FPSO) industry is developing as a result of offshore oil and gas exploration. In January 2025, Spain's Repsol initiated a strategic partnership with SBM Offshore to launch a new FPSO ship in the Mediterranean Sea. The alliance is aimed at boosting oil extraction in deepwater reservoirs while upholding strict environmental standards. The project evidence Spain's commitment to supporting offshore energy facilities.