Floating Production Systems Market Updates

Global Floating Production Systems market size was valued at USD 15.54 Billion in 2023 and is poised to grow from USD 17.32 Billion in 2024 to USD 41.33 Billion by 2032, growing at a CAGR of 11.48% in the forecast period (2025-2032).

The Floating Production Systems (FPS) industry has a healthy mix of seasoned companies and start-ups. Leaders of the market are SBM Offshore, BW Offshore, and Bumi Armada. SBM Offshore, a Netherlands-based company incorporated in 1965, has a wide fleet size and expertise in the deepwater market. BW Offshore, established in 1982, provides FPSO leasing, primarily to Asia-Pacific and Africa. Malaysia's Bumi Armada, established in 1995, operates in West Africa and Southeast Asia. At the same time, new players such as Norway's Sevan Marine (2001), which has experience in cylindrical FPSO designs, and OneSubsea (2012), with experience in subsea systems, are advancing the innovation boundaries. Together, they constitute a dynamic, revolutionizing industry, which combines experience with state-of-the-art technologies to address offshore production challenges. 'BUMI Armada Berhad', 'Daewoo Shipbuilding & Marine Engineering Co. Ltd.', 'Hyundai Heavy Industries Co. Ltd.', 'Keppel Offshore and Marine Ltd.', 'Malaysia Marine and Heavy Engineering Sdn Bhd', 'Mitsubishi Heavy Industries Corporation', 'Pipavav Defence and Offshore Engineering Company Ltd.', 'Samsung Heavy Industries Co. Ltd.', 'SBM Offshore', 'Technip S.A.', 'Teekay Corporation', 'JGC Holdings Corporation', 'McDermott International', 'Maersk Drilling', 'BW Offshore', 'Vantage Drilling', 'COSCO Shipping Heavy Industry (Dalian) Co., Ltd.', 'Floatel International', 'Valaris Limited', 'China National Offshore Oil Corporation (CNOOC)'

Technological innovation in floating production system technology—advanced mooring design, riser technologies, subsea processing, and real-time monitoring systems—is significantly enhancing operating performance. The new technologies are enhancing the value, safety, and efficiency of FPS units to be less expensive and more reliable for offshore energy production, particularly in deepwater conditions where precision, ruggedness, and continuous monitoring are vital to long-term success.

Short-Term: In the short term, the FPS market is experiencing a revival with enhanced offshore oil and gas investments in West Africa and Brazil. Revival of projects post-pandemic and buoyant energy prices are driving imminent demand. In addition, modular FPS designs are gaining popularity for rapid deployment, reducing lead times and costs, in favor of operators in want of flexibility with uncertain global economic conditions.

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