Floating Production System Market Size

Floating Production System Market size was valued at USD 9.9 Billion in 2023 and is expected to reach USD 29.4 Billion by the end of 2036, registering around 9.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of floating production system is evaluated at USD 11.2 Billion. The expansion of the oil and gas industry worldwide is responsible for the expanding use of these systems as they are becoming the key method for most offshore oil and gas-producing regions.

The growing demand for crude oil from several end-use industries is leading to the rapid augmentation of offshore exploration undertakings across the world. Hence, with the expanding development of offshore oil and gas production, there is a rise in the demand for floating vessels for oil storage and production and processing of hydrocarbons in the oil and gas industry. According to the International Energy Agency (IEA), in 2023, the oil demand globally is predicted to hike by 2.2 mb/d year-on-year.