Floating Production System Market Size

Floating Production System Market size was over USD 11.31 billion in 2024 and is anticipated to cross USD 37.24 billion by 2037, witnessing more than 9.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of collagen dressings is assessed at USD 12.18 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.