Floating Production System Market Trends

Growth Drivers

Growth in Offshore Drilling & Exploration Activity – With the rising demand for oil and other petroleum products and the enlarging development of countries to become energy independent, the exploration of potential oil reserves is on the rise. As per a report of 2021, worldwide there were 1.73 trillion barrels of oil reserves. This is projected to bring in numerous growth opportunities for the floating production system market in the coming decade.
Increasing Investment & Development in Energy Industry – for instance, ExxonMobil Guyana (ExxonMobil Corporation) finalized an additional investment decision of about USD 12.7 billion for the offshore Uaru development augmenting Guyana’s energy industry. The project ascertained all government and regulatory approvals and is expected to start in 2026, adding a daily production capacity of around 250,000 barrels.

Challenges

Cost Involved to Develop FPS Systems is High - Most floating production units require a substantial upfront investment for installation, and regular maintenance raises overall operating costs, slowing market growth.
High Maintenance & Operational Cost
Emerging Offshore Engineering Regulations & Maritime Codes

Floating Production System (FPS) Market

Base Year	2024
Forecast Year	2025-2037
CAGR	9.6%
Base Year Market Size (2024)	USD 11.31 billion
Forecast Year Market Size (2037)	USD 37.24 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of collagen dressings is assessed at USD 12.18 billion.

The 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. The increasing demand for crude oil and natural gas along with the growing oil and gas industry and rising offshore exploration activity will boost the market growth.

Latin America industry is set to hold largest revenue share of 30% by 2037, impelled by increasing investments in offshore projects in the region.

The major players in the market are Mitsubishi Heavy Industries Ltd., Nippon Yusen Kabushiki Kaisha (NYK Line), Shell International B.V., TechnipFMC PLC, Hyundai Heavy Industries Co. Ltd, Keppel Offshore & Marine Ltd, Samsung Heavy Industries Co. Ltd, Bumi Armada Group, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Teekay Tankers Ltd., Reliance Naval and Engineering Limited

Floating Production System Market Trends