Summary

The Global Floating Production Storage and Offloading (FPSO) Market is valued at approximately USD 25.77 billion in 2024 and is projected to flourish with a staggering compound annual growth rate (CAGR) of 14.56% during the forecast period from 2025 to 2035. As the global oil and gas sector navigates deeper waters and more complex offshore reserves, FPSOs are rapidly emerging as an indispensable cornerstone in upstream production strategies. These floating facilities, which consolidate the capabilities of production, storage, and offloading into one flexible unit, are not just redefining offshore energy infrastructure but also enabling operators to tap into reservoirs once deemed economically unviable or logistically too challenging. FPSOs are particularly attractive for remote or deepwater fields where building traditional pipeline infrastructure is neither cost-effective nor time-efficient.
The resurgence in global energy demand, fueled by post-pandemic economic recovery, is catalyzing fresh investments in offshore exploration and development, especially in deep and ultra-deepwater environments. This trend is most apparent in regions such as Brazil, Guyana, and parts of West Africa, where oil majors are deploying state-of-the-art FPSO units to efficiently harvest reserves far from existing infrastructure. The technological leap in hull design, turret mooring systems, and topside processing capacities is further enhancing the efficiency and reliability of FPSOs. Simultaneously, the market is witnessing a noticeable shift toward double-hull designs and contractor-owned models that offer operators lower upfront costs and flexibility through lease agreements. However, despite this upward momentum, the market is tempered by long project lead times, high CAPEX requirements, and regulatory scrutiny related to environmental and safety standards.
Regionally, Latin America holds a dominant foothold in the global FPSO landscape, largely attributed to Brazil’s aggressive deepwater pre-salt exploration programs led by Petrobras and its partners. The country continues to unveil large-scale FPSO deployment plans in the Santos and Campos basins. Following closely, the Asia Pacific region is showing accelerated growth due to the energy-hungry economies of China, India, and Southeast Asia, where offshore asset monetization is a key priority. Meanwhile, Africa—especially West Africa—is poised to reclaim its position as a FPSO hotspot with emerging developments in Nigeria, Angola, and Ghana. North America, on the other hand, remains more conservative in FPSO adoption due to infrastructure maturity and its greater reliance on onshore and pipeline-based alternatives, yet select Gulf of Mexico projects are still in the pipeline, driven by innovation and profitability metrics.
Major market players included in this report are:
• Schlumberger Limited
• SBM Offshore
• MODEC Inc.
• BW Offshore
• Yinson Holdings Berhad
• Hyundai Heavy Industries Co., Ltd.
• Technip Energies N.V.
• Saipem S.p.A
• Bumi Armada Berhad
• Samsung Heavy Industries Co., Ltd.
• China National Offshore Oil Corporation (CNOOC)
• Keppel Offshore & Marine Ltd.
• ExxonMobil Corporation
• Equinor ASA
• Petrobras
Global Floating Production Storage and Offloading Market Report Scope:
• Historical Data – 2023, 2024
• Base Year for Estimation – 2024
• Forecast period – 2025–2035
• Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
• Customization Scope – Free report customization (equivalent up to 8 analysts’ working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained below:
By Storage Capacity:
• Less than 1 MMBBLs
• 1-2 MMBBLs
• More than 2 MMBBLs
By Water Depth:
• Shallow Water
• Deepwater
• Ultra-Deepwater
By Construction Type:
• Converted
• New Build
By Hull Type:
• Single Hull
• Double Hull
By Ownership:
• Contractor Owned
- Contractor Managed
- Operator Managed
• Operator Owned
- Contractor Managed
- Operator Managed
By Region:
North America
• U.S.
• Canada
Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific
Latin America
• Brazil
• Mexico
Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa
Key Takeaways:
• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

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Table of Contents

Table of Contents
Chapter 1. Global Floating Production Storage and Offloading Market Report Scope & Methodology
1.1. Research Objective
1.2. Research Methodology
1.2.1. Forecast Model
1.2.2. Desk Research
1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
1.4.1. Market Definition
1.4.2. Market Segmentation
1.5. Research Assumption
1.5.1. Inclusion & Exclusion
1.5.2. Limitations
1.5.3. Years Considered for the Study
Chapter 2. Executive Summary
2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. Key Findings
Chapter 3. Global Floating Production Storage and Offloading Market Forces Analysis
3.1. Market Forces Shaping the Global FPSO Market (2024–2035)
3.2. Drivers
3.2.1. Rising demand for offshore oil & gas production
3.2.2. Increased viability of deepwater and ultra-deepwater reserves
3.2.3. Technological advancements in turret mooring and hull design
3.3. Restraints
3.3.1. High capital expenditure and long project lead times
3.3.2. Environmental and regulatory compliance hurdles
3.4. Opportunities
3.4.1. Growth of FPSO leasing models and contractor-owned vessels
3.4.2. Exploration of new reserves in Latin America, West Africa, and Asia Pacific
Chapter 4. Global Floating Production Storage and Offloading Industry Analysis
4.1. Porter’s Five Forces Model
4.1.1. Bargaining Power of Buyer
4.1.2. Bargaining Power of Supplier
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s Five Force Forecast Model (2024–2035)
4.3. PESTEL Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024–2025)
4.7. Global Pricing Analysis and Trends 2025
4.8. Analyst Recommendation & Conclusion
Chapter 5. Global Floating Production Storage and Offloading Market Size & Forecasts by Storage Capacity 2025–2035
5.1. Market Overview
5.2. Less than 1 MMBBLs
5.2.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
5.2.2. Market Size Analysis, by Region, 2025–2035
5.3. 1–2 MMBBLs
5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
5.3.2. Market Size Analysis, by Region, 2025–2035
5.4. More than 2 MMBBLs
5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
5.4.2. Market Size Analysis, by Region, 2025–2035
Chapter 6. Global Floating Production Storage and Offloading Market Size & Forecasts by Water Depth 2025–2035
6.1. Market Overview
6.2. Shallow Water
6.2.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
6.2.2. Market Size Analysis, by Region, 2025–2035
6.3. Deepwater
6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
6.3.2. Market Size Analysis, by Region, 2025–2035
6.4. Ultra-Deepwater
6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
6.4.2. Market Size Analysis, by Region, 2025–2035
Chapter 7. Global Floating Production Storage and Offloading Market Size & Forecasts by Construction Type 2025–2035
7.1. Market Overview
7.2. Converted
7.2.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
7.2.2. Market Size Analysis, by Region, 2025–2035
7.3. New Build
7.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
7.3.2. Market Size Analysis, by Region, 2025–2035
Chapter 8. Global Floating Production Storage and Offloading Market Size & Forecasts by Hull Type 2025–2035
8.1. Market Overview
8.2. Single Hull
8.2.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
8.2.2. Market Size Analysis, by Region, 2025–2035
8.3. Double Hull
8.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
8.3.2. Market Size Analysis, by Region, 2025–2035
Chapter 9. Global Floating Production Storage and Offloading Market Size & Forecasts by Ownership 2025–2035
9.1. Market Overview
9.2. Contractor Owned
9.2.1. Contractor Managed
9.2.2. Operator Managed
9.3. Operator Owned
9.3.1. Contractor Managed
9.3.2. Operator Managed
Chapter 10. Global Floating Production Storage and Offloading Market Size & Forecasts by Region 2025–2035
10.1. Regional Market Snapshot
10.2. Top Leading & Emerging Countries
10.3. North America
10.3.1. U.S.
10.3.2. Canada
10.4. Europe
10.4.1. UK
10.4.2. Germany
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Rest of Europe
10.5. Asia Pacific
10.5.1. China
10.5.2. India
10.5.3. Japan
10.5.4. Australia
10.5.5. South Korea
10.5.6. Rest of Asia Pacific
10.6. Latin America
10.6.1. Brazil
10.6.2. Mexico
10.7. Middle East & Africa
10.7.1. UAE
10.7.2. Saudi Arabia
10.7.3. South Africa
10.7.4. Rest of Middle East & Africa
Chapter 11. Competitive Intelligence
11.1. Top Market Strategies
11.2. Schlumberger Limited
11.2.1. Company Overview
11.2.2. Key Executives
11.2.3. Company Snapshot
11.2.4. Financial Performance (Subject to Data Availability)
11.2.5. Product/Services Port
11.2.6. Recent Development
11.2.7. Market Strategies
11.2.8. SWOT Analysis
11.3. SBM Offshore
11.4. MODEC Inc.
11.5. BW Offshore
11.6. Yinson Holdings Berhad
11.7. Hyundai Heavy Industries Co., Ltd.
11.8. Technip Energies N.V.
11.9. Saipem S.p.A
11.10. Bumi Armada Berhad
11.11. Samsung Heavy Industries Co., Ltd.
11.12. China National Offshore Oil Corporation (CNOOC)
11.13. Keppel Offshore & Marine Ltd.
11.14. ExxonMobil Corporation
11.15. Equinor ASA
11.16. Petrobras