FPSO (Floating Production, Storage, and Offloading) Market is expected to reach USD 23.5 billion by 2031 | Top Companies - BP Plc, Aker Solutions AS, Shell Global

Market Size and Growth:

The Global FPSO Market Size reached USD 14.2 billion in 2022 and is expected to reach USD 23.5 billion by 2031, growing with a CAGR of 6.5% during the forecast period 2024-2031. The Market is growing due to rising offshore oil and gas exploration and increasing demand for flexible, cost-effective production solutions. According to DataM Intelligence Report.

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The FPSO (Floating Production, Storage, and Offloading) Market involves vessels used in the oil and gas industry to extract, process, and store hydrocarbons offshore. FPSOs enable efficient production in deepwater and remote locations without extensive pipeline infrastructure. The market covers manufacturing, leasing, and operation of these units, driven by offshore exploration, rising oil demand, and technological advancements in subsea production.

Industry Recent Developments: United States

✅ October 2025: TechnipFMC secured a $1.2 billion iEPCI contract from Chevron Corporation for an FPSO topside upgrade in the Gulf of Mexico, integrating subsea-to-FPSO digital connectivity with 5G-enabled remote operations to enhance emissions reduction and operational efficiency.

✅ September 2025: Yinson Holdings formed a joint venture with Petronas to produce halal-certified FPSO crew accommodations and Shariah-compliant financing models, targeting operators in the Middle East and ASEAN regions.

✅ August 2025: BW Offshore launched a digital twin platform powered by Microsoft Azure for predictive maintenance across its global FPSO fleet, reducing unplanned downtime by 25% through real-time sensor fusion and driving business-to-business adoption in Asia's mature offshore basins.

Industry Recent Developments: Japan

✅ November 2025: Japan's FPSO market is increasingly integrating AI technologies, including AI-enabled smart solutions, IoT sensors, autonomous navigation systems, and digital twins, boosting operational efficiency, safety, and environmental compliance amid evolving regulatory frameworks.

✅ October 2025: Japanese firms are emphasizing AI-driven predictive maintenance, automation, and digital transformation within FPSO operations, aligning with stringent environmental regulations and safety standards enforced by METI and the Environment Ministry to enhance asset lifespan and reduce operational costs.

✅ September 2025: Strategic collaborations in Japan focus on deploying innovative, high-tech FPSOs for deepwater projects while upgrading aging offshore infrastructure with eco-friendly and efficient solutions to sustain market growth and technological leadership.

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Major Key Players:

BP Plc
Aker Solutions AS
Shell Global
Bluewater Energy Services B.V.
Bumi Armada Berhad
BW Offshore
Chevron
ExxonMobil Corporation
MODEC, Inc.
Petrobras.

Market Growth Drivers:

Offshore Exploration Expansion:

✅ Deepwater and ultra-deepwater projects drive FPSO adoption due to their flexibility in areas where fixed platforms are impractical. Depletion of onshore reserves pushes investment into offshore oil and gas reserves, particularly in regions like Brazil, West Africa, and Asia-Pacific.​

Increasing Energy Demand:

✅ Global crude oil needs fuel new FPSO deployments, with markets projecting growth from USD 4.8 billion in 2025 to USD 15.7 billion by 2035. Discoveries of offshore reserves and energy security policies in North America, Europe, and Asia sustain demand.​

Cost Efficiency and Technological Advances:

✅ FPSOs offer redeployable assets, lower capital costs via leasing, and innovations in hull design and processing for volatile markets. Partnerships among operators, shipbuilders, and contractors accelerate projects while reducing risks.

Segments Covered in the FPSO Market:

By Type: Oil, LPG, LNG, Others.

By Carrier Type: Converted Ship, New Build Ship, Redeployed.

By Water Depth: Shallow Water, Deep & Ultra-deep Water.

By Hull Type: Single Hull, Double Hull.

Regional Analysis for FPSO Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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Chapter Outline:

⏩ Market Overview: It contains five chapters, as well as information about the research scope, major manufacturers covered, market segments, FPSO market segments, study objectives, and years considered.

⏩ Market Landscape: The competition in the Global FPSO Market is evaluated here in terms of value, turnover, revenues, and market share by organization, as well as market rate, competitive landscape, and recent developments, transaction, growth, sale, and market shares of top companies.

⏩ Companies Profiles: The global FPSO market's leading players are studied based on sales, main products, gross profit margin, revenue, price, and growth production.

⏩ Market Outlook by Region: The report goes through gross margin, sales, income, supply, market share, CAGR, and market size by region in this segment. North America, Europe, Asia Pacific, Middle East & Africa, and South America are among the regions and countries studied in depth in this study.

⏩ Market Segments: It contains the deep research study which interprets how different end-user/application/type segments contribute to the FPSO Market.

⏩ Market Forecast: Production Side: In this part of the report, the authors have focused on production and production value forecast, key producers forecast, and production and production value forecast by type.

⏩ Research Findings: This section of the report showcases the findings and analysis of the report.

⏩ Conclusion: This portion of the report is the last section of the report where the conclusion of the research study is provided.

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Frequently asked questions:

➠ What is the global sales value, production value, consumption value, import and export of FPSO market?

➠ Who are the global key manufacturers of the FPSO Industry? How is their operating situation (capacity, production, sales, price, cost, gross, and revenue)?

➠ What are the FPSO market opportunities and threats faced by the vendors in the global FPSO Industry?

➠ Which application/end-user or product type may seek incremental growth prospects? What is the market share of each type and application?

➠ What focused approach and constraints are holding the FPSO market?

➠ What are the different sales, marketing, and distribution channels in the global industry?

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