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FPSO Market Size
The global FPSO market was valued at USD 4.3 billion in 2024 and is estimated to grow at a CAGR of 12.5% from 2025 to 2034. Increasing investments in offshore exploration and development activities, coupled with advancements in deepwater technologies is complementing the business landscape. The depletion of onshore oil reserves and the high costs associated with developing onshore infrastructure together with the capability of FPSOs to operate without fixed structural support are driving the product adoption.
The ability of these units to accelerate oil and gas production economically along with increasing discovery and exploitation of marginal oil reserves in remote offshore locations, will positively influence the business dynamics. For instance, in October 2024, Petrobras has launched operations of a new ultra-deepwater FPSO unit in Brazil's Santos Basin. The FPSO Marechal Duque de Caxias, deployed in the Mero field, can produce 180,000 barrels of oil and process 12 million cubic meters of gas daily. This addition increases the field's total production capacity to 590,000 barrels per day, up from 410,000.
How big is the FPSO market?
The global market for FPSO was reached USD 4.3 billion in 2024 and is projected to grow at a 12.5% CAGR from 2025 to 2034, driven by increasing investments in offshore exploration and advancements in deepwater technologies.
Why is the converted FPSO segment gaining traction?
The converted FPSO segment is expected to exceed USD 3 billion by 2034, as it offers reduced capital costs, faster deployment, and greater operational flexibility compared to new builds.
What is the growth outlook for the ultra-deep FPSO segment?
The ultra-deep FPSO segment is anticipated to grow at a CAGR of over 7% through 2034, supported by advancements in seismic and drilling technologies and the presence of larger oil reserves in deeper basins.
Who are the major players in the FPSO market?
Key players in the FPSO market include Bumi Armada, BW Offshore, CNOOC, DNV, Hanwha, Hyundai Heavy Industries, KBR, MODEC, Petrobras, Saipem, SBM Offshore, Shell, SHI-MCI, TechnipFMC, Woodside, and Yinson.
What trends are influencing the Brazil FPSO market growth?
The Brazil FPSO market is projected to surpass USD 2.5 billion by 2034, led by vast oil discoveries, favorable government policies, and increasing investments in oil and gas exploration.