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The FPSO industry is anticipated to witness significant growth owing to ongoing exploration of oil & gas reserves across deep and ultra deep-water bodies coupled with increasing energy demand across various sectors. The depletion of onshore oil reserves, the expansion of offshore exploration activities and focus of companies toward adoption of advanced units for offshore operations are expected to drive the product adoption.
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.
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.
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.
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.
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.