Oilfield Service Market

FPSO Market Size, Growth, Statistics And Forecast 2028

According to the new research report published by The Insight Partners, titled “FPSO Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Water Depth, Hull, Mooring, and Construction,” the market is expected to grow from US$ 11,911.53 million in 2021 to reach US$ 21,833.07 million by 2028; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028.

The global FPSO market is segmented into five major regions – North America, Europe, Asia Pacific, Middle East & Africa, and South America. In terms of FPSO market share, South America held the largest share in 2020, followed by Middle East & Africa, and Asia Pacific. Oil & gas companies are adopting new technologies due to advancements in offshore technologies, such as separable turret, cylindrical hull designs, and double hull designs. In addition, the technological advancements in floating production storage and offloading over other production systems, such as digitalization of FPSO, penetration of internet of things (IoT) and automation in the oil & gas industry, increase in the focus of FPSO market players on R&D activities, and development of new products would create trends for the market growth in the coming years. Moreover, advancements in drilling technology, dynamic positioning equipment, and floating production and drilling units have made prospects viable that were previously unreachable. Technological advancements have made new areas accessible. According to Energy Information Administration (EIA), the technological innovation in drilling and production propelled the production of oil and natural gas in the US. Thus, the advancements in subsea technology would increase the adoption of advanced oil & gas extraction and production processes, which is expected to drive the FPSO market size in the near future.

Moreover, the Organization of the Petroleum Exporting Countries (OPEC) launched “The 2020 OPEC World Oil Outlook” in October 2020. As per the outlook, the COVID-19 pandemic led to a downturn in oil demand. However, it is expected that global energy demand would witness constant growth in the mid-term and long-term period, rising by a noteworthy 25% by 2045. As per the outlook, oil is anticipated to become the largest contributor to the energy mix market, contributing 27% share in 2045. In addition, according to the International Energy Agency (IEA), by 2040, annual capital expenditures for offshore oil & gas production activities in Brazil would total US$ 60 billion. Moreover, the increase in exploitations of marginal oil reserves in remote offshore areas, along with the flexibility of FPSOs to operate without the support of a fixed structure, boosts the FPSO market size.

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China virtually imposed strict lockdown and social isolation, which stopped manufacturing activities in 2020 and 2021, resulting in shrinking the country’s demand for oil and other energy commodities. Thus, the country’s oil & gas construction activities plummeted significantly and resulted in a weak order for FPSO units. Similarly, India also imposed a nationwide lockdown to control the growing number of COVID-19 cases. The COVID-19 pandemic negatively influenced the overall oil & gas industry in 2020 and 2021, owing to considerable disruption in the industry supply chain activities, coupled with several countries sealing off their international trade in the wake of the pandemic. However, the resumption of economic activities is creating a positive impact on the FPSO market share. Thus, the global market is projected to recover the lack of demand during the coming months and the subsequent years. However, in the post-COVID scenario, the resumption of oil extraction projects is driving the FPSO market. For instance, in April 2022, Norway’s Johan Castberg field development project has been resumed, which consists of three oil discoveries – Skrugard, Havis, and Drive, and it is expected to continue till 2046. Thus, the FPSO market is expected to recover steadily in the coming years and gain traction during the late forecast period.


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