FPSO Vessels: Market Size & Forecast 2026

The global FPSO market sits at roughly USD 13.5 billion in 2025 (base year) and we expect it to reach approximately USD 20.6 billion by 2032, a 6.2 percent CAGR driven by deepwater developments in Guyana, Brazil's pre-salt, and West Africa. The orderbook exceeds 40 vessels as of mid-2026, with approximately USD 12 billion in new awards since the second quarter of 2024. Steel fabrication represents 38 percent of newbuild cost, and marine-grade plate prices have moved through a USD 720-980/MT band across major shipbuilding regions in 2026-Q2. The regulatory stack is tightening: EU ETS for shipping moves to 70 percent coverage in 2026 and 100 percent from 2027, while IMO's 2023 MEPC.355 amendment requires newbuild FPSOs to be ready for zero or near-zero GHG fuels. Buyer Power Score of -2.4, supplier-favoring. > **Analyst Take.** The single most under-priced inflection in this market is the

Get in touch and our analysts will be happy to help with custom market sizing, deeper segmentation, supplier detail or a bespoke study built for you.