Increasing global demand for crude oil and natural gas on account of increasing population is expected to remain a key driving factor for global single point anchor reservoirs. Single point anchor reservoir (SPAR) is an alternative to the conventional oil extraction platforms constructed on the sea/ocean beds. Excellent deep draft design which provides strong resistance to wind and waves is also expected to have a positive impact on the global market growth. Rapid industrialization in emerging markets is another key factor that is driving the need for fossil fuels, creating opportunities for the growth of global SPAR market. Additional advantages of SPAR include an enclosed cylinder that can act as a protective barrier for risers and equipment. This makes SPARs an ideal choice for deepwater developments as compared to traditional oil drilling equipment. Furthermore, the hull can provide storage for produced oil or gas, creating potential market for those who cannot afford large storage facilities. SPARs have a massive potential market due to the large number of drilling projects being constructed in offshore regions.
SPARs are classified into 3 main categories on the basis of products, including cell, classic and truss SPAR, offering differentiated equipment types to all global oil needs. Presently there are only 17 SPARs globally operational, including 3 classic SPARs and 13 truss SPARS. The Bureau of Safety and Environmental Enforcement decommissioned the world’s deepest and only cell SPAR in 2014, yet there is adequate market potential for SPARs. Truss SPARs are most widely used in offshore drilling projects across the globe. Depletion of conventional hydrocarbon reserves is expected to remain a key challenge in the development of SPAR projects.
U.S. Environmental Protection Agency (EPA) has implemented several regulations in accordance with development of oil resources without degrading the environment. In addition, Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) has also introduced fundamental changes in oil and drilling capabilities in order to develop U.S. continental shelf oil resources without creating environmental hazards. Stringent regulations by various regulatory bodies are also expected to have a negative impact on the market growth.
Offshore drilling capabilities have been established mainly in North America, in Gulf of Mexico, where the world’s first classic SPAR named “Neptune” is in existence. Royal Dutch Shell Plc installed the world’s deepest platform named “Perdido” also in the Gulf of Mexico. U.S offers the most opportunities in SPAR due to its extensive industrialization and massive oil reserves underwater.
Major players in the SPAR industry include Samsung Heavy Industries Co.Ltd, Hyundai Heavy Industries, SBM Offshore N.V, Bumi Armada Berhad, Teekay Corporation, Technip S.A and Mitsubishi Heavy Industries.
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