The global single point anchor reservoirs market is likely to grow at a faster rate over the forecast period, as the rapidly growing population has resulted in an increased demand for crude oil and natural gas. 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 the global Single point anchor reservoir (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 the adequate market potential for SPARs. Truss SPARs are most widely used in offshore drilling projects across the globe. The 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 the development of oil resources without degrading the environment. In addition, the Bureau of Ocean Energy Management, Regulation, and Enforcement (BOEMRE) have 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 single point anchor reservoir market growth.
Offshore drilling capabilities have been established mainly in North America, in the 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 single point anchor reservoir market 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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The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.