Single Point Anchor Reservoir (SPAR) Market

Global Single Point Anchor Reservoir Market: Overview

Single point anchor reservoir (SPAR) refers to a certain type of offshore oil platform that provides a base to extract and process oil in ultra-deep water regions. With rising global population and rapid urbanization, the demand for energy is constantly increasing, which is urging the operators of oil and gas to move beyond onshore resources and explore offshore opportunities. Consequently, the demand in the global single point reservoir market is expected to expand at a healthy growth rate during the forecast period of 2016 to 2024.

This report on global single point anchor reservoir market is an all-inclusive analysis of the market in its current scenario, and based on the factors that are anticipated to influence the demand, it presents estimations of the future until 2024. The report also features a section on company profiles, wherein a number of prominent players have been analyzed for their market share, basic details, and recent strategic developments. The global market for single point anchor reservoir can be segmented on the basis of product, into cell, classic, and truss SPAR. Geographically, the report explores the opportunities available in the regions of Asia Pacific, North America, Europe, and Rest of the World.

Global Single Point Anchor Reservoir Market: Trends & Opportunities

Consistently increasing demand for natural gas and crude oil is the primary driver of this market, and will remain prominent for the entire duration of the forecast period. Although there are currently very few SPAR platform across the world, their evident benefits are being noticed by the operators and consequently, preference is shifting past conventional oil extraction platforms constructed on the sea or ocean beds. The benefits of SPAR includes excellent deep draft design, which provides robust resistance against wind and waves, enclosed cylinder that acts as a protective barrier for equipment and risers, and hull, which helps in storing the produced oil and gas. The report also expects the rapid industrialization across the emerging economies to extend the demand for fossil fuels, which in turn will reflect positively on global single point anchor reservoir market. Conversely, factors such as depleting hydrocarbon reserves and stringent regulations against environmental hazards, are expected to hinder the growth rate during the forecast period. High cost of single point anchor reservoir and considerably long time required for the construction of a single SPAR are another two factors expected to negatively impact the market expansion.

Global Single Point Anchor Reservoir Market: Regional Outlook

North America currently is the most important regional market for SPAR, wherein most of the offshore drilling platforms have been established. World’s first classic SPAR called Neptune was established in the Gulf of Mexico, while Royal Dutch Shell Plc set-up one of world’s deepest platform called Perdido, also in the Gulf of Mexico. Massive oil reserves underwater and extensive industrialization in the developed country of the U.S. makes North America the most profitable region.

Companies mentioned in the research report

Samsung Heavy Industries, Hyundai Heavy Industries, Bumi Armada Berhad, Mitsubishi Heavy Industries, Technip S.A., SBM, and Teekay are some of the key companies in the global single point anchor reservoir market.