Transparency Market Research has compiled a vast amount of data on the global industry of energy. One of the reports on this industry is “Single Point Anchor Reservoir (SPAR) Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast, 2014 – 2020,” wherein key segments that can provide a boost in the success rates of business strategies in the SPAR market have been analyzed.
One of the biggest factors that could work to the benefit of the global SPAR market is the high rate of industrialization shown by developing economies. These economies are expected to ramp up their demand for oil and gas through a combination of improving industrial infrastructures and a growing density of population.
On the other hand, the extremely high costs tied to the manufacture of SPARs are expected to hinder the market’s overall growth rate. Another factor that will restrain the global SPAR market is the long time taken to manufacture these units.
However, there are an increasing number of opportunities emerging from the large amount of projects that are already lined up for drilling activities in offshore reservoirs. SPARs are extremely useful in a lot of these locations, thereby creating a higher demand for them.
Key segments of the global SPAR market are formed on the basis of different criteria, with product type being the most important one. According to the type, the global SPAR market can be segmented into truss SPARs, classic SPARs, and cell SPARs.
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Classic SPARs include a heavy ballast attached to the bottom of a cylindrical hull. In the case of truss SPARs, the cylindrical hull is shorter than the one in a classic SPAR, and has a truss structure attached to the bottom of this short cylinder. The bottom half of the truss holds a small square structure, which is weaker in strength than the rest of the truss. This square is filled with heavy ballasting materials.
Cell SPARs hold one large cylinder in the center. It is surrounded by smaller cylinders that differ in lengths. Currently there is only one cell SPAR in operation in the global SPAR market.
The deepest production platform in the world is Perdido, which is a truss SPAR, located in the Gulf of Mexico. It operates at a depth of 2,300 meters. The first SPAR that could carry out gas and oil production was installed in 1996. It was named the Neptune SPAR and was installed by Kerr McGee.
The key players in the global single point anchor reservoir market are Bumi Armada Berhad, Technip S.A., Mitsubishi Heavy Industries, SBM Offshore N.V., Teekay Corporation, Samsung Heavy Industries Co. Ltd., and Hyundai Heavy Industries.
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