The Blowout Preventer market will register a 1.1% CAGR in terms of revenue, the global market size will reach US$ 10050 million by 2026.
Blowout Preventer Market Overview
Blowout Preventer (BOP) is a safety device used to "prevent" the uncontrolled flow of liquids and gases during well drilling operations. A simple drilling technique, such as cable-tool drilling, was used, and the lack of a blowout preventer (B.O.P) meant that drillers were unable to regulate high-pressure reservoirs, resulting in the drill string being forced out and forming a gusher. Despite their newfound wealth, gushers are risky, and a blowout preventer is required to avoid a catastrophic calamity. During drilling, blowout preventers are designed to deal with fluctuating pressures and uncontrolled flow from a well reservoir. Blowout preventers are essential for the crew's, rig's, and environment's safety, as well as the monitoring and maintenance of well integrity. As a result, a blowout preventer is an important safety device. The massive demand for hydrocarbons has increased offshore and onshore exploration efforts to fulfil the ever-increasing demand for oil and gas, which is predicted to increase demand for blowout preventers. The blowout preventer not only assures the safe functioning of the wellbore, but also protects the environment by stopping the high pressure in the well reservoir, inflating the market need for blowout preventers.
The report also assesses the key opportunities in the Blowout Preventer market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global Blowout Preventer Market has also been forecasted for the period 2021-2026, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
Industry News and Updates
5/2/2019: BSEE Finalizes Improved Blowout Preventer and Well Control Regulations--
Today, the U.S. Department of the Interior’s (DOI) Bureau of Safety and Environmental Enforcement (BSEE) released the final improved Blowout Preventer Systems and Well Control regulations. BSEE’s final Well Control Rule – as the regulation is commonly known – removes unnecessary regulatory burdens to responsible offshore development while maintaining safety and environmental protection. The revised rule reflects the Trump Administration’s focus on smarter regulations that provide regulatory certainty, signal American competitiveness, advance energy security, and sustain economic prosperity while promoting safety.
What are the major Applications, Types, and Regions of Blowout Preventer Market?
Blowout Preventer Market is segmented based on the type, applications, companies and regions.
By Type, the Blowout Preventer Market has been segmented into
- Annular BOP
- Ram BOP
- Others
By Application, the Blowout Preventer Market has been segmented into
- Onshore Wells
- Offshore Wells
- Others
Blowout Preventer Market Regional Analysis
North America provided a lucrative market for blowout preventers due to the high level of exploration activity in the United States and Canada. The recent oil leak in the Gulf of Mexico has raised the standard for environmental protection, and a blowout preventer is critical to the smooth operation of a well reservoir, which is driving growth in the blowout preventer market in North America. Europe is enacting the harshest rules against environmental and pollution violations. The installation of a blowout preventer is required for optimal hydrocarbon production and wellbore monitoring, boosting the need for the blowout preventer.
The Asia Pacific is offering a lucrative market for blowout preventers due to heavy investment in the field of exploration and production of hydrocarbon. China is one of the world's major producers of hydrocarbons, with new exploration being discovered to supply demand. As a result, demand for blowout preventers in Asia Pacific has a lot of room to grow. The economy of a Middle Eastern country is heavily reliant on oil and gas export revenue. The demand for blowout preventers increased as onshore and offshore activities for petroleum production continued. Blowerout preventers are crucial for increasing a wellbore's production efficiency and providing safety to crew members, and most businesses use them extensively.
What is our Blowout Preventer Market report scope?
Reports Attributes
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Report Details
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Forecast Period 2022 to 2027 CAGR
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CAGR of 1.1% during the review period (2022 to 2027).
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By Type
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- Annular BOP
- Ram BOP
- Others
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By Application
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- Onshore Wells
- Offshore Wells
- Others
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By Companies
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GE Oil & Gas, Jewett-Cameron Trading Company Ltd. (JCTCF), NOV Inc. (NYSE :NOV), Uztel, Rongsheng Machinery, Halliburton, OJSC NaftaGaz, MSP/DRILEX, Jiangsu Xinde, Fountain Petro, Control Flow, GCOP, Jiangsu Jinshi, Well Control, Shenkai
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Regions Covered
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• North America
• Europe
• Asia-Pacific
• Rest of the World
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Countries Covered
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• US
• Canada
• Germany
• France
• UK
• Italy
• Spain
• Rest of Europe
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
• Middle East & Africa
• Latin America
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Base Year
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2022
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Historical Year
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2017 to 2021
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Forecast Year
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2022 to 2027
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Number of Pages
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120
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Customization Available
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Yes, the report can be customized as per your needs
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Key Takeaways from this Blowout Preventer Report
- Evaluate Blowout Preventer market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the Blowout Preventer market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Frequently Asked Questions
What is the study period of this market?
The Blowout Preventer Market is studied from 2017 - 2027.
Who are the key players in Blowout Preventer Market?
GE Oil & Gas, Jewett-Cameron Trading Company Ltd. (JCTCF), NOV Inc. (NYSE :NOV), Uztel, Rongsheng Machinery, Halliburton, OJSC NaftaGaz, MSP/DRILEX, Jiangsu Xinde, Fountain Petro, Control Flow, GCOP, Jiangsu Jinshi, Well Control, Shenkai, NETS and others..
What are the significant types of Blowout Preventer Market?
Open-Circuit SCBA, Closed-Circuit SCBA, Others.
What are the major end-use applications of Blowout Preventer Market?
Fire Fighting, Industrial Use, Other Use, Others
What segments are covered in the Blowout Preventer Market report?
The Global Blowout Preventer Market is Segmented on the basic of Product, Application, and Geography.
How can I get a sample report/company profile for the Blowout Preventer Market?
The sample report for the Blowout Preventer Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.