Future Market Insights
Blowout Preventers (BOPs) are huge sized specialized valves or mechanical devices installed on stacks to control, monitor and seal the leakage of fluids from oil and gas wells in order to prevent a blowout. Blowout preventers are heavy and bulky in design and act as a defense against the runaway oil and gas wells. Blowout preventers can be used at the offshore wells and onshore wells. Nowadays, the major oil and gas exploration companies are focussing on ensuring the safety of the devices and equipment owing to the various oil spill incidents happened at various regions of the world such as Exxon Valdez oil spill and deepwater-horizon oil spill. Blowout preventers are available in the market in various sizes, style and pressure ratings. BOPs offer a wide range of functions such as confinement of well fluid to wellbore, provide the means to add fluid to the wellbore, monitor and regulate wellbore pressure and so on. Installing blowout preventers are essential for the safety of a crew, rig and the environment.
Majorly, there are two types of blowout preventers available in the market, which includes Annular (also called as spherical) and RAM. The RAM type blowout preventers utilize a pair of steel plungers, RAM is further divided into four types namely, blind, shear, pipe and blind shear. On the other hand, annular blowout preventers are mainly utilized and designed in such a way that they can seal the space between the drill pipes and wellbore.
Global Blowout Preventers Market: Dynamics
Rising subsea drilling activities and the necessity for effective oil and gas production propel the demand for blowout preventers systems. Growing demand for hydrocarbons accelerates the drilling activities, which in turn leads to the increasing demand for blowout preventers and drilling equipment. In order to optimize the extra expenditures and costs, efficient production of oil and gas is utmost important at the onshore and offshore fields. Growing number of safety regulations and attention towards the efficiency of the end-products play a vital role in the growth of the blowout preventers. The aforementioned reasons are expected to boost the demand for blowout preventers and thus in turn pushing the growth of the global blowout preventers market.
Global Blowout Preventers Market: Segmentation
Globally, the Blowout Preventers market can be segmented on the basis of type and location.
Based on the type, the global blowout preventers market can be segmented into;
Based on the location, the global blowout preventers market can be segmented into;
Global Blowout Preventers Market: Region-wise Outlook
When the region-wise segmentation of the market is considered, the blowout preventers market is mainly dominated by the regions where the extraction of oil and gas is done at a large level. Middle East & Africa holds the major market share in the market owing to the rising drilling, onshore and offshore activities in the region. Middle East & Africa is followed by the Asia Pacific region in the market in terms of number of installations of blowout preventers. Malaysia and China are estimated to be the major producers of hydrocarbons from the offshore fields. Hence, Asia Pacific can be projected as a highly attractive market for the installation of blowout preventers in the coming years. Asia Pacific is followed by North America in the global blowout preventers market.
Moreover, countries such as Gulf of Mexico, U.S. and Brazil are some of the key markets for blowout preventers owing to the reason that offshore and onshore drilling activities are done on large scale in these regions.
Global Blowout Preventers Market: Market Participants
Some of the examples of the market participants in the Blowout Preventers Market identified across the value chain include Cameron International Corporation (schlumberger limited), National Oilwell Varco, Control Flow Inc., General Electric Oil and Gas, Proserv Group Inc., UZTEL S.A., Rongsheng Machinery Manufacture Ltd., Greenes Energy Group, LLC and Rigmanufacturer, among others.
Manufactures of blowout preventers are focussing on safe operation of the equipment installed, so that there will not be any case of accidents reported from the oil fields.
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