Blowout Preventer (BOP) Market Future Demand, Growth, Share and Analysis with forecast 2024

Global Blowout Preventer (BOP) Market: Snapshot
A blowout preventer are large valves attached to a stack to seal the passage of or control seepage of fluids from well. It is bulky, heavy, and designed for redundancy. Blowout preventers or BOPs are categorized as the last resort for preventing runaway well. In light of the recent oil spill incidents, namely Exxon Valdez and Deepwater-Horizon oil spill, exploration companies have upped their investment in safety equipment. Also stringent norms implemented by safety organizations and hydrocarbon agencies aimed at developing safe operating standards with regards to exploration and production sectors have compelled organizations to review their safety measures.

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Once installed, BOPs enable controlling uncontrolled flow and erratic pressure from wells during drilling functions. In addition, the equipment helps in preventing drilling fluids and being blown out of wells. BOPs are also important to ascertain safety of rig and the overall environment. Between 2014 and 2022, the global blowout preventer market is expected to report a CAGR of 4.22%. At this pace, the market’s valuation will reach US$38.58 bn in 2022, from US$26.09 bn in 2013.

Annular BOPs to Command Lead through Forecast Period

Based on configuration, the global blowout preventer market can be bifurcated into ram and annular blowout preventers. Of these, ram blowout preventers use a pair of steel plungers, which are extended to the core of the wellbore to prevent overflow. The inner face and top face of rams are fixed with elastomeric elements, which help them stay clamped with a great force to seal the wellbore. Ram BOPs are also referred to as spherical blowout preventers and they use hemispherical rubber to seal any possible spillage. Annual BOPs on the other hand use hemispherical rubbers to seal the wellbore. Annual BOPs although not as effective as ram BOPs, accounted for the dominant 68.2% of the global market in 2013. Besides this, the global BOP market can be bifurcated into onshore and offshore wells based on location. Of these, onshore BOPs commanded lead with a share of 67.6% in the market in 2013.

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Middle East & Africa to Continue Exhibiting Strong Demand for Blowout Preventer

Regionally, Asia Pacific, North America, South & Central America, Europe, and the Middle East and Africa constitute the key market segments. Among these regions, holding over 28.69% of the overall market the Middle East & Africa held dominance in 2013. The region is likely to remain the dominant segment through the forecast period. The rising onshore wells and drilling activities is expected to keep the demand for blowout preventers high in the Middle East & Africa.

Asia Pacific trailed closely, with a share of 24.06% in the global BOP market in 2013. In the region Australia and Malaysia have emerged as major hydrocarbon producers, therefore, exhibiting high demand for blowout preventers. North America ranked third in terms of exhibiting demand for BOPs. Nonetheless, the market for BOPs is expected to remain lucrative in the US and Canada. In the Gulf of Mexico as well, the demand for BOPs is expected to remain high through the forecast period. Besides this, growth witnessed in South & Central America is expected to remain steady in the coming years.

Some of the leading players operating in the global blowout preventer market are National Oilwell Varco (NOV), GE Oil & Gas, Cameron International Corporation, Control Flow Inc., and Uztel S.A.

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