Global Blowout Equipment Market: Overview
The April 20, 2010, blowout at the Deepwater Horizon Macondo oil well drilling platform, resulting from a large amount of oil and gas oozing out with vengeance due to the pressure built up beneath had far-reaching ramifications. The tragic incident claimed 11 workers lives and triggered the most calamitous oil spill in the U.S.’s history. The incident also jolted oil drilling and exploration companies worldwide to take better precautions in both offshore and onshore oil drilling activities.
A blowout, set off by the changes in pressure of reservoir fluids from an oil and/or gas in a well, can occur both during drilling or production. It occurs if the pressure control systems give up during the production of oil or gas from the reservoir with colossal pressure of oil and gas underneath far exceeding the hydrostatic pressure of drilling mud. To prevent it, blowout equipment, comprised of high pressure safety valves and related equipment that can withstand extreme pressure, are leveraged. They are the last line of defense against a runaway well and can be used for both onshore and offshore production.
Global Blowout Equipment Market: Trends and Opportunities
A report by Transparency Market Research forecasts the global blowout equipment market to progress at a good clip on account of a number of factors. First, stringent legal action and hefty penalties slapped against companies in case of a blowout which causes substantial damage to the environment and results in death as well have led to the swift uptake of blowout equipment. Besides, laws to thwart spillage of oil and oil-related products has also forced drilling and exploration companies to invest in such equipment. These regulatory norms pertaining to safe operating standards are mostly being framed by hydrocarbon agencies and safety organizations.
Second, rapid development and emergence of cutting-edge products that are even more effective in withstanding erratic pressures has also led to the growth in the market. Last but not the least, the burgeoning oil and gas wells being drilled on account of the insatiable demand for energy worldwide and the urgency to prevent colossal damages to rigs due to blowouts has fuelled a massive uptick in demand as well.
Global Blowout Equipment Market: Regional Outlook
From a geographical perspective, the global market for blowout equipment is dominated by the Middle East and Africa on account of the growing number of onshore wells and drilling activities in the region. In the near future too, the region is slated to hold on to its leading position. Asia Pacific trails the Middle East and Africa in terms of market share on account of Australia, Malaysia, and China which are prominent hydrocarbon producers from offshore fields. Going forward, the region is predicted to continue contributing significantly to the market.
North America holds the third position in the global market for blowout equipment. The explosive growth in shale oil production in the U.S. and production from oil sand in Canada have been at the forefront of driving growth in North America. The Gulf of Mexico is a crucial hydrocarbon field in the U.S., which is expected to boost the market substantially in the years to come. South and Central America and Europe are also slated to clock impressive growth in the near future due to rising drilling activities in the regions.
Companies Mentioned in the Report
Some of the noteworthy companies competing in the global market for blowout equipment, profiled in the report are Kingrig Group Ltd., Henderson Oilfield Products LLC, Domino Machine Inc., American Completion Tools Inc., Rosneft, Eastern Oilfield Supply LLC, MTQ Corporation Limited, and Sichuan Honghua Petroleum Equipment Co., Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.