Blowout Preventer (BOP) Market
Blowout Preventer (BOP) Market (Configuration - Annular BOP and Ram BOP; Location - Onshore and Offshore) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 - 2022
Press Release :
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.
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.
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.
This research study analyzes the market for blowout preventer (BOP) in terms of revenue (USD Million). The BOP market has been segmented on the basis of configuration, location, and geography. The regional segment has been further divided into 16 sub-segments that comprise 11 countries which are major players in the global BOP market. For the research, 2013 has been taken as the base year while all forecasts have been given for the 2014–2022 period. Market data for all the segments has been provided at the regional as well as country-specific level for the 2013–2022 period. The report provides a broad competitive analysis of companies engaged in the BOP manufacturing and installation business.
The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the global BOP market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive industry analysis of the global BOP market with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the market structure and profitability of the global BOP market. The forces analyzed are the bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.
The report provides detailed insights into the BOP business globally. There are currently numerous drivers for the ESP market. One of the most prominent drivers is the stringent norms and regulations, mandating higher investments towards oil spill avoidance and management. Apart from this, growing volume of seaborne trade is also expected to result in higher expenditures on offshore oil spill management and hence on BOP installations. Market attractiveness analysis was carried out for the BOP market on the basis of geography. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.
The BOP market was segmented on the basis of configuration (annular BOP and ram BOP) and location (onshore and offshore). The configuration of BOP systems is different for both onshore and offshore oilfields, depending on the requirements. In onshore oilfields, the complexity of surroundings is low as compared to offshore oilfields. The installation of BOP in onshore fields would be low cost and easier due to less adverse conditions unlike in offshore fields. The BOP market was analyzed across five geographies: North America, South & Central America, Europe, Asia Pacific, and Middle East & Africa. Regional data has been provided for each sub-segment of the ESP market. Key market participants in the BOP market include Cameron International Corporation, National Oilwell Varco (NOV), Control Flow Inc., GE Oil & Gas, and Uztel S.A. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.
BOP Market: By Configuration
- Annular BOP
- Ram BOP
BOP Market: By Location
BOP Market: By Region
- North America
- Rest of North America
- South & Central America
- Rest of South & Central America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa