BOP Handling Systems Market Introduction
- Blowout preventer (BOP) equipment is designed for lifting, storing, transporting, and lowering BOP stacks used on drilling and production facilities or rigs.
- A BOP handling system is a specified valve or mechanical device, used to control, monitor, and seal oil and gas wells to prevent blowouts.
- They are usually installed in stacks of other valves. BOP handling systems are of two types: ram blowout preventer and annular blowout preventer. Blowout preventers are used on offshore rigs, subsea wells, and land wells.
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Key Drivers of BOP Handling Systems Market
Rise in demand for BOP handling systems in industrial sector boosting the market
- BOP handling systems are used in various applications such as construction, mining, metallurgy, and freight. Rise in demand for BOP handling systems in heavy lifting of cargos in harbors and ships is anticipated to augment the global market. For instance, 10.7 billion tons of goods were loaded across the globe in 2017 and Asia Pacific was the dominant region in this market. More than 6.5 billion tons was unloaded and 4.4 billion tons of goods were loaded in Asian seaports in 2017.
- BOP handling systems are usually used as rear or front mounts to drag heavy weights and used in numerous commercial automobiles or vehicles. This in turn is projected to boost the global demand for BOP handling systems.
- BOP handling systems are used to dangle and lift loads in the construction sector, which is another major factor expected to drive the growth of the market in the coming years.
- Moreover, increasing growth in the oil & gas industry is anticipated to fuel the BOP handling systems market across the globe.
- Automation and technological advancement including remote-control clutch system might offer noteworthy opportunities to the market in the near future.
High cost of BOP handling systems to hamper the market
- High cost of BOP handling systems is estimated to adversely impact the demand for BOP handling systems in the next few years.
- High cost of maintenance and installation of BOP handling systems is also anticipated to hamper the market.
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Asia Pacific to Hold a Major Share of the Global BOP Handling Systems Market
- Asia Pacific is a leading consumer of BOP handling systems, followed by North America and Europe. China and India are key markets in the region. In terms of demand, the two countries account for more than 50% share of the market for BOP handling systems in the region. Increase in demand for BOP handling systems in automotive, mining, construction, and oil & gas industries in Asia Pacific can be attributed to continued urbanization in the region.
- Rising FDIs in automotive and construction industries in developing economies of Asia Pacific are likely to fuel the market in the region during the forecast period
- The BOP handling systems market in Middle East & Africa is projected to expand at the most rapid pace during the forecast period, followed by North America and Europe. This can be attributed to increasing investment in construction and automotive industries in the region.
BOP Handling Systems Market- Competitive Landscape
CMIC Ocean En-Tech Holding Co., Ltd. (TSC Group Holdings Limited)
Established in 1845, CMIC Ocean En-Tech Holding Co., Ltd. is located in Houston, Texas, the U.S. In February 2019, the company changed its name TSC Group Holdings Limited to CMIC Ocean En-Tech Holding Co., Ltd. The company operates under three business segments: oilfield expendables and supplies; capital equipment and packages; and engineering services. The company also manufactures and produces a range of equipment for onshore & offshore rigs such as hoisting equipment, lifting, mooring & winch equipment, drill floor equipment, deck cranes, tubular & riser handling equipment, tensioning & skidding equipment, control & drive systems, jacking systems, and BOP & subsea handling equipment.
Ingersoll Rand Inc.
Founded in 1905, Ingersoll Rand Inc. is situated in Swords, Ireland. The company designs, manufactures, and sells industrial and commercial products. It provides a variety of products such as reciprocating air compressors, oil-flooded rotary air compressors, oil-free rotary screw air compressors, centrifugal compressors, air compressor dryers/air compressor filters, air motors, and air starters. The company operates through various industry segments such as aerospace, electronics, food & beverage, oil & gas, pharmaceutical, chemical, construction, mining, and pulp & paper. Additionally, it provides training & repair, maintenance, and installation services.
Founded in 1988, EFC Group is situated in Aberdeen, Scotland. The company manufactures and designs industrial equipment for the oil and gas industry. It provides various products such as well monitoring & control, BOP & diverter control systems, marine monitoring & control, and drilling instrumentation systems.
Key players operating in the global BOP handling systems market include TWG, Inc, Fukushima Ltd, Zhejiang Wantong Heavy Industry Co., Ltd., Superwinch, WARN Industries, Inc., Ramsey Winch, Comeup Industries Inc., Mile Marker Industries LLC, Markey Machinery Co Inc, National Oilwell Varco, and RAM Winch & Hoist Ltd.
BOP Handling Systems Market Segmentation
Based on capacity, the global BOP handling systems market can be segmented into
- Up to 2,500 LBS
- 2,500-5,500 LBS
- 8,000 - 12,000 LBS
- More than 13,000 LBS
In terms of application, the global BOP handling systems market can be segregated into
- Mining & Construction
- Oil & Gas
The BOP handling systems market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The BOP handling systems market report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and geographies.
Regional Analysis of the BOP handling systems market includes:
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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