BoP Handling System Market
BoP Handling System Market (Capacity: Up to 2,500 LBS, 2,500-5,500 LBS, 8,000 - 12,000 LBS, and More than 13,000 LBS; and Application: Mining & Construction, Marine, Utility, Oil & Gas, and Others [Automotive & Military]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Growing Emphasis on Increasing Oilfield Safety to Aid Market Growth
Blowout preventive (BoP) handling systems are increasingly being used in both, onshore as well as offshore applications in various industrial sectors, including marine, oil & gas, mining & construction, defense, and automotive. Technological advancements coupled with increasing demand for operational safety and higher efficiency have accelerated innovations in the BoP handling system market over the past few years– a trend that is projected to continue over the forthcoming decade. In addition, the growth of the BoP handling system market is anticipated due to the increase in the number of shale drilling activities around the world.
Moreover, strides taken by technology in wellhead systems continue to improve operational efficiency and safety due to which, BoP handling systems are expected to gain considerable traction during the forecast period. As shale drilling and completion operations continue to progress at a rapid pace, it is likely to have a direct impact on the BoP handling system market. As oil & gas production and marine activities around the world scale up at a staggering pace, with it, the demand for BoP handling systems is expected to grow at an impressive rate.
Presently, amid the ongoing COVID-19 pandemic, offshore and onshore drilling activities around the world are likely to face a steep decline due to an array of factors following which the growth of the BoP handling system market is likely to remain sluggish, particularly in 2020. However, in the long run, due to the ongoing pressure on various industries to minimize the depletion of conventional resources, several players operating in various end-use industries are primarily focusing on upgrading their BoP handling systems. At the back of these factors, the global BoP handling system market is expected to reach a value of ~US$ 491.3 Bn by the end of 2030.
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High Adoption in Oil & Gas Sector to Augment Market Growth
For several decades, drilling operations across the oil & gas sector have proved to be hazardous due to which, considerable efforts are being made to minimize casualties and increase the overall safety. BoP handling systems are primarily deployed to ensure safety across drilling operations and as per current observations, the adoption is likely to remain consistent over the upcoming years. The growing demand for efficiency across the oil & gas sector has played a key role in improving the overall quality and performance of BoP handling systems. Market players involved in the current BoP handling system market are increasingly seeking novel ways to minimize the total time required to connect BoP handling systems with wellhead equipment. In addition, as regulators and operators continue to emphasize on well safety, innovations and new technologies across the BoP handling system market have entered the fray at a consistent pace.
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Several key participants of the BoP handling system market are also expected to focus on the design aspects of their BoP handling systems to gain a competitive edge. Considerable attention has been given to offshore BoP handling systems over the past few years due to which, new technologies have been consistently introduced to address various challenges put forward by high-pressure, high-temperature, and deepwater reservoirs. These factors, along with growing emphasis on repair and maintenance of BoP handling systems, are driving the global BoP handling system market.
Market Participants Focus on Expanding Product Portfolio In Line With Industrial Requirements
Over the past few years, participants operating in the BoP handling system market landscape have leaned toward organic as well as inorganic strategies to increase their market share and overall presence. While some companies are increasingly focusing on launching new BoP handling systems integrated with cutting-edge technologies, several other companies are focusing on collaborations, mergers, and other types of partnerships to establish a strong foothold in the market.
For instance, in 2018, Petrobas launched a campaign for novel BoP handling system technologies and well safety by tying up with the Brazilian aerospace company, Embraer S.A. Another noteworthy collaboration that made the headlines within the deepwater drilling sector was the contractual service agreement between Diamond Offshore Drilling, Inc., and GE Oil & Gas.
Demand for Crude Oil Declines amid COVID-19 Pandemic
The oil & gas sector that was gradually recovering from a setback in 2017 is expected to tread through a rough period in 2020 due to the onset of the novel COVID-19 pandemic. The demand for oil has declined at a rapid pace in the first two quarters of 2020 and its impact can be felt across the BoP handling system market. The imbalance between the supply and demand within the oil sector is expected to hinder market growth particularly in 2020. In addition, stringent lockdowns coupled with restrictions on cross-border trade and transportation are some of the other leading factors that are projected to affect the overall growth of the market for BoP handling systems. The market is likely to be the worst-hit across the Middle East & Africa where oil & gas operations are relatively higher.
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The global BoP handling system market is expected to grow at a CAGR of ~7%, in terms of volume, during the forecast period. The market growth can be primarily attributed to a host of factors, including high demand from the oil & gas sector, widening applications in other end-use industries, advancements in technology, growing emphasis on increasing operational safety across oilfields, and optimizing performance. Players operating in the current market landscape should focus on collaborating with stakeholders in the supply chain to increase their overall share in the current market landscape.
BoP Handling System Market: Overview
- The global BoP handling system market is expected to register a CAGR of ~7% in terms of volume between 2020 and 2030
- Rising adoption of BoP handling systems for drilling and exploration activities in the oil & gas sector is expected to boost the BoP handling system market in the near future
- The global BoP handling system market is expected to reach ~US$ 491.3 Bn by 2030 from ~US$ 265.1 Bn in 2020
- Europe holds major share of the BoP handling system market in terms of volume and is anticipated to dominate the BoP handling system market during the forecast period, followed by Asia Pacific and North America
- Europe remains the leading region in the BoP handling system market, with revenues in 2020 estimated at US$ 81,536.6 Mn
- The BoP handling system market in Middle East & Africa and South America is expected to witness moderate growth during the forecast period
- Asia Pacific is projected to expand significantly in terms of share of the global BoP handling system market during the forecast period. This is due to the growth of the BoP handling system market across Asia Pacific, with increasing consumption of oil & gas, which has propelled the demand for BoP handling systems in the region.
- The BoP handling system market report provides analysis of the global BoP handling system market for the period 2018 – 2030, wherein 2018 is the historical year, 2019 is the base year, and 2020 - 2030 is the forecast period
- The study on the BoP handling system market would help clients to understand the adoption analysis of BoP handling systems in different countries
- A BOP handling system is a specified valve or mechanical device used to control, monitor, and seal oil & 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.
- Moreover, blowout preventer (BOP) equipment is designed for lifting, storing, transporting, and lowering BOP stacks used on drilling and production facilities or rigs. BOP handling systems are the backbone of blowout prevention systems.
North America BoP Handling System Market Snapshot
North America is a developed region and hence, innovation and new technologies are expected to be key trends to be witnessed in this region over the next few years. North America is expected to hold a significant share of the global BoP handling system market in 2020. For the same reason, North America is likely to see highest opportunity addition in the BoP handling system market globally, with Europe and Asia Pacific being the next closest key regions for the market.
Key Growth Drivers of BoP Handling System Market
- Rise in oil & gas exploration and production (E&P) activities
Demand for oil & gas products is increasing at a significant rate; however, supply of the same is declining due to decrease in oil & gas reserves around the globe. The demand and supply gap has led various companies to invest their financial and technological resources in exploring new oil fields and improving oil & gas extraction efficiency. Governments of different countries such as India and China are investing in oil & gas companies. The Government of Dubai, as of 2017, owns 1,381 oil & gas companies. This, in turn, is expected to enhance the demand for BoP handling systems with the rising number of oil & gas plants.
- Increase in demand for BOP handling systems in industrial sector
BOP handling systems are used in construction, mining, metallurgy, and freight sectors. Rise in demand for BOP handling systems in heavy lifting of cargos in harbors and ships is anticipated to augment the global BoP handling system 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. This, in turn, is expected to enhance the growth of the BoP handling system market.
Key Challenges Faced by BoP Handling System Market Players
- Additional safety measures for BoP processes may restrain the growth of the BoP handling system market
BoP Handling System Market: Competition Landscape
- In March 2020, Gardner Denver Holdings, Inc. completed the merger with Ingersoll Rand’s Industrial segment, which will be managed through three regional business units: Americas; Asia Pacific; and Europe, Middle East, India, and Africa (EMEIA)
BoP Handling System Market: Company Profiles
- Ingersoll Rand Inc.,
Established in 1859, Ingersoll Rand Inc. is located in Swords, Ireland. The company designs and manufactures reciprocating air compressors, BoP handling systems, 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 serves various industry segments such as aerospace, electronics, food & beverages, oil & gas, pharmaceutical, chemical, construction, mining, and pulp & paper. It also provides training and repair, maintenance, and installation services.
- Baker Hughes Company
Incorporated in 1907, Baker Hughes is a provider of integrated oilfield products and services in 120 countries with approximately 68,000 employees. The company operates through four business segments that include Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). Under the Oilfield Equipment segment, Baker Hughes offers a drilling product line that includes blowout preventers (BoP), control systems, marine drilling risers, wellhead connectors, diverters, and related services for floaters, jack-ups, and land drilling rigs.
- Schlumberger Limited
Incorporated in 1926, Schlumberger is an international oilfield services company employing approximately 100,000 people, representing more than 140 nationalities, and working in more than 120 countries. The company delivers a wide range of products and services including drilling fluids & drill bits, seismic data acquisition & processing, directional drilling & drilling services, well cementing & simulation, formation evaluation & well testing, well completions, well intervention, artificial lifts, and software & information management. Schlumberger has its principal executive offices located in London, Paris, Houston, and The Hague.
- Other major players operating in the global BoP handling system market and profiled in the report include
- EFC Group
- Fukushima Ltd
- GerOil Oil and Gas Products
- J.D. Neuhaus
- James Fisher and Sons plc
- Markey Machinery Co Inc.
- Mile Marker Industries LLC
- National Oilwell Varco
- RAM Winch & Hoist, Ramsey Winch
- TWG, Inc.
- WARN Industries, Inc.
BoP Handling System Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global BoP handling system market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the BoP handling system market, to identify opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the BoP handling system market will progress during the forecast period 2020 - 2030.
The report offers intricate dynamics about the different aspects of the BoP handling system market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the BoP handling system market during the forecast period. It also includes impact analysis of COVID-19 on the BoP handling system market. The global BoP handling system market report helps to estimate statistics related to the market progress in terms of value (US$ Mn) and volume (Thousand Units).
The study covers a detailed segmentation of the BoP handling system market, along with key information and a competitive outlook. The report mentions the company profiles of key players currently dominating the BoP handling system market, wherein various developments, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on BoP Handling System Market
The report provides detailed information about the BoP handling system market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the BoP handling system market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of BoP handling systems?
- What will be the Y-o-Y growth of the BoP handling system market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the BoP handling system market?
- What are the major drivers and restraints of the market?
- What will be the size of the BoP handling system market from 2020 to 2030?
- Which will be the fastest growing segment in the BoP handling system market?
- Which are the leading companies in the BoP handling system market?
- What are the strategies of the companies operating in the market?
Research Methodology – BoP Handling System Market
The research methodology adopted by analysts to compile the BoP handling system market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the BoP handling system market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the BoP handling system market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the BoP handling system market.
BoP Handling System Market – Segmentation
TMR’s research study assesses the BoP handling system market on the basis of capacity, application, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the BoP handling system market.