Ram type blowout preventers are highly necessary equipments for any well and are utilized for controlling erratic pressures and uncontrolled flows. Numerous major oil spillages such as the Deepwater Horizon Oil Spill off the Gulf of Mexico had taken place owing to a faulty blowout preventer. As such, companies today take immense care in selecting blowout preventers for their rigs and often order more than one blowout preventer as a backup. Annular and ram are the two basic blowout preventers which are generally employed in drilling operations. These blowout preventers are usually used together in drilling rig blowout preventers stacks. The ram blowout preventers have to be designed according to American Petroleum Institute standards of safety. The market for ram type blowout preventers is anticipated to grow at a substantial rate in future owing to increasing safety standards, especially in offshore locations.
Stringent norms and regulations in upstream hydrocarbon sector and efficient exploration operations are some of the major drivers attracting investment in ram type blowout preventers market. The U.S. has a reputation of having some of the most stringent regulations globally for oil spills, especially in marine environments. The regulations and punitive damage structure for oil spills in the U.S. is imposed both at a federal and state level. The regulations pertaining to oil spills have been also been tightened in the South and Central American countries. The uncertainty in crude oil prices is a major restraint which might hamper the growth of ram type blowout preventer market. Since the demand for blowout preventers is primarily dependent on new drilling activity globally, low oil prices can potentially affect manufacturers of blowout preventers.
The market for ram type blowout preventers can be segmented on the basis of location and type into two broad categories. On the basis of location the market can be segmented as onshore and offshore. On the basis of type the ram type blowout preventer can be segmented as purchase and rental blowout preventers. Exploration and production (E&P) companies have two options when it comes to drilling a new oil well. Large E&P companies often operate their own rigs in which case they might prefer purchasing ram type blowout preventers directly from manufacturers. However in most of the cases, E&P companies hire rig contractors or oilfield service companies to carry out such operations on their behalf. These market players generally exhibit a higher preference towards rental blowout preventers.
Currently, North America is the largest market for ram type blowout preventers. The onshore hydrocarbon activities in Oklahoma coupled with increasing offshore activities in Gulf of Mexico are the major factors bolstering investment in this market. Middle East is also one of the major markets for onshore installations of ram type blowout preventers. In the offshore sector, Latin America and West Africa are one the prominent markets for these blowout preventers. The planned offshore activities in Brazil, Nigeria and Angola will provide growth opportunities for this market. Countries in Asia Pacific such as Australia and Malaysia are also prospective markets for the growth of ram type blowout preventer market.
Some of the major market players investing in ram type blowout preventers are Axon EP Inc., Cameron International Corporation, UZTEL S.A, and National Oilwell Varco.
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
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- 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.
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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.
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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.
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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.