Blowout Preventers (BOPs) are huge specialized valves or mechanical tools equipped on stacks to seal, monitor, and control the release of fluids from oil & gas reserves to prevent a blowout. Blowout preventers are bulky & heavy in design and serve as a protection against the uncontrolled oil & gas reserves. Blowout preventers can be installed in onshore and offshore reserves. Recently, various oil & gas exploration organizations emphasize on reinsuring the safety of the equipment and hardware inferable from different oil spill incidents that occurred in several places such as Exxon Valdez oil spill and Deepwater Horizon oil spill. Blowout preventers are available in different sizes, styles, and pressure evaluations.
COVID-19 scenario analysis:
- The pandemic gave rise to added interest in oil, bringing about plunging costs and declining production, particularly in the wake of the Russia-OPEC value war.
- The COVID-19 outbreak has hit the global economy, disturbing production chains while interfering with growth.
- As the emergency unfolded, organizations needed to move rapidly to make sure about supply chains and oversee inventory stock. As the pandemic is contained and economies revive, many will be rethinking their supply chain in the market.
- Attributing all aforementioned points, COVID-19 is expected to impact negatively on the blowout preventers market for the next couple of years.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Expanding growth in the oil & gas industry has brought about an expansion in the investigation of capricious sources for oil & gas drilling. Popularity in the oil & gas industry and quick increment in offshore investigation actions have added to the development and advancement of the blowout preventers market. Stringent standard for security is expected to drive the interest in the blowout preventers market. Growing awareness identified with unsafe delayed consequences of oil spillage, including the profound Deepwater Horizon oil spill in the Gulf of Mexico is expected to fuel the blowout preventers market size. High settlement cost forced on oil & gas makers owing to oil spill is additionally set to affect the business development. For instance, BP paid USD 20 billion to settle all government and state claims emerging from Deepwater Horizon oil spill.
Technologies and applications of the market:
Innovation enhancement to improve proficiency and decrease the system cost will provide opportunities for the blowout preventers market. For instance, Shaffer made a framework including boltless blowout preventer entryways, a weldless-cavity improved ram bolting framework, mechanized ram changing framework, and a skimming ram square plan. These assist to decrease work time, height, weight, and eliminate the requirement for cross stringing jolts. However, unstable unrefined petroleum costs may hinder the business size during the forecast period.
The major factors that drive the blowout preventers market are the prerequisite for the viable supply of oil & gas and the developing subsea drilling exercises. There is an expansion in the drilling exercises due to the high demand for hydrocarbons, which is expected to trigger the interest for blowout preventers and drilling instruments. To limit extra expenses, effective oil & gas production should be done in offshore and onshore fields. Stringent security guidelines and standards for blowout preventers’ effectiveness are supporting factors for the development of the blowout preventers market.
Blowout preventers offer a wide scope of capacities, for example, control of well liquid to wellbore, give the way to add liquid to the wellbore, screen & direct wellbore pressure, etc. Introducing blowout preventers is the basic step for the security of a group, rig, and nature.
Key benefits of the report:
- This study presents the analytical depiction of the global blowout preventers market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global blowout preventers market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global blowout preventers market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Blowout Preventers Market Report Highlights
By Product Type
Key Market Players
Weatherford International Plc., Control Flow Inc., Uztel S.A., Cameron International Corporation, General Electric Oil and Gas, FMC Technologies, Greene’s Energy Group, Aker Solutions, National Oilwell Varco, Rongsheng Machinery Manufacture Ltd., Proserv Group, Inc., Rig Manufacturing