A blowout preventer (BOP) is a special device that is used to seal, control, and monitor oil  & gas wells to prevent any uncontrolled release of crude oil or natural gas (known as blowouts) from a well. Various types of blowout preventers are available in the market. A ram-type blowout preventer operates similarly as a gate valve, but uses a pair of opposing steel plungers, rams. Rams extend toward the center of the wellbore to restrict flow or retract open to permit flow. Blowout preventers are majorly employed to handle extreme pressures and uncontrolled flow from a well during drilling and to prevent catastrophic event such as a major oil spillage. Moreover, the blowout preventers are used to prevent tubing, tools, and drilling fluids from being ejected of the wellbore. These are extremely critical for the safety and wellbeing of crew and environment and for monitoring and maintenance of the well.

Market scope and structure analysis

COVID-19 scenario analysis

The outbreak of the COVID-19 pandemic across the globe has impacted the global ram blowout preventer market to a notable extent.

• With the nationwide lockdown and stringent government regulations implemented, the transportation of vehicles has almost come to a halt. Moreover, several industries had to reduce their operations due to problems such as lack of workforce and disruptions in supply chain. This has resulted in a significant fall in the oil prices, which has severe impact on the ram blowout preventer market.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Rise in demand for fuel and hydrocarbons has escalated the sub-sea drilling activities across the globe. However, different nations around the globe are imposing several regulations to prevent major oil spillages. Stringent government regulations imposed and rise in safety awareness are acting as the major drivers of the global ram blowout preventer market. Presently, companies are investing more for further technological advancements of blowout preventer systems to improve their efficiency and reduce the system cost, which augments the global market growth. 

However, frequent fluctuations in the crude oil prices may act as a restraining factor of the market.

North America is currently leading the ram blowout preventer market with the major offshore drilling activities done in the Gulf of Mexico. The market is anticipated to grow at a steady pace in the Middle East with increase in drilling activities in the UAE. 

Key segments covered

Key benefits of the report

• This study presents the analytical depiction of the global ram blowout preventer industry 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 ram blowout preventer market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global ram blowout preventer market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.