Blowout Preventer Market – Segmentation and Forecast Technavio

August 28, 2017

LONDON–(BUSINESS WIRE)–#Research–The global
blowout preventer market is expected to grow at a CAGR of
around 4% during the forecast period, according to Technavio’s latest
report.


In this report, Technavio
covers the market outlook and growth prospects of the global blowout
preventer market for 2017-2021. The market is segmented based on
type (annular BOP and ram BOP) and location (onshore and offshore).

Blowout preventers are a type of valves used on top of a well to control
the outflow of the formation fluid in case the drilling crew loses the
control. It is a safety equipment that seals the well under abnormal
pressure conditions, thus preventing a blowout. The global blowout
preventer market relies heavily on the state of the upstream oil and gas
industry, which is dependent on crude oil prices. The rise in global oil
and gas demand has been a key driver for the industry and will continue
to push it during the forecast period.

Technavio’s energy
research analysts categorize the global blowout preventer market into
the following segments by regions:

  • Americas
  • EMEA
  • APAC

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Americas: blowout preventer market

“The US is the leading country in this region. Governmental support
across different countries, especially the US, is expected to drive the
demand for blowout preventers further. The reason for steady or nominal
growth of the market is owing to intermittency and instability of crude
oil prices. As the US is exploring more offshore energy resources, the
blowout preventer market is expected to grow at a moderate pace in the
current scenario,” says Anju Ajay Kumar, a lead analyst at Technavio
for research on oil
and gas.

The US Geological Survey has identified huge deposits of potential oil
reserves in West Texas. The Permian Basin has a geology that is rich
both vertically and horizontally. Even though the region has already
produced huge quantities of oil, there are potential reserves of
untapped oil and gas that are yet to be explored. As the oil prices are
stabilizing, drilling projects that were on hold are resuming, thereby
increasing the market for drilling waste management.

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Blowout preventer market in EMEA

“Discoveries of oil and gas in regions such as East Africa are
resulting in increased exploration and drilling activities. Major finds
of gas in Tanzania and Mozambique along with increased exploration
activities in Uganda and Kenya state that there is still untapped
potential in the region. As more regions are explored, it is
expected that there will be a rise in demand for blowout preventers as
both are directly correlated,” adds Anju.

EMEA has been a global hotspot for crude and natural gas production
since the discovery of oil in the region around the 1950s. The region
consists of countries such as Saudi Arabia, Iran, UAE, and Kuwait that
have been at the forefront of production for decades now. The major
factor that drives the growth of the drilling industry in the region is
the low cost of crude production. The cost of crude production in Kuwait
and Saudi Arabia figures around low single digits. Therefore, crude
production is profitable owing to low cost.

Blowout preventer market in APAC

There has been an increase in exploration and drilling activities for
unconventional sources such as shale in India. In 2016, Oil and Natural
Gas Corporation, a state-owned company in India, announced its plans to
invest in shale exploration and drilling activities in the country’s
east and west coasts.

Consumption of crude in APAC is increasing owing to the rising energy
demands from countries such as China, Indonesia, Japan, India, and South
Korea. Though China contributes majorly to the revenue, several other
countries are coming up with their contribution to the overall market.
Stringent environmental laws coupled with safety standards will drive
regional players to invest in quality blowout preventers that will
eventually propel the growth of the global blowout
preventer market during the forecast period.

The top vendors in the global blowout preventer market highlighted in
the report are:

  • Axon
  • Cameron
  • National Oilwell Varco
  • UZTEL

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