Global Blowout Preventer Market Report and Forecast 2024-2032

Global Blowout Preventer Market Outlook

The global market for blowout preventer is expected to grow at a CAGR of about 3.70% in the forecast period of 2024-2032, owing to the growing subsea drilling activities.

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North America to be Among the Significant Regional Markets for Blowout Preventer

North America is expected to be one of the dominant regions for blowout preventers during the forecast period. The rise in the production and exploration of crude oil and gas resources in the United States and Canada will be crucial in driving the market growth in North America. The United States, in particular, is expected to ramp up the investments in both annular blowout preventers and ram blowout preventers. An increase in the production of hydrocarbon and monitoring of wellbore has been augmenting the demand for blowout preventers. The United States has some of the most stringent regulations for oil spills in marine environments. The rules and penal damage structure for oil spills in the country are expected to increase the demand for a blowout preventer.

Middle East and Africa and Asia Pacific to Witness Robust Growth

The Middle East and Africa account for a significant share of the global blowout preventer market owing to the rising drilling, onshore and offshore activities in the region and the growth of the oil and gas industry in the region. The region's popularity of ram blocks, shear rams, and annular model assemblies will further drive the market growth. According to OPEC, Saudi Arabia is the home of 17% of the world's proven petroleum reserves. Drilling activities will likely continue to surge in the region, prompting companies to expand their penetration in MEA.

The Asia Pacific region follows the Middle East and Africa in the market in terms of the number of installations of blowout preventers. Malaysia and China are estimated to be the major producers of hydrocarbons from offshore fields. Hence, Asia Pacific can be projected as a highly attractive market for the installation of blowout preventers in the coming years.

Market Segmentations

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Blowout Preventers (BOPs) are large, specialised valves or mechanical devices put on stacks to control, monitor, and seal fluid leaking from oil and gas wells to prevent a blowout. Blowout preventers are heavy and bulky in design, and they serve as a deterrent to runaway oil and gas wells. They can also be employed in onshore and offshore wells.

The various types of blowout preventers in the blowout preventer market are:

• Annular Blowout Preventer
• Ram Blowout Preventer

These preventers find applications in the following:

• Onshore
• Offshore

The regional markets for blowout preventer can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Growing Subsea Drilling Activities Augmenting the Market Growth

The key factors driving the blowout preventer market include the increasing requirement for the effective production of oil and gas and the growing subsea drilling activities. There is an increase in the drilling activities owing to the growing demand for hydrocarbons, which in turn triggers the demand for the blowout preventers and the drilling tools. In order to minimise the additional costs and expenditures, efficient oil and gas production should be done in the offshore and the onshore fields. The increased safety regulations and norms for the product's efficiency act as a supporting factor for the growth of the global blowout preventers market. An increase in safety standards, particularly in offshore locations, is expected to propel the market growth globally. The rise in deep and ultra-deepwater drilling project activities is also expected to drive market growth. Strict norms and regulations in the upstream hydrocarbon sector and effective exploration operations are some of the drivers behind the market growth. Moreover, manufacturers of blowout preventers are focussing on the safe operation of the equipment installed to avoid any case of accidents reported from the oil fields and order more than one blowout preventer as a backup.

Key Players in the Global Market for Blowout Preventer

The report gives a detailed analysis of the following key players in the global blowout preventer market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Worldwide Oilfield Machine, Inc.
• Baker Hughes Company
• Weatherford International plc
• B.O.P Products LLC.
• Alberta Petroleum Industries Ltd.
• AXON Pressure Products, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Blowout Preventer Market Report Snapshots

Blowout Preventer Market Size

Blowout Preventer Market Growth

Blowout Preventer Market Regional Analysis

Blowout Preventer Companies