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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 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.
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.
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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:
These preventers find applications in the following:
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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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.
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:
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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Blowout Preventer Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global market is projected to grow at a CAGR of 3.70% between 2024 and 2032.
The major drivers of the market include the growing installation of blowout preventers, increasing requirements for the effective production of oil and gas, an increase in safety standards, and strict norms and regulations in the upstream hydrocarbon sector.
The growing subsea drilling activities and the rise in deep and ultra-deepwater drilling project activities are the key industry trends propelling the growth of the market.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various types of blowout preventers in the market are annular blowout preventer and ram blowout preventer.
The significant applications of the market are onshore and offshore.
The major players in the industry are Worldwide Oilfield Machine, Inc., Baker Hughes Company, Weatherford International plc, B.O.P Products LLC., Alberta Petroleum Industries Ltd., and AXON Pressure Products, Inc., among others.
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