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Global Blowout Preventer Market: By Type: Annular Blowout Preventer, Ram Blowout Preventer; By Application: Onshore, Offshore; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; Industry Events and Developments

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 2022-2027, owing to the growing subsea drilling activities.

 

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

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.

 

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.

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface   
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions   
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments  
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional 
7    Industry Opportunities and Challenges  
8    Global Blowout Preventer Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Blowout Preventer Historical Market (2017-2021) 
    8.3    Global Blowout Preventer Market Forecast (2022-2027)
    8.4    Global Blowout Preventer Market by Type
        8.4.1    Annular Blowout Preventer
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Ram Blowout Preventer
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
    8.5    Global Blowout Preventer Market by Application  
        8.5.1    Onshore
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Offshore
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
    8.6    Global Blowout Preventer Market by Region
        8.6.1    Market Share
            8.6.1.1    North America
            8.6.1.2    Europe
            8.6.1.3    Asia Pacific
            8.6.1.4    Latin America
            8.6.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    Worldwide Oilfield Machine, Inc.
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Baker Hughes Company
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Weatherford International plc
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    B.O.P Products LLC.
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Alberta Petroleum Industries Ltd.
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    AXON Pressure Products, Inc.
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    Others
13    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global Blowout Preventer Market: Key Industry Highlights, 2017 and 2027  
2.    Global Blowout Preventer Historical Market: Breakup by Type (USD Million), 2017-2021
3.    Global Blowout Preventer Market Forecast: Breakup by Type (USD Million), 2022-2027
4.    Global Blowout Preventer Historical Market: Breakup by Application (USD Million), 2017-2021
5.    Global Blowout Preventer Market Forecast: Breakup by Application (USD Million), 2022-2027
6.    Global Blowout Preventer Historical Market: Breakup by Region (USD Million), 2017-2021
7.    Global Blowout Preventer Market Forecast: Breakup by Region (USD Million), 2022-2027
8.    North America Blowout Preventer Historical Market: Breakup by Country (USD Million), 2017-2021
9.    North America Blowout Preventer Market Forecast: Breakup by Country (USD Million), 2022-2027
10.    Europe Blowout Preventer Historical Market: Breakup by Country (USD Million), 2017-2021
11.    Europe Blowout Preventer Market Forecast: Breakup by Country (USD Million), 2022-2027
12.    Asia Pacific Blowout Preventer Historical Market: Breakup by Country (USD Million), 2017-2021
13.    Asia Pacific Blowout Preventer Market Forecast: Breakup by Country (USD Million), 2022-2027
14.    Latin America Blowout Preventer Historical Market: Breakup by Country (USD Million), 2017-2021
15.    Latin America Blowout Preventer Market Forecast: Breakup by Country (USD Million), 2022-2027
16.    Middle East and Africa Blowout Preventer Historical Market: Breakup by Country (USD Million), 2017-2021
17.    Middle East and Africa Blowout Preventer Market Forecast: Breakup by Country (USD Million), 2022-2027
18.    Global Blowout Preventer Market Structure.

Key Questions Answered in the Report

The global market is projected to grow at a CAGR of 3.70% between 2022 and 2027.

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.

Analyst Review

The global blowout preventer market was driven by the growing subsea drilling activities in the historical period. Aided by the increase in safety standards and rise in deep and ultra-deepwater drilling project activities, the market is expected to grow at a CAGR of 3.70% in the forecast period of 2022-2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. 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 regional markets for blowout preventer are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The key players in the above market 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.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.   

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