Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

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.

 

Blowout Preventer Market Report Snapshots

Blowout Preventer Market Size

Blowout Preventer Market Growth

Blowout Preventer Market Regional Analysis

Blowout Preventer Companies

 

*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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Key Questions Answered in the Report

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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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124

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