Blowout Preventer Market Size, Share and Global Trend By Type (Ram Blowout Preventer & Annular Blowout Preventer), By Application (Onshore & Offshore), and Regional Forecast, 2024-2032

Gushers were the symbol of oil exploration in 19^th and early 20^th century. A simple drilling technique is used such as cable-tool drilling and lack of blowout preventer (B.O.P) meant that drillers could not able to control high-pressure reservoirs which results in forcing out the drill string and creating a gusher. Despite the newfound wealth, gushers were dangerous and to prevent catastrophic disaster blowout preventer is very essential. Blowout preventers are developed to cope up with erratic pressures and uncontrolled flow emanating from a well reservoir during drilling. Blowout preventers are critical to the safety of the crew, rig, environment and to the monitoring & maintenance of well integrity. Thus blowout preventer is a critical device to avoid accidents.

Blowout preventers are classified into two types i.e. Ram and Annular. The annular BOP is usually employed at top of the BOP stack and then two, three or four RAM BOP is mounted below the annular preventer. If the blowout is detected annular BOP is closed first and then RAM is used as a backup if the annular fails. Both the BOP is widely used in a subsea operation, onshore & offshore activities to confine well fluid to the wellbore.

The enormous demand for hydrocarbons has raised the offshore and onshore exploration activities to meet the ever-increasing requisites of oil and gas which is expected the boost the demand for the blowout preventer. The blowout preventer not only ensures the safe operation of wellbore but also prevent ecological damage by arresting the high pressure of well reservoir inflating the demand of blowout preventer in the market.

The unpredictability and fluctuating trend of hydrocarbon prices not only restraint the growth of the oil & gas industry but also cease the new exploration activities which hinder the demand for blowout preventers.

KEY PLAYERS COVERED

The global leader in blowout preventer market are Schlumberger Ltd., Baker Hughes Inc., Worldwide Oilfield Machine Inc., Halliburton, Weatherford International, National Oilwell Varco, Oceaneering International, Alberta Petroleum Industries Ltd., Kerui Petroleum, Shanghai Shenkai Petroleum and Chemical Equipment Co. Ltd., UZTEL S.A., Control Technology Inc., BOP Products LLC., Aker Solutions, and AXON.

 SEGMENTATION

REGIONAL ANALYSIS

The global blowout preventer market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America offered a lucrative market for blowout preventer as exploration activities in the US and Canada is very high. The recent oil spillage in the Gulf of Mexico has raised the safety bar to avoid environmental loss and blowout preventer is very essential in the smooth operation of a well reservoir, which is expanding the market of blowout preventers in North America. Europe is implementing toughest laws against violation of environmental and pollution norms. It is essential to install blowout preventer for the effective production of hydrocarbon and monitoring of wellbore increasing the scope of demand for the blowout preventer.

The Asia Pacific is offering a lucrative market for blowout preventers due to heavy investment in the field of exploration and production of hydrocarbon. China is one of the largest nations to produce a high volume of hydrocarbon and discovering new exploration to meet the demand. Therefore, there is huge scope for the demand for blowout preventer in the Asia Pacific. Middle Eastern country’s economy is largely dependent on revenue earned from oil and gas export. Ongoing onshore and offshore activities for the production of hydrocarbons increased the demand for blowout preventers. To increase the production efficiency of a wellbore and offer safety to crew members blowout preventers are essential and most of the companies are employing it on a large scale.

KEY INDUSTRY DEVELOPMENTS

• In January 2019, Equinor has ceased the drilling operation in the Arctic well after a well incident in which the blowout preventer is unintentionally disconnected. No personal injuries or harm to the environment report in which a device is used to protect subsea well and prevent blowouts.


• In December 2018, Transocean awarded a rig design and construction management contract, as well as a five-year drilling contract by Chevron USA Inc., for ultra-deepwater drillship. The contract is estimated at about $830 million in which drillship will feature the most advanced dual 20000psi blowout preventer.


• In August 2018, Norwegian company Equinor has offered a 3-year contract to 4Subsea for BOP monitoring. It will collect, process and monitor the blowout preventer data for improved operational decision support.