Blowout Preventer Market by Type, Location, and Geography - Forecast and Analysis 2021-2025

  • Published: Jun 2021
  • Pages: 120
  • SKU: IRTNTR44380

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 Blowout Preventer Market - 2021-2025

The blowout preventer (BOP) market size is expected to reach a value of USD 972.70 million, at a CAGR of 3.78% during 2021-2025. This research study helps in a deep understanding of the underlying forces driving the market growth and current and potential target customers across segmentations. According to our comprehensive survey, factors such as the rising number of deep and ultra-deepwater drilling projects are projected to significantly support market growth during the forecast period. View our sample report for insights on the latest trends and challenges that will have a far-reaching effect on the market growth.

Blowout Preventer Market Size

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Blowout Preventer Market Segments

Navigate through market segmentation by type (annular blowout preventer and ram blowout preventer), location (onshore and offshore), and geography (North America, Europe, MEA, APAC, and South America) in this blowout preventer market report to pursue growth opportunities.

Get actionable insights on the blowout preventer market segments to generate successful ROIs and focus your business strategy efforts where they are most likely to be effective. Also, our market research experts have evaluated the impact of COVID-19 across market segments for our clients to understand the long-term business implications and foresee opportunities for subsequent recovery. Want a thorough qualitative and quantitative analysis on the post-pandemic blowout preventer market predictions on-demand changes for 2021-2025? You can buy the report now with one easy click.

Blowout Preventer Market Vendors and Competitive Analysis

The BOP market is fragmented and the vendors are deploying various organic and inorganic growth strategies to gain competitive advantage. Find out about other well-thought-out business planning approaches of key players from our sample report.

The unprecedented outbreak of COVID-19 last year impacted market segments that has had a ripple effect on various stakeholders. To make the most of the opportunities and recover from post COVID-19 impact, the market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Click here to get COVID-19 impact update.

Buy the full blowout preventer market forecast report for detailed insights on complete key vendor profiles. The profiles include information on the production, sustainability, prospects of the leading companies, and other crucial vendor landscape analysis.

Blowout Preventer Market Vendors

Blowout Preventer Market - Region Opportunities 2021-2025

42% of the blowout preventer market growth will originate from North America during the forecast period. The US and Canada are the key markets for blowout preventers in North America. To unlock exclusive information on potential business locations and understand the demographics of current and prospective customers buy the report now!

Blowout Preventer Market Share by Geography

North America has been exhibiting a significant growth rate for blowout preventer market vendors. Factors such as the rise in the E&P of crude oil and gas resources are accelerating the blowout preventer market growth in North America. To view our in-depth analytical review on the micro and macroeconomic factors impacting businesses in the regions click here.

The blowout preventer market share growth in North America will be faster than the growth of the market in Europe, MEA, and South America. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

Blowout Preventer Market Insights by Type

Blowout Preventer Market Share by Type

To gain further insights on the market contribution of various segments Request for a FREE Sample!

The blowout preventer market share growth by the annular blowout preventer segment will be significant during the forecast period. Growth is majorly supported by the rise in oil and gas demand. Annular BOP is installed on top of the blowout preventer stack. Its primary function is to seal the annular space between the drill pipe and the well bore. The sealing element, also known as the packing element, is made up of elastomeric material and can seal a variety of pipe sizes. This proves to be an advantage over ram-type BOPs. This report provides an accurate prediction of the contribution of all the segments to the growth of the BOP market size.

From the blowout preventer market segmentation insights, players can achieve maximum market response by understanding the target consumers. The analytical data on the segmentation will allow vendors to position their services and products among the right audiences and gain significant exposure and growth. Also, get updated actionable market insights on post COVID-19 impact on each segment.

Blowout Preventer Market Drivers & Trends

While it is crucial to have a solid understanding of the drivers and trends, it is also imperative that the market challenges are recognized to improvize business planning and sustain market competition. One of the key factors impeding blowout preventer market growth is fluctuations in oil and gas prices. Purchase our express report to get exhaustive insights on other industry trends, drivers, and challenges, which will help companies evaluate and develop growth strategies.

The increase in deep and ultra-deepwater drilling projects in various regions will be one of the major factors that will drive market growth. The low oil prices have a direct impact on rig rates, which will have an advantage on low rig rates, therefore various companies are resuming their offshore projects. The rising projects will subsequently increase the need for BOPs, owing to their necessity in drilling or production projects.

As the oil and gas industry has one of the most visible and severe impacts on the environment, the laws regarding this industry are also stringent. These stringent laws form another significant driver for blowout preventer manufacturing companies. This is because oil majors are dependent on technology to control the abnormal pressure differences that result in a blowout, which not only affects the environment but also raises concerns regarding the safety of the crew working on a drilling rig. 

This blowout preventer market analysis report provides detailed information on key trends, drivers, and challenges that is the essence of business planning and strengthening marketing strategies across regions and segmentations.

 

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Blowout Preventer Market Report Outlook

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive blowout preventer market growth during the next five years
  • Precise estimation of the blowout preventer market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the blowout preventer market across North America, Europe, MEA, APAC, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of blowout preventer market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The blowout preventer market growth will increase by $492.19 million during 2019-2024.
The blowout preventer market is expected to grow at a CAGR of 1.78% during 2019-2024.
Technavio has segmented the blowout preventer market by type (Annular blowout preventer and Ram blowout preventer) ,other1 (Onshore and Offshore) , and geographic (North America, Europe, MEA, APAC, and South America).
AXON Pressure Products Inc., Control Flow Inc., General Electric Co., National Oilwell Varco Inc., Schlumberger Ltd., The Weir Group Plc, UZTEL SA, Weatherford International Plc, Worldwide Oilfield Machine, Yantai Jereh Oilfield Services Group Co. Ltd. are a few of the key vendors in the blowout preventer market.
North America will register the highest growth rate of 42.75% among the other regions. Therefore, the blowout preventer market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • China
  • Russian Federation
  • Saudi Arabia
  • Canada
The key factors driving the blowout preventer market growth are:
  • Rising number of deep and ultra-deepwater drilling projects
The blowout preventer market vendors should focus on grabbing business opportunities from the annular blowout preventer segment as it accounted for the largest market share in the base year.
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