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

  • Published: Jun 2021
  • Pages: 120
  • SKU: IRTNTR44380
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The blowout preventer market share is expected to increase by USD 972.70 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 3.78%.

This blowout preventer market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers blowout preventer market segmentation by type (annular blowout preventer and ram blowout preventer), market landscape (onshore and offshore), and geography (North America, Europe, MEA, APAC, and South America). The blowout preventer market report also offers information on several market vendors, including 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, and Yantai Jereh Oilfield Services Group Co. Ltd. among others.

What will the Blowout Preventer Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Blowout Preventer Market Size for the Forecast Period and Other Important Statistics

 

Blowout Preventer Market: Key Drivers, Trends, and Challenges

The rising number of deep and ultra deepwater drilling projects is notably driving the blowout preventer market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the blowout preventer industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Blowout Preventer Market Driver

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.

Key Blowout Preventer Market Trend

The next generation of blowout preventers is another factor supporting the blowout preventer market share growth. Blowout preventers are considered to be crucial as they ensure safety at the highest level of pressure situations. Exploration and drilling operations are expanding in deep and ultradeep waters, where environmental conditions are becoming more challenging.  As drilling is moving into environmentally sensitive regions, the new BOP technology ensures a means to safely close off a well, thus protecting the drilling crew and preventing the spillage of oil into the environment. Increasing exploration activities in relatively new regions demand the need for efficient blowout preventers that can be used under extreme climatic conditions. With rising environmental awareness, the norms in the overall oil and gas industry are likely to get stringent, which will, in turn, drive the blowout preventer market.

Key Blowout Preventer Market Challenge

The increasing investments in renewable sources of energy will be a major challenge for the blowout preventer market during the forecast period. Rising environmental awareness has resulted in increased investments in the field of renewables. Renewable sources of energy are now cost-competitive and compete with conventional sources as well. In addition, renewable sources of energy are established as the primary source of energy in some countries. According to Eurostat, the share of renewable energy in the gross primary energy consumption of countries in the EU is expected to increase from 16% to 20% between 2015 and 2020 due to regulations. The increasing reliability of renewables has put pressure on the demand for oil and gas in these regions. With the implementation of strict emission norms, domestic oil production will likely get affected during the forecast period. The lack of exploration and drilling activities in new regions will result in a decline in demand for blowout preventers.

This blowout preventer market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the blowout preventer market by audit firms as a part of the global oilfield equipment and services market.  Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the blowout preventer market during the forecast period.

Who are the Major Blowout Preventer Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • 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.

 

This statistical study of the blowout preventer market encompasses successful business strategies deployed by the key vendors. The blowout preventer market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • AXON Pressure Products Inc. - The company offers different types of blowout preventers designed for safe good pressure control during drilling and workover operations.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The blowout preventer market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Blowout Preventer Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the blowout preventer market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the blowout preventer market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Aftermarket and services
  • Industry innovations

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Blowout Preventer Market?

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42% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for blowout preventers in North America. Market growth in this region will be faster than the growth of the market in the European, MEA, and South American regions.

In 2020, the US, Canada, and Mexico were the leading contributors to the market. These countries are among the large oil and gas producers in the world. Oil and gas production output in most of these countries has increased significantly due to unconventional E&P activities such as drilling in shale in the US and oil sands in Canada. This will facilitate the blowout preventer market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 in the region impacted the growth of the oil and gas industry, which, in turn, affected the growth of the regional blowout preventer market. Restrictions imposed to curb the spread of COVID-19 led to a sharp reduction in crude oil prices and the demand for US liquid fuels during the second quarter of 2020. This significantly reduced gasoline and diesel fuel prices in the same period. Governments in the region have implemented programs to help oil and gas companies survive in the long term. Hence, this will resume operations and increase spending in the sector, which will drive the growth of the blowout preventer market in the region during the forecast period.

What are the Revenue-generating Type Segments in the Blowout Preventer Market?

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The blowout preventer market share growth by the annular blowout preventer segment will be significant during the forecast period. New explorations in countries such as Brazil, Mozambique, and India are in progress and are expected to increase the demand for annular BOPS. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the blowout preventer market size and actionable market insights on post COVID-19 impact on each segment.

 

Blowout Preventer Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 3.78%

Market growth 2021-2025

$ 972.70 million

Market structure

Fragmented

YoY growth (%)

0.92

Regional analysis

North America, Europe, MEA, APAC, and South America

Performing market contribution

North America at 42%

Key consumer countries

US, China, Russian Federation, Saudi Arabia, and Canada

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

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, and Yantai Jereh Oilfield Services Group Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Blowout Preventer Market Report?

  • 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 industry 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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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Type

    • Market segments
    • Comparison by Type
    • Annular blowout preventer - Market size and forecast 2020-2025
    • Ram blowout preventer - Market size and forecast 2020-2025
    • Market opportunity by Type

    Market Segmentation by Location

    • Market segments
    • Comparison by Location
    • Onshore - Market size and forecast 2020-2025
    • Offshore - Market size and forecast 2020-2025
    • Market opportunity by Location

    Customer landscape

    • Overview

    Geographic Landscape

    • Geographic segmentation
    • Geographic comparison
    • North America - Market size and forecast 2020-2025
    • Europe - Market size and forecast 2020-2025
    • MEA - Market size and forecast 2020-2025
    • APAC - Market size and forecast 2020-2025
    • South America - Market size and forecast 2020-2025
    • Key leading countries
    • Market opportunity by geography
    • Market drivers
    • Market challenges
    • Market trends

    Vendor Landscape

    • Overview
    • Landscape disruption

    Vendor Analysis

    • Vendors covered
    • Market positioning of vendors
    • 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.

    Appendix

    • Scope of the report
    • Currency conversion rates for US$
    • Research methodology
    • List of abbreviations

    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.

    TechnavioINFORMATION 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
    Technavio

    TechnavioDATA 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
    Technavio

    TechnavioREPORT WRITING

    Qualitative

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

    Quantitative

    • Market size and forecast
    • Market segmentation
    • Geographical insights
    • Competitive landscape
    Interested in this report?
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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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