The global ram blowout preventer market has the potential to grow by USD 89.24 million during 2019-2023, and the market’s growth momentum will accelerate throughout the forecast period.
This report provides a detailed analysis of the market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including AXON Pressure Products Inc., Baker Hughes, a GE Co. LLC, Control Flow Inc., National Oilwell Varco Inc., Schlumberger Ltd., The Weir Group Plc, Uztel SA, Weatherford International Plc, Worldwide Oilfield Machine Inc., and Yantai Jereh Oilfield Services Group Co. Ltd.
Market Overview
Browse TOC and LoE with selected illustrations and example pages of ram blowout preventer market
Market Competitive Analysis
The market is fragmented, and the degree of fragmentation will remain the same during the forecast period. Vendors in the market are focusing on the development of ram blowout preventers with efficient mechanical design and battery technology to improve performance and reliability. AXON Pressure Products Inc., Baker Hughes, a GE Co. LLC, and Control Flow Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, volatility in oil and gas prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this ram blowout preventer market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this ram blowout preventer market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading ram blowout preventer companies, including:
- AXON Pressure Products, Inc.
- Baker Hughes, a GE Co. LLC
- Control Flow, Inc.
- National Oilwell Varco Inc.
- Schlumberger Ltd.
- The Weir Group Plc
- Uztel SA
- Weatherford International Plc
- Worldwide Oilfield Machine Inc.
- Yantai Jereh Oilfield Services Group Co. Ltd.
Ram Blowout Preventer Market: Segmentation by Region
For more insights on the ram blowout preventers market share of various regions Request for a FREE sample now!
The rise in unconventional E&P activities such as drilling in shale in the US and oil sands in Canada has significantly increased the production of oil and gas. This is one of the key factors driving the demand for ram blowout preventers in North America.
More than 46% of the market growth will originate from North America during the forecast period. The US is the critical market for ram blowout preventers in the region. However, market growth in this region will be slower than the growth of the market in APAC.
Ram Blowout Preventer Market: Segmentation by Application
Request for a FREE sample and Get more information on the market contribution of various application segments
Oil and gas companies are making significant investments in onshore E&P projects to increase their profit margins. The recovery of crude oil prices is also attracting investments in onshore oil and gas E&P projects. Growing investments in onshore oil and gas E&P activities will positively impact the demand for ram blowout preventers during the forecast period.
However, market growth in the onshore segment will be slower than the growth of the market in the offshore segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the ram blowout preventer market size.
Ram Blowout Preventer Market: Key Drivers and Trends
The growing population and rise in industrial development have increased the demand for energy. This has compelled various governments and oil and gas companies to explore many untapped oil and gas resources. Oil and gas companies are also making significant investments to improve the production capacity in mature oil and gas fields. The Government of India recently made specific changes in the New Exploration and Licensing Policy (NELP) to attract private and foreign investments in oil and gas E&P activities. According to the new policy, the Indian Government will not be charging the profit made by oil and gas companies on hydrocarbons produced from less explored areas. In August 2019, India’s Oil and Natural Gas Corporation (ONGC) announced its new investment plan to increase the oil and gas output from its domestic and overseas fields. Many such initiatives undertaken by governments across the world are attracting investments in oil and gas E&P projects. The rise in upstream oil and gas investments will increase oil and gas E&P activities, thereby driving the demand for ram blow out preventers.
- The declining cost of raw materials is one of the significant ram blowout preventer market trends that will affect the market landscape.
- Manufacturers are increasing the use of iron ore as the raw material as it is cost-effective compared to the recycling of steel.
- The price of iron ore decreased to USD 66.7 per dry metric ton in 2018 from USD 71.8 per dry metric ton in 2017. Similarly, the price of steel dropped significantly between October 2018 and August 2019. The prices of iron ore and steel are expected to decrease further during the forecast period.
- The decline in the prices of raw materials such as iron ore and steel has reduced the manufacturing cost of blowout preventers.
- The decline in raw material prices will increase profit margins for market vendors, thereby fueling the growth of the ram blowout preventer market size.
- During 2019-2023, the market will register a CAGR of more than 6%.
Request for a FREE sample now!
Ram Blowout Preventer Market: Key Highlights of the Report for the Forecast Period 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the ram blowout preventer market size during the next five years
- Precise estimation of the global ram 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 APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on market participants
- Comprehensive details of factors that will challenge the growth of ram blowout preventer vendors
We can help! Our analysts can customize this report to meet your requirements. Get in touch