Global Blowout Preventers Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Blowout Preventers Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by Trusted Business Insights. The global blowout preventers market report has been segmented on the basis of type, location, and region.

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Global Blowout Preventers Market: Overview

A blowout preventer is a piece of essential equipment in the oil and gas industry that controls and monitors pressure during the drilling process. It prevents surface explosions and leakages. Blowout preventers are heavy in design and are of large sizes and are located at the top of oil or gas wellhead.

Global Blowout Preventers Market: Dynamics

The global blowout preventers market is expected to register significant growth over the forecast period, owing to increasing oil and gas exploration activities and the need for effective and optimum oil and gas production. Increasing demand for drilling activities is a result of rising demand for hydrocarbons, which in turn is expected to drive growth of the global market. In addition, increasing safety regulations and standards by government bodies are also expected to augment growth of the global market. In oil and gas industries, the efficiency of the final product is crucial and plays a pivotal role in accelerating demand for blowout preventers, leading to growth of the global market. Usage of blowout preventers also helps in minimizing additional costs and expenditures, which results in maximization of profits.

In recent history, there has been the occurrence of unfortunate events which involved the uncontrolled release of hydrocarbons. This has resulted in increasing demand for blowout preventers. According to Minerals Management Service (MMS) of the Interior Department, which regulates energy exploration “There were 72 spills that dumped 18,000 barrels of oil into U.S. federal waters from 2000-2009, compared to just 15 spills that put 2,000 barrels into the water during the prior decade”

Increasing research and development to improve the efficiency of blowout preventers and also to bring about innovation in the blowout preventer technology is expected to create revenue opportunities for the players in the global market in the coming years.

Global Blowout Preventers Market: Segment Analysis

On the basis of type, annular blowout preventer segment accounts for a major revenue share in the global market owing to increasing demand from developing economies such as China, India where oil and gas exploration activities are carried on a large scale. In addition, hard formation and ultra-deep well specifically require annual blowout preventers which have resulted in increasing demand for the annual blowout preventers.

Global Blowout Preventers Market: Regional Analysis

The Middle East and Africa market account for a major revenue share in the global market, owing to the high level of oil and gas extraction done in the region. Increasing drilling, onshore and offshore oil and gas exploration activities in the region are also expected to drive growth of regional markets in the region. Asia Pacific market is the second largest market for installations of blowout preventers. China and Malaysia are expected to become the major producers of hydrocarbons in the coming years. Therefore, the Asia Pacific market is expected to become an extremely attractive market on account of blowout preventer installations over the forecast period. In addition, countries such as the US, Brazil, and the Gulf of Mexico are among the prominent markets for blowout preventers due to the large scale offshore and onshore drilling activities in these regions.

Global Blowout Preventers Market Segmentation:

Segmentation by Type:

Annular Blowout Preventer
RAM Blowout Preventer

Segmentation by Location:

Onshore
Offshore