The demand within the global blowout preventer market is rising on account of advancements in the domain of oil and gas manufacturing. Oilfields are characterised by critical operations and exploration activities. The need for safety, caution, and resilience across the oil and gas industry cannot be understated. Oilfield operators and manager are wary of the dangers and harms of the slightest inconsistency or discrepancy across the field. Hence, the global blowout preventer market is slated to expand as safety and wellbeing of oilfield workers becomes a primary concern.
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The humongous utility of crude oil and natural gas across various industries has necessitated viable extraction functions. In order to prevent wastage of these resources, it is important to have a network of blowout preventers across the oil and gas industry. The presence of blowout preventers also helps oil companies in avoiding undue losses due to uncontrolled extraction. Hence, the global market is poised to become a haven of favourable investments in the years to follow. A strict system of checks on oilfield operations, instituted by national governments, has also given a thrust to market growth.
Oil companies voluntarily file for tests and inspection procedures conducted by regional authorities. This helps these companies in gaining thorough insights about their oilfield infrastructure, whilst cutting costs of inspection labour. Since blowout preventers are an important part of the oilfield architecture, their demand has traced an upward trajectory.
Transparency Market Research (TMR) finds that the global blowout preventer market would expand at a steady CAGR of 4.22% over the period between 2014 and 2022. Furthermore, the total value of the blowout preventer market is projected to touch US$38.58 bn in 2022, rising up from a value of US$26.09 bn in 2013. A major share of revenues within the global blowout preventer market owes to the growing focus on viability and waste-prevention in the oil industry.
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Oil and Gas Technology Centre (OGTC) Extends Funds for Development of Blowout Prevention Technology
An Aberdeen-based company, Safe Influx, has lately procured sufficient investment to develop a new blowout prevention technology. The Automated Well Control (AWC) technology is projected to save millions of pounds spent on prevention of excessive extraction. Furthermore, the technology shall be a source of employment for large masses of people in the region. The company is an offshoot of Robert Gordon University (RGU), and is expected to emerge as a sound contributor to market growth.
The Oil and Gas Technology Centre (OGTC) is the primary funder for the project. The vendors in the global blowout preventer market are expected to respond to this move with new strategies. Furthermore, oil companies are looking forward to the accomplishment of the new technology for blowout prevention.
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Increase in Offshore Exploration Activities
There is no contention about the presence of multiple onshore units for oil and gas exploration. However, scientists and researchers have lately pointed to the underutilization of offshore plants. As these plants gain popularity, the demand within the blowout preventer market is projected to rise in the years to follow. Furthermore, development of unique standards for maintenance of oilfields has also played a vital role in generating fresh revenues within the global blowout preventer market.
Some of the leading players in the global blowout preventer market are Control Flow Inc., GE Oil & Gas, National Oilwell Varco (NOV), Cameron International Corporation, and Uztel S.A.
The review is based on TMR’s report titled, “Blowout Preventer (BOP) Market (Configuration – Annular BOP and Ram BOP; Location – Onshore and Offshore) – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 – 2022”.
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The global blowout preventer market is segmented by:
Configuration
- Annular BOP
- Ram BOP
Location
- Onshore
- Offshore