Aug 28, 2017   SOURCE: BusinessWire

Blowout Preventer Market - Segmentation and Forecast Technavio

The global blowout preventer market is expected to grow at a CAGR of around 4% during the forecast period, according to Technavio’s latest report.

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Technavio has published a new report on the global blowout preventer market from 2017-2021. (Graphic ...

Technavio has published a new report on the global blowout preventer market from 2017-2021. (Graphic: Business Wire)

In this report, Technavio covers the market outlook and growth prospects of the global blowout preventer market for 2017-2021. The market is segmented based on type (annular BOP and ram BOP) and location (onshore and offshore).

Blowout preventers are a type of valves used on top of a well to control the outflow of the formation fluid in case the drilling crew loses the control. It is a safety equipment that seals the well under abnormal pressure conditions, thus preventing a blowout. The global blowout preventer market relies heavily on the state of the upstream oil and gas industry, which is dependent on crude oil prices. The rise in global oil and gas demand has been a key driver for the industry and will continue to push it during the forecast period.

Technavio’s energy research analysts categorize the global blowout preventer market into the following segments by regions:

  • Americas
  • EMEA
  • APAC

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Americas: blowout preventer market

“The US is the leading country in this region. Governmental support across different countries, especially the US, is expected to drive the demand for blowout preventers further. The reason for steady or nominal growth of the market is owing to intermittency and instability of crude oil prices. As the US is exploring more offshore energy resources, the blowout preventer market is expected to grow at a moderate pace in the current scenario,” says Anju Ajay Kumar, a lead analyst at Technavio for research on oil and gas.

The US Geological Survey has identified huge deposits of potential oil reserves in West Texas. The Permian Basin has a geology that is rich both vertically and horizontally. Even though the region has already produced huge quantities of oil, there are potential reserves of untapped oil and gas that are yet to be explored. As the oil prices are stabilizing, drilling projects that were on hold are resuming, thereby increasing the market for drilling waste management.

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Blowout preventer market in EMEA

“Discoveries of oil and gas in regions such as East Africa are resulting in increased exploration and drilling activities. Major finds of gas in Tanzania and Mozambique along with increased exploration activities in Uganda and Kenya state that there is still untapped potential in the region. As more regions are explored, it is expected that there will be a rise in demand for blowout preventers as both are directly correlated,” adds Anju.

EMEA has been a global hotspot for crude and natural gas production since the discovery of oil in the region around the 1950s. The region consists of countries such as Saudi Arabia, Iran, UAE, and Kuwait that have been at the forefront of production for decades now. The major factor that drives the growth of the drilling industry in the region is the low cost of crude production. The cost of crude production in Kuwait and Saudi Arabia figures around low single digits. Therefore, crude production is profitable owing to low cost.

Blowout preventer market in APAC

There has been an increase in exploration and drilling activities for unconventional sources such as shale in India. In 2016, Oil and Natural Gas Corporation, a state-owned company in India, announced its plans to invest in shale exploration and drilling activities in the country’s east and west coasts.

Consumption of crude in APAC is increasing owing to the rising energy demands from countries such as China, Indonesia, Japan, India, and South Korea. Though China contributes majorly to the revenue, several other countries are coming up with their contribution to the overall market. Stringent environmental laws coupled with safety standards will drive regional players to invest in quality blowout preventers that will eventually propel the growth of the global blowout preventer market during the forecast period.

The top vendors in the global blowout preventer market highlighted in the report are:

  • Axon
  • Cameron
  • National Oilwell Varco
  • UZTEL

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