Blowout Preventer Market is expected to Register a 8.5% CAGR through 2028
The rising
number of deep and ultra-deepwater drilling projects the introduction of next
generation of blowout preventers is expected to drive the Global Blowout Preventer Market.
According
to TechSci Research report, “Blowout Preventer Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028”,
Global Blowout Preventer Market is expected to grow during the forecast period, owing to global subsea
drilling operations have increased due to the rising need for fuel and
hydrocarbons. To stop significant oil spills, various countries are
implementing a number of restrictions. The global market for ram blowout
preventers is being driven primarily by strict government restrictions and an
increase in safety awareness. Companies are currently investing more in future
technological developments for blowout preventer systems to increase their effectiveness
and lower system costs, which accelerates the growth of the global market.
Based on type
segment, the Annular Blowout Preventers to Dominate the Market, because The
global blowout preventer market can be divided into slam and annular victory
preventers based on configuration. Of them, the smash victory preventers make
use of a few steel uncloggers that are inserted deeply into the wellbore to
prevent flooding. Elastomeric parts that are connected to the internal face and
top face of the rams help them maintain their amazing clamping force to close
the wellbore. Smash BOPs use hemispherical elastic to seal any potential
spills. They are also referred to as round victory preventers. Hemispherical
rubbers are once more used in yearly BOPs to seal the wellbore. Despite not
being as popular as smash BOPs, annual BOPs dominated the global market in 2021,
accounting for 68.2% of it. In addition, depending on the region, the global
BOP market can be divided into coastal and seaward wells. In 2021, inland BOPs
had a share of the blowout preventer market that was made up of 67.6% lead.
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In terms of
regional analysis, the Global Blowout Preventer Market is segmented into North
America, Asia-Pacific, Europe, South America, and Middle East. Middle East and
Africa is expected to hold maximum share in the market. Middle East and Africa
are expected to dominate the regional blowout preventer market globally. This
is owing to the expansion of the offshore exploration business and the rise of
the local oil and gas industry. These changes should enable the Middle East and
Africa to hold 28.69% of the market for blowout preventers globally.
Key
market players in the Global Blowout Preventer Market include:
- Worldwide
Oilfield Machine, Inc.
- Baker Hughes
Company
- Weatherford
International plc
- B.O.P
Products LLC
- Alberta
Petroleum Industries Ltd.
- AXON
Pressure
- Cameron
International Corporation
- National Oil
Well Verco Inc.
- GE Oil &
Gas
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Equinor
stopped drilling in the Arctic well in January 2019 due to a well incident when
the blowout preventer was mistakenly disconnected. When a device is employed to
safeguard subsea wells and prevent blowouts, there have been no reports of
environmental damage or personal injuries.
A five-year
drilling contract by Chevron USA Inc. and an ultra-deepwater drillship design
and construction management contract were both given to Transocean in December
2018. The drillship will be equipped with the most cutting-edge dual 20000 psi
blowout preventer under the deal, which is expected to cost roughly USD30
million.
A preventer
should be thoroughly disassembled every year, or more frequently depending on
the type of service, and all parts should be cleaned, inspected, and either
reconditioned or replaced. Except for the ram packings, which should be
replaced based on their condition, all rubber seals should be replaced.
Replacement or repair work should be done on any metal components that exhibit
damage, such as scored pistons or cylinders. In some circumstances, preventer
parts can be fixed; however, this should only be done in WOM repair facilities
or under the guidance of WOM staff. The body should be tested to the maximum
rated working pressure and the operating system to 5,000 psi once the preventer
has been replaced. The Type WU Blowout Preventer was specifically created to be
simple to service and recondition in the field. Ram change pistons and
cylinders as well as operational pistons and cylinders may be readily replaced
on the spot, giving the bonnet assembly a thorough rebuild.
“The Global
Blowout Preventer Market is expected to expand during the projected period. The
market for blowout preventers is growing primarily due to the increase in deep-
and ultra-deepwater drilling projects, and many more factors will drive the
market,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Blowout
Preventer Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028, Segmented By Type (Ram Blowout Preventer (Pipe Rams, Shear
Rams, Blind Rams, Blind Shear Rams) & Annular Blowout Preventer), By
Application (Onshore & Offshore), By Region”, has
evaluated the future growth potential of Global Blowout Preventer Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Blowout
Preventer Market.
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