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The blowout preventer market share is expected to increase by USD 972.70 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.78%.
This blowout preventer market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers blowout preventer market segmentation by type (annular blowout preventer and ram blowout preventer), location (onshore and offshore), and geography (North America, Europe, MEA, APAC, and South America). The blowout preventer market report also offers information on several market vendors, including AXON Pressure Products Inc., Control Flow Inc., General Electric Co., National Oilwell Varco Inc., Schlumberger Ltd., The Weir Group Plc, UZTEL SA, Weatherford International Plc, Worldwide Oilfield Machine, and Yantai Jereh Oilfield Services Group Co. Ltd. among others.
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The rising number of deep and ultra-deepwater drilling projects is notably driving the blowout preventer market growth, although factors such as increasing investments in renewable sources of energy may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the blowout preventer industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Blowout Preventer Market Driver
The increase in deep and ultra-deepwater drilling projects in various regions will be one of the major factors that will drive market growth. The rising number of deep and ultra-deepwater drilling projects is likely to drive the growth of the global blowout preventer market during the forecast period. The deep-water projects in regions such as the North Sea and the Gulf of Mexico offer large quantities of crude oil that provide economies of scale. Additionally, new discoveries of oil and gas reservoirs in deepwater will increase drilling activities, which will boost the market growth. In April 2019, Husky Energy Inc., a Canadian-based company, announced it had started drilling in the Liuhua 29-1 deepwater field development project in China, which entered the final phase in April 2019. With the gradual rise in the number of projects, the need for BOPs is likely to increase owing to their necessity in drilling or production projects. Along with the safety aspect of drilling operations, companies would be under the radar as to how efficiently they comply with the operating standards for new projects. This is applicable to all the drilling and production companies, which will drive the blowout preventer market.
Key Blowout Preventer Market Trend
The introduction of next generation of blowout preventers is another factor supporting the blowout preventer market share growth. Blowout preventers are considered to be crucial as they ensure safety at the highest level of pressure situations. Exploration and drilling operations are expanding in deep and ultradeep waters, where environmental conditions are becoming more challenging. As drilling is moving into environmentally sensitive regions, the new BOP technology ensures a means to safely close off a well, thus protecting the drilling crew and preventing the spillage of oil into the environment. Increasing exploration activities in relatively new regions demand the need for efficient blowout preventers that can be used under extreme climatic conditions. With rising environmental awareness, the norms in the overall oil and gas industry are likely to get stringent, which will, in turn, drive the blowout preventer market.
Key Blowout Preventer Market Challenge
The increasing investments in renewable sources of energy will be a major challenge for the blowout preventer market during the forecast period. Rising environmental awareness has resulted in increased investments in the field of renewables. Renewable sources of energy are now cost-competitive and compete with conventional sources as well. In addition, renewable sources of energy are established as the primary source of energy in some countries. According to Eurostat, the share of renewable energy in the gross primary energy consumption of countries in the EU is expected to increase from 16% to 20% between 2015 and 2020 due to regulations. The increasing reliability of renewables has put pressure on the demand for oil and gas in these regions. With the implementation of strict emission norms, domestic oil production will likely get affected during the forecast period. The lack of exploration and drilling activities in new regions will result in a decline in demand for blowout preventers.
This blowout preventer market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the blowout preventer market by audit firms as a part of the global oilfield equipment and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the blowout preventer market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the blowout preventer market encompasses successful business strategies deployed by the key vendors. The blowout preventer market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
AXON Pressure Products Inc. - The company offers different types of blowout preventers designed for safe good pressure control during drilling and workover operations.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The blowout preventer market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the blowout preventer market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the blowout preventer market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Market Segmentation by Location
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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