The blowout Preventer Market is anticipated to grow significantly over the forecast period with rising demand from both onshore and offshore projects. Additionally, Blowout preventers are heavy metal covers that prevent fuel leakage from under the ground. BOPs can be controlled remotely and prevent a blowout in the oil and gas wells. Furthermore, the key oil and gas companies emphasizing the safety of equipment and devices, BOPs, are slated to observe profound investments in the next few years. Moreover, the increased demand for lightweight and compact designs to seal on various diameters of the bottom-hole assembly (BHA) will drive the use of annular BOPs.
MARKET SCOPE
The "Global Blowout Preventer Market Analysis to 2028" is a specialized and in-depth study of the manufacturing and construction industry with a special focus on global market trend analysis. The report aims to provide an overview of the blowout preventer market with detailed market segmentation by type, application, and geography. The global blowout preventer market is expected to witness rapid growth during the forecast period. The report provides key statistics on the market status of the leading blowout preventer market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global blowout preventer market is segmented by type, and application.
- On the basis of type, the market is segmented into Annular Blowout Preventer, RAM Blowout Preventer.
- On the basis of application, the market is segmented into Onshore, Offshore.
MARKET DYNAMICS
Drivers:
- The blowout Preventer Market is anticipated to grow significantly over the forecast period with rising demand from both onshore and offshore projects.
- The uncertainty in crude oil prices is a major restraint that might hamper the growth.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive connector's market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.
IMPACT OF COVID-19
The market has negatively affected the COVID-19 pandemic due to the lack of labor and supply chain disruptions. The closer manufacturing hubs led to the lack of raw materials required to produce capacitors, affecting the supply chain. The key players operating in the market launched novel products to offer innovative features and enhance their brand image. Owing to the COVID-19 Pandemic, a drastic decline in crude oil demand in 2020 was seen in response to volatile economic conditions. Decreasing crude oil and natural gas production in New Mexico could have led to a dip in the requirement for new annular and ram blowout preventers. Reportedly, the drillers had idled around 45% of U.S. oil rigs since mid-March 2020, impacting the regional market outlook. The Covid-19 impact may be witnessed in the future, with shale drilling output expected to be lower. However, a robust outlook from the U.S. EIA will encourage stakeholders. The watchdog stated that New Mexico recorded high crude oil and natural gas production in March 2021, with - 16 million BPD of output.
MARKET PLAYERS
The reports cover key developments in the blowout preventer market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from blowout preventer market are anticipated to lucrative growth opportunities in the future with the rising demand for blowout preventer in the global market. Below mentioned is the list of few companies engaged in the blowout preventer market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the blowout preventer market. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, the key development in the past five years.
- Halliburton
- Uztel
- GE oil and gas
- Rongsheng Machinery
- OJSC NaftaGaz
- MSP/DRILEX
- Shenkai
- GCOP
- Control Flow
- National Oilwell Varco
- Fountain Petro
- Jiangsu Jinshi
- Well Control and Jiangsu Xinde