What is Global Blowout Preventer Market?
The Global Blowout Preventer Market is a significant segment in the oil and gas industry. A blowout preventer is a specialized valve or similar mechanical device, used to seal, control and monitor oil and gas wells to prevent blowouts, the uncontrolled release of crude oil or natural gas from a well. They are usually installed in stacks of other valves. Blowout preventers were developed to cope with extreme erratic pressures and uncontrolled flow emanating from a well reservoir during drilling. These are critical to the safety of crew, rig and environment, and to the monitoring and maintenance of well integrity; thus blowout preventers are intended to be fail-safe devices.
Annular BOP, Ram BOP in the Global Blowout Preventer Market:
The Global Blowout Preventer Market is divided into two main types: Annular BOP and Ram BOP. An Annular BOP is a large valve that can seal off the space around anything sticking out of the hole, or even completely close an open hole. It is usually installed above a Ram BOP in a stack. On the other hand, a Ram BOP is a device that can seal off the wellbore completely, or around tubing or drill pipe. There are several types of Ram BOPs, such as pipe rams, blind rams, and shear rams, each designed for specific operations. These two types of BOPs play a crucial role in maintaining the safety and efficiency of drilling operations.
Onshore Wells, Offshore Wells in the Global Blowout Preventer Market:
The Global Blowout Preventer Market finds its usage in both Onshore and Offshore Wells. Onshore wells are those that are drilled on land. These wells are typically less complex and less costly than offshore wells, and they use blowout preventers to prevent the uncontrolled release of oil or gas. Offshore wells, on the other hand, are drilled in bodies of water, usually the ocean. These wells are more complex and costly, and they require specialized blowout preventers that can withstand the harsh marine environment. The blowout preventers used in these wells are typically larger and more robust than those used onshore.
Global Blowout Preventer Market Outlook:
The Global Blowout Preventer Market is expected to grow steadily in the coming years. In 2022, the market was valued at US$ 9064.9 million and is projected to reach US$ 9795.4 million by 2029, growing at a CAGR of 1.1% from 2023 to 2029. The market is dominated by three major players - GE Oil & Gas, Cameron, and National Oilwell Varco, who collectively hold about 48% of the market shares. North America is the largest consumer of blowout preventers, accounting for nearly 42% of the global consumption.
| Report Metric | Details |
| Report Name | Blowout Preventer Market |
| Accounted market size in 2023 | US$ 9064.9 million |
| Forecasted market size in 2030 | US$ 9795.4 million |
| CAGR | 1.1% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | GE Oil & Gas, Cameron, National Oilwell Varco, Uztel, Rongsheng Machinery, Halliburton, OJSC NaftaGaz, MSP/DRILEX, Jiangsu Xinde, Fountain Petro, Control Flow, GCOP, Jiangsu Jinshi, Well Control, Shenkai, NETS |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
