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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