Blowout Preventer Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.00 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | High |
Major Players_Market.webp)
*Disclaimer: Major Players sorted in no particular order |
Blowout Preventer Market Analysis
The blow out preventers (BOP) is expected to grow at a CAGR over 2% during the forecast period of 2020 - 2025. Rising deepwater offshore development activities, owing to the increasing viability of the offshore oil and gas projects is expected to drive the market for BOP, globally. The costs of several offshore oil and gas projects have reduced significantly, as the upstream companies have been ensuring the viability in a lower price environment, such as shale oil and gas play. However, the higher oil price volatility, due to the supply-demand gap, geopolitics, and several other factors, such as higher breakeven for the projects, has been restraining the market for the BOPs over the forecast period.
- The offshore segment is expected to grow at the fastest rate for blow out preventers market, owing to the increasing exploration and production activities in the deepwater and ultra deepwater areas, globally.
- Digitalization and advancements in BOP technology, after the Deepwater Horizon oil spill of April 2010, in which the failure of the rig's blowout preventers (BOP) system led to the largest oil spill till date, is expected to act as an opportunity in the market of blow out preventers market.
- Europe is estimated to have the highest growth rate, over the forecast period, with a significant share of the blow out preventers market, in 2018. This is primarily due to the presence of major producing and exporting countries near the North Sea, and the faster growing demand for oil and gas over the forecast period.
Blowout Preventer Market Trends
This section covers the major market trends shaping the Blowout Preventers Market according to our research experts:
Offshore Segment to Dominate the Market
- With the rising number of maturing onshore oilfields in the recent years, there has been growth in the offshore exploration and production (E&P) activities. For instance, in the Permian Basin, currently the most important basin in terms of crude oil production, the production from old wells has started to decline, and there is little scope for new discovery in these areas. As a result, the oil and gas industry is shifting towards deeper regions in search of oil and gas, in order to meet the increasing demand.
- Moreover, the share of offshore active rigs count out of the total active rig count in the United States grew from 1.8% in February 2019 to 2.5% October 2019.
- In the United States, deepwater accounted for 50% of the discovered oil and gas resources during 2008-2018. Deepwater gas production is also expected to account for 50% of the 700 billion cubic meter (bcm) rise in offshore gas production by 2040, compared to that of 2018.
- Brazil is one of the largest markets for deepwater oil and gas projects. The Brazilian oil and gas market is driven by successful regulatory changes and improving financials. The Brazilian government is aiming 2 mmb/d of additional oil production by 2027, mostly from deepwater areas.
- This rising deepwater offshore development activity, to meet the increasing crude oil demand, is further expected to drive the demand for BOPs during the forecast period.
Europe to Dominate the Market
- Europe is expected to dominate the market for blow out preventers. Owing to the increasing oil production in the countries such as Russia and Norway.
- Russia have a 106.2 billion barrels proved reserve, as of 2018. Whereas daily oil production in the country is about 11.4 million barrel, and annual export is of approximately USD 129.2 billion. There are already more than 9,500 wells drilled as of 2019.Further, Russia is investing in offshore Arctic oil and gas projects and onshore deposits in Siberia to offset oil production declines at maturing fields.
- In the United Kingdom, a total of 102 wells were drilled on the UKCS in 2018 (85 developments, eight explorations, and nine appraisal). With the most recent tax break, production activities in discoveries, as mentioned earlier, are expected to commence during the forecast period.
- After a long recession, since 2014, Norway's oil and gas industry is now back on its feet. Oil companies increased their spending for the first time in 2018. The total petroleum production for the first six months, in 2018, was about 114.9 million standard cubic meters of oil equivalent. Additionally, Norway's government expects oil companies to present development plans (PDO) for up to 21 new or expanded offshore oil and gas fields, by the end of 2021.
- Therefore, increasing oil and gas activities in the region are expected to increase the demand for blow out preventers (BOP) over the forecast period in European region.
Blowout Preventer Industry Overview
The blowout preventers (BOP) market is partially consolidated. Some of the key players in this market include Baker Hughes Company, Schlumberger Limited, National Oilwell Varco Inc., Shandong Kerui Holding Group Co. Ltd, and Weatherford International Plc.
Blowout Preventer Market Leaders
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Baker Hughes Company
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Schlumberger Limited
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National Oilwell Varco Inc.
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Shandong Kerui Holding Group Co. Ltd
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Weatherford International Plc.
*Disclaimer: Major Players sorted in no particular order
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Blowout Preventer Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. EXECUTIVE SUMMARY
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3. RESEARCH METHODOLOGY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD billion, until 2025
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4.3 Recent Trends and Developments
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4.4 Market Dynamics
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4.4.1 Drivers
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4.4.2 Restraints
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4.5 Supply Chain Analysis
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4.6 Porter's Five Forces Analysis
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4.6.1 Bargaining Power of Suppliers
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4.6.2 Bargaining Power of Consumers
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4.6.3 Threat of New Entrants
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4.6.4 Threat of Substitutes Products and Services
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4.6.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Type
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5.1.1 Annular BOP
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5.1.2 Ram BOP
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5.2 Location of Deployment
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5.2.1 Onshore
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5.2.2 Offshore
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5.3 Geography
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5.3.1 North America
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5.3.2 Europe
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5.3.3 Asia-Pacific
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5.3.4 South America
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5.3.5 Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Baker Hughes Company
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6.3.2 Halliburton Company
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6.3.3 National Oilwell Varco Inc.
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6.3.4 Rongsheng Machinery Manufacture Ltd
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6.3.5 Schlumberger Company
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6.3.6 Shandong Kerui Holding Group Co. Ltd
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6.3.7 TechnipFMC Plc.
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6.3.8 Weatherford International Plc.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Blowout Preventer Industry Segmentation
The blowout preventers (BOP) market report include:
| Type | |
| Annular BOP | |
| Ram BOP |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Blowout Preventer Market Research FAQs
What is the current Blowout Preventers (BOP) Market size?
The Blowout Preventers (BOP) Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Blowout Preventers (BOP) Market?
Baker Hughes Company, Schlumberger Limited , National Oilwell Varco Inc. , Shandong Kerui Holding Group Co. Ltd and Weatherford International Plc. are the major companies operating in the Blowout Preventers (BOP) Market.
Which is the fastest growing region in Blowout Preventers (BOP) Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Blowout Preventers (BOP) Market?
In 2024, the Europe accounts for the largest market share in Blowout Preventers (BOP) Market.
What years does this Blowout Preventers (BOP) Market cover?
The report covers the Blowout Preventers (BOP) Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Blowout Preventers (BOP) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Blowout Preventer Industry Report
Statistics for the 2023 Blowout Preventer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Blowout Preventer analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
