Blowout Preventer Market Size Study:
According to the research report, the Blowout Preventer Market was valued USD XX.XX Million in 2018, it is projected to reach at USD XX.XX Million in 2023, with increasing a CAGR of X.XX% during the time of forecast 2018-2023.
Blowout Preventer Market Overview:
The blowout preventers are large valves attached to a stack to seal the passage of or control seepage of fluids from well. It is bulky, heavy, and designed for redundancy. Blowout preventers or BOPs are categorized as the last resort for preventing runaway well. In light of the recent oil spill incidents, namely Exxon Valdez and Deepwater-Horizon oil spill, exploration companies have upped their investment in safety equipment. Also, stringent norms implemented by safety organizations and hydrocarbon agencies aimed at developing safe operating values with regards to exploration and production sectors, have compelled organizations to review their safety measures. Based on configuration, the global blowout preventer market can be bifurcated into ram and annular blowout preventers.
Blowout Preventer Market Drivers and Restraints:
BOPs can be used by closing the valve, which is generally operated by a remote control through the hydraulic actuators. BOPs are used for various purpose and are available in different styles, sizes and pressure ratings. It is attached to the well head using flanged or collet connectors and is attached to BOP control system to ensure that the hydraulic pressure is conveyed to right place, at a right pressure as quickly as possible. These kinds of advantages are primarily driving the demand for the global blowout preventer market. The increasing emphasis on safe and secured working environment also bolsters the market growth.
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Blowout Preventer Market Geographical Segmentation:
The Global Preventer Market is geographically segmented into Asia Pacific, North America, South & Central America, Europe, and the Middle East and Africa. The Middle East and Africa accounts for the largest share of the market with the increasing production of oil. Asia Pacific trailed closely, with a share of 24.06% in the global BOP market. North America ranked third in terms of exhibiting demand for BOPs. Nonetheless, the market for BOPs is expected to remain lucrative in the US and Canada. In the Gulf of Mexico as well, the demand for BOPs is expected to remain high throughout the forecast period. Besides this, growth witnessed in South & Central America is expected to remain steady in the coming years.
Key Takeaways from this Report:
- For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
- Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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Blowout Preventer Market Key Players:
The major players in Global Preventer Market are National Oilwell Varco (NOV), GE Oil & Gas, Cameron International Corporation, Control Flow Inc., and Uztel S.A.
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