Blowout Preventer Market: Increased Safety Awareness Boosts Global Market Growth

by Kumar S. Digital Marketing Specialist

The global market for Blowout Preventers is predicted to grow in the forecast period due to the rising demand for fuel and hydrocarbons leading to an increase in subsea drilling operations globally. Governments around the world are imposing strict regulations to prevent major oil spills, driving the global market for Ram Blowout Preventers. Companies are investing in the development of new technologies for Blowout Preventer systems to enhance their efficacy and reduce system costs, fueling the growth of the global market. An increased focus on safety awareness is also contributing to the market's growth.

The global blowout preventer market is segmented by type, with annular blowout preventers expected to dominate. The market is divided into annular and ram preventers based on configuration, with annular preventers relying on elastomeric parts to maintain a strong clamping force and prevent wellbore flooding. 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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The Global Blowout Preventer Market is segmented regionally into North America, Asia-Pacific, Europe, South America, and the Middle East. The Middle East and Africa region is expected to hold the largest market share, accounting for approximately 28.69% of the global market. This dominance is due to the growth of the offshore exploration industry and the thriving local oil and gas sector in the region.

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.

In December 2018, Chevron USA Inc. awarded Transocean a five-year drilling contract and a contract for design and construction management of an ultra-deepwater drillship. The drillship will feature the latest dual 20000 psi blowout preventer technology, with an estimated cost of around USD 30 million.

The recommended maintenance procedure for a blowout preventer involves disassembling it annually or more frequently, depending on the type of service, and thoroughly cleaning, inspecting, and either reconditioning or replacing all its parts. The ram packings should be replaced based on their condition, all rubber seals should be replaced, and any damaged metal components, such as scored pistons or cylinders, should be repaired, or replaced. In certain cases, parts of the preventer can be fixed, but only at authorized repair facilities or under the supervision of qualified staff. After replacement, the body should be tested to its maximum rated working pressure and the operating system to 5,000 psi. The Type WU Blowout Preventer is designed to be easy to service and recondition in the field, with readily replaceable ram change pistons and cylinders, as well as operational pistons and cylinders, allowing for a complete rebuild of the bonnet assembly.

“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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