Blowout Preventer Market: Industry Size and Share Expected to Grow Rapidly by 2028

TechSci Research predicts growth in the global Blowout Preventer Market during the forecast period due to increased subsea drilling for fuel and hydrocarbons, leading to stricter government restrictions and safety awareness. Companies are investing in technological advancements to enhance the effectiveness and lower the costs of blowout preventer systems, driving market growth.

Annular Blowout Preventers are set to dominate the global blowout preventer market based on their type segment. This is because the market can be divided into two configurations, namely slam and annular victory preventers. Of these, slam victory preventers use steel uncloggers that are inserted deeply into the wellbore to prevent flooding. Elastomeric parts are attached to the internal and top faces of the rams to help maintain their clamping force and close the wellbore. Smash BOPs use hemispherical elastic to seal potential spills and are also known as round victory preventers. Similarly, hemispherical rubbers are used in annular BOPs to seal the wellbore. Despite being less popular than smash BOPs, annular BOPs accounted for 68.2% of the global market in 2021. Furthermore, the global BOP market can be divided into coastal and seaward wells based on the region. In 2021, inland BOPs led the blowout preventer market with a 67.6% share.

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The Global Blowout Preventer Market is categorized by regional analysis into North America, Asia-Pacific, Europe, South America, and the Middle East. The Middle East and Africa are expected to hold the largest share of the market, dominating the regional blowout preventer market globally. This dominance can be attributed to the growth of offshore exploration activities and the burgeoning local oil and gas industry. As a result of these developments, the Middle East and Africa are projected to account for 28.69% of the global blowout preventer market.

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

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.

It is recommended to completely disassemble a preventer annually, or more frequently based on the type of usage, and clean, inspect, and either recondition or replace all parts. All rubber seals, except for ram packings, should be replaced. Metal components with damage, such as scored pistons or cylinders, should be repaired or replaced. Repairs should only be performed at WOM repair facilities or with guidance from WOM staff. Once the preventer has been replaced, the body should be tested to the maximum rated working pressure and the operating system to 5,000 psi. The Type WU Blowout Preventer was designed to be easily serviced and reconditioned in the field. Ram change pistons and cylinders, as well as operational pistons and cylinders, can be easily replaced on-site to provide 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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