Global Blowout Preventer (BOP) Market
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- Published date: July 23, 2020
- Pune, Maharashtra, India
Global Blowout Preventer (BOP) Market was valued US$ XX Bn in 2018 and is expected to reach US$ XXBn by 2026, at a CAGR of 4.09 % during a forecast period.
A blowout preventer is a specialized unit, which is used to prevent an oil leak from occurring. It is also used across the globe to safely isolate wells. Rise in deep and ultra-deep-water drilling projects activities are expected to drive market growth. Strict norms and regulations in the upstream hydrocarbon sector and effective exploration operations are some of the drivers behind the market growth. The Ram BOP is expected to share US XX Mn in global blowout preventer (bop) market during the forecast period. It is widely used for regulating the erratic pressures and uncontrolled flows in the Oil & Gas field. Ram BOP blowout preventers are commonly used in the drilling operations. An increase in safety standards, particularly in offshore locations are expected to boost market growth. Key players are taking immense care in choosing blowout preventers for their rigs and order more than one blowout preventer as a backup. Despite offshore drilling is challenging and expensive in ultra-deep-water environments the recovery of crude oil prices has to result in significant investments in oil exploration activities projects. An increase in offshore drilling is expected to increase E&P activities in subsea wells, which will increase the demand for blowout preventer systems. The presence of the simplification and standardization of designs in the market for offshore equipment and services is resulting to reduce the costs of offshore oil and gas drilling projects. Growth in the profitability of offshore projects is expected to increase the usage of the blowout preventer in subsea projects during the forecast period. Region-wise, the North America region is estimated to hold the dominant position in the global blowout preventer (BOP) market. The region is offering a lucrative market for blowout preventer because of the increase in the exploration activities in the US and Canada. An increase in production of hydrocarbon and monitoring of wellbore is boosting the demand for blowout preventers.
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The U.S. country has some of the most stringent regulations for oil spills in marine environments. The rules and penal damage structure for oil spills in the country are expected to increase the demand for a blowout preventer. The oil and gas key players are progressively investing in mature oil and gas fields to increase the revenue from Oil & Gas fields. A rise in the oil and gas E&P activities are increasing the demand for blowout preventers. Currently, some of the many oil and gas key players are focusing on safeguarding the safety of the devices and equipment because of the numerous oil spill incidents that happened in several regions. The objective of the report is to present a comprehensive analysis of Global Blowout Preventer (BOP) Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Blowout Preventer (BOP) Market dynamics, structure by analysing the market segments and project the Global Blowout Preventer (BOP) Market size. Clear representation of competitive analysis of key players by Thyroid Gland Disorders Treatment Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Blowout Preventer (BOP) Market make the report investor’s guide. The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
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