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Blowout preventer market to rake in $38,583.3 million by 2022

Blowout preventer market to rake in $38,583.3 million by 2022

Global Blowout Preventer (BOP) Market revenue stood at USD 26,096 million in 2013 and is expected to reach USD 38,583.3 million by 2022 at a CAGR of 4.22% from 2014 to 2022

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 Transparency Market Research has released a new market report titled Blowout Preventer (BOP) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2014 - 2022. According to this report, the global BOP market revenue stood at USD 26,096 million in 2013 and is expected to reach USD 38,583.3 million by 2022 at a CAGR of 4.22% from 2014 to 2022.

Violation of laws or international mandates pertaining to the spillage of oil or oil related products into the environment generally entails penalties. These penalties vary significantly both at a regional and national levels.

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After BP’s Macondo well explosion, exploration companies have started focusing more on safety equipment. Hydrocarbon agencies and safety organizations are developing stringent norms to develop safe operating standards in the exploration and production sector..

Bulky, heavy, and designed for redundancy, blowout preventers are the last line of defense against a runaway well. A blowout preventer or a BOP is a large valve usually redundantly installed in stacks to monitor, seal, and control oil wells.

BOPs are installed to cope with erratic pressures and uncontrolled flow from wells during drilling operations. In addition to controlling erratic pressures and flow, BOPs also prevent drilling fluids and tubing from being blown out of the well (during blowouts).

BOPs are vital for the safety of a rig, crew, and the environment. 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.

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Blowout preventers can be used at onshore wells and offshore wells. Oil spill incidents result in the degradation of surroundings that can be aquatic life at offshore or soil degradation at onshore locations.

Therefore, pre-oil spill is found to be important in oil and gas drilling activities. Various practices involved in pre-oil spill management primarily include the utilization of blowout preventers for drilling and completion.

BOP installation during the drilling activity has become a primary requirement for any onshore and offshore oil and gas field.

Distributors play a vital role in BOP market. These market entities purchase the BOPs from manufacturers and subsequently sell them to rig contractors, oilfield service companies, or directly to E&P companies.

These distributors often maintain a large inventory of BOPs which they might rent to the end-users. The rental market for blowout preventers is significantly large since these equipment are very expensive.

As blowout preventers are utilized during drilling activities, a single BOP may be used numerous times before it is retired. Hence, distributors have emerged as important entities in the BOP market, especially in the rental segment.

Both manufacturers and distributors are capable of providing after sales services for the BOPs they have sold or rented. BOP has emerged as one of the most important equipment required by the petroleum exploration and production industry.

BOPs are critical components of any offshore or onshore drilling rig and hence special care needs to be taken during the manufacture, design, and fabrication of these components

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BOPs can be classified into ram and annular BOP. Annular BOPs are designed to seal the annular space between the wellbore and the drill pipes.

They are usually installed above the ram BOP. They are also known as spherical blowout preventers and utilize a hemispherical rubber as a seal.

Annular BOPs are usually not as effective as ram blowout preventers. Ram blowout preventers use a pair of steel plunger rams that can extend up to the center of the wellbore to restrict the flow.

The top and inner faces of rams are fitted with elastomeric elements that clamp together with a great force to seal the wellbore. Annular BOPs accounted for 68.2% share of the global BOP market in 2013.

BOPs can be used in both onshore and offshore wells. In terms of location, onshore BOPs accounted for 67.6% of the global BOP market in 2013.

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