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The global market for blowout preventer is expected to grow at a CAGR of about 3.70% in the forecast period of 2024-2032, owing to the growing subsea drilling activities.
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North America is expected to be one of the dominant regions for blowout preventers during the forecast period. The rise in the production and exploration of crude oil and gas resources in the United States and Canada will be crucial in driving the market growth in North America. The United States, in particular, is expected to ramp up the investments in both annular blowout preventers and ram blowout preventers. An increase in the production of hydrocarbon and monitoring of wellbore has been augmenting the demand for blowout preventers. The United States 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 Middle East and Africa account for a significant share of the global blowout preventer market owing to the rising drilling, onshore and offshore activities in the region and the growth of the oil and gas industry in the region. The region's popularity of ram blocks, shear rams, and annular model assemblies will further drive the market growth. According to OPEC, Saudi Arabia is the home of 17% of the world's proven petroleum reserves. Drilling activities will likely continue to surge in the region, prompting companies to expand their penetration in MEA.
The Asia Pacific region follows the Middle East and Africa in the market in terms of the number of installations of blowout preventers. Malaysia and China are estimated to be the major producers of hydrocarbons from offshore fields. Hence, Asia Pacific can be projected as a highly attractive market for the installation of blowout preventers in the coming years.
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Blowout Preventers (BOPs) are large, specialised valves or mechanical devices put on stacks to control, monitor, and seal fluid leaking from oil and gas wells to prevent a blowout. Blowout preventers are heavy and bulky in design, and they serve as a deterrent to runaway oil and gas wells. They can also be employed in onshore and offshore wells.
The various types of blowout preventers in the blowout preventer market are:
These preventers find applications in the following:
The regional markets for blowout preventer can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
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The key factors driving the blowout preventer market include the increasing requirement for the effective production of oil and gas and the growing subsea drilling activities. There is an increase in the drilling activities owing to the growing demand for hydrocarbons, which in turn triggers the demand for the blowout preventers and the drilling tools. In order to minimise the additional costs and expenditures, efficient oil and gas production should be done in the offshore and the onshore fields. The increased safety regulations and norms for the product's efficiency act as a supporting factor for the growth of the global blowout preventers market. An increase in safety standards, particularly in offshore locations, is expected to propel the market growth globally. The rise in deep and ultra-deepwater drilling project activities is also 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. Moreover, manufacturers of blowout preventers are focussing on the safe operation of the equipment installed to avoid any case of accidents reported from the oil fields and order more than one blowout preventer as a backup.
The report gives a detailed analysis of the following key players in the global blowout preventer market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Blowout Preventer Market Analysis
8.1 Key Industry Highlights
8.2 Global Blowout Preventer Historical Market (2018-2023)
8.3 Global Blowout Preventer Market Forecast (2024-2032)
8.4 Global Blowout Preventer Market by Type
8.4.1 Annular Blowout Preventer
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Ram Blowout Preventer
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Blowout Preventer Market by Application
8.5.1 Onshore
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Offshore
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Blowout Preventer Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Blowout Preventer Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Blowout Preventer Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Blowout Preventer Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Blowout Preventer Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Blowout Preventer Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Worldwide Oilfield Machine, Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Baker Hughes Company
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Weatherford International plc
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 B.O.P Products LLC.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Alberta Petroleum Industries Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 AXON Pressure Products, Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Blowout Preventer Market: Key Industry Highlights, 2018 and 2032
2. Global Blowout Preventer Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Blowout Preventer Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Blowout Preventer Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Blowout Preventer Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Blowout Preventer Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Blowout Preventer Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Blowout Preventer Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Blowout Preventer Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Blowout Preventer Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Blowout Preventer Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Blowout Preventer Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Blowout Preventer Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Blowout Preventer Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Blowout Preventer Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Blowout Preventer Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Blowout Preventer Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Blowout Preventer Market Structure.
The global market is projected to grow at a CAGR of 3.70% between 2024 and 2032.
The major drivers of the market include the growing installation of blowout preventers, increasing requirements for the effective production of oil and gas, an increase in safety standards, and strict norms and regulations in the upstream hydrocarbon sector.
The growing subsea drilling activities and the rise in deep and ultra-deepwater drilling project activities are the key industry trends propelling the growth of the market.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various types of blowout preventers in the market are annular blowout preventer and ram blowout preventer.
The significant applications of the market are onshore and offshore.
The major players in the industry are Worldwide Oilfield Machine, Inc., Baker Hughes Company, Weatherford International plc, B.O.P Products LLC., Alberta Petroleum Industries Ltd., and AXON Pressure Products, Inc., among others.
The global blowout preventer market was driven by the growing subsea drilling activities in the historical period. Aided by the increase in safety standards and rise in deep and ultra-deepwater drilling project activities, the market is expected to grow at a CAGR of 3.70% in the forecast period of 2024-2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The various types of blowout preventers in the market are annular blowout preventer and ram blowout preventer. The significant applications of the market are onshore and offshore. The major regional markets for blowout preventer are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The key players in the above market are Worldwide Oilfield Machine, Inc., Baker Hughes Company, Weatherford International plc, B.O.P Products LLC., Alberta Petroleum Industries Ltd., and AXON Pressure Products, Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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