Blowout Preventers market propelled increasing demand for oil & gas
Blowout Preventers (BOPs) are huge sized specialized valves or mechanical devices that are heavy and bulky in design and are installed on stacks to control, monitor and seal the leakage of fluids mostly from oil and gas wells in order to prevent a blowout. They are used as a safety device in many applications like defence and are used at the onshore and offshore wells.
A major reason that is driving the blowout preventers market is the increasing requirement for the effective production of the oil and gas and the growing subsea drilling activities. Oil has become a necessary commodity that is driving the market for blowout preventers naturally. There is an increase in the drilling activities owing to the growing demand for the hydrocarbons which triggers the demand for the blowout preventers and the drilling tools. Increasing exploration of unconventional sources for Oil and Gas drilling both onshore and offshore and related accidents have made consumers demand safety measures that propel this industry forward. The annular blowout preventers are mainly utilized and designed in such a way that they can seal the space between the drill pipes and wellbore. The RAM blowout preventer is more commonly used across the oil and gas industries.
The global Blowout preventers market size is expected to grow at a steady CAGR of 4% in the next five years. The Middle East is expected to dominate the Blowout Preventer market owing to the increasing onshore drilling activities in this region. Asia Pacific isanother leading region that is registering a high growth in the Blowout Preventer market mainly due to the immense scope for hydrocarbon in this region.
Some of the major vendors of this market include Cameron International Corporation, National Oilwell Varco, Control Flow Inc., General Electric Oil and Gas, Proserv Group Inc., UZTEL S.A., Rongsheng Machinery Manufacture Ltd., Greenes Energy Group, LLC and Rigmanufacturer, among others.
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