Global Blowout Preventer (BOP) Market revenue stood at USD 38096 million in 2020 million by 2022 at a CAGR of 7.52% from 2020 to 2025.
A blowout preventer (BOP) is a specialized valve or similar mechanical device, used to seal, control and monitor oil and gas wells to prevent blowouts, the uncontrolled release of crude oil or natural gas from a well. They are usually installed in stacks of other valves. Blowout preventers come in a variety of styles, sizes and pressure ratings. Several individual units serving various functions are combined to compose a blowout preventer stack. Multiple blowout preventers of the same type are frequently provided for redundancy, an important factor in the effectiveness of fail-safe devices.
Worldwide Blowout Preventer Market Report Covers the top Major players are GE Oil & Gas, Cameron, National Oilwell Varco, Uztel, Rongsheng Machinery, Halliburton, OJSC NaftaGaz, MSP/DRILEX, Jiangsu Xinde and Fountain Petro.
The number of drilled oil and gas wells this year is expected to reach about 55,350 this year, the lowest since at least the beginning of the century, Norwegian energy industry intelligence firm Rystad Energy said. The demand for drilling equipment is also down. The expected 55,350 wells in 2020 are a drop of 23% fall from 2019’s number of 71,946 wells. Despite the overall stagnant growth, Brazil, Australia and China will continue to offer exciting opportunities in the short term with 20% to 40% growth prospects for offshore drilling in these countries while the United Kingdom, Guyana and Mexico look promising in the medium to long term. The United States remains the hotspot for spending on drilling tools onshore, while Norway is expected to top the list for offshore drilling tools spending.
Segmentation by type is Annular Blowout Preventer, RAM blowout Preventer, segmentation by application includes onshore and offshore. Segmentation covered by region are including North America Country (United States, Canada), South America, Asia Country (China, Japan, India, Korea), Europe Country (Germany, UK, France, Italy) Other Country (Middle East, Africa, GCC). Middle East is expected to dominate the Blowout Preventer market mainly due to the increasing onshore drilling activities in this region. Asia-Pacific is the other leading region registering high growth in the Blowout Preventer market mainly due to the immense scope for hydrocarbon in this region.
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