Increased Focus on Safety Equipment in Well Exploration to Boost Global Blowout Preventer Market to US$38.58 bn by 2022.

The global blowout preventer market is growing at a CAGR of 4.22% from 2014 to 2022. According to a research report released by Transparency Market Research, the global BOP market is expected to reach US$38.58 bn by 2022, from its 2013 value of US$26.09 bn. The report, titled “Blowout Preventer (BOP) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 - 2022”, portrays the entirety of the global BOP market in terms of historical data and market forecasts.

According to the report, the global BOP market is undergoing an overhaul of safety measures implemented after past incidents, including the Macondo well explosion. With the large-scale damage caused by the well explosion, the global BOP market is now experiencing a renewed focus in terms of advancements in technology and safety parameters.The report states that multiple hydrocarbon agencies are creating and implementing stringent safety norms that ensure a higher precautionary level than before. This applies especially to the exploration and production sectors. Known as the last line of defense against a well explosion, a blowout preventer needs to be extremely reliable and perfectly installed.

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Blowout preventers are usually available in stacks that introduce redundancy to the well’s outlets. Most of the blowout preventers are also equipped with measuring instruments that help maintain a record of overall levels of pressure and other parameters. Blowout preventers are also used to control the flow of oil from the oil wells.In terms of configuration, the report segments the global BOP market into ram BOPs and annular BOPs. Of these, the report states that annular BOPs accounted for 68.20% of the global BOP market in 2013. A lot of well exploration companies prefer to use both types of BOPs on their wells, as they tend to provide slightly different types of securities to the well.

In terms of location of use, the global BOP market is divided into onshore and offshore BOPs. Of these, onshore BOPs accounted for 67.6% of the global BOP market in 2013.The MEA region leads the global BOP market, according to the report. The region accounted for more than 28.69% of the market in 2013. The region is also expected to be the leader in the global BOP market during the report’s forecast period. The key reason for this given in the report is the growing number of onshore drilling activities till 2022.

The second largest region in the global BOP market is Asia Pacific. The Asia Pacific region held 24.06% of the global BOP market in 2013, citing high levels of hydrocarbon production in the offshore fields of Malaysia, Australia, and the South China Sea. These regions have made the Asia Pacific region highly attractive to manufacturers in the global BOP market.The report states that North America is the third largest region in the global BOP market and is growing owing to a booming shale exploration industry.

Browse the full Blowout Preventer (BOP) Market By Configuration (Annular BOP and Ram BOP) and By Location (Onshore and Offshore) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 - 2022 report at : http://www.transparencymarketresearch.com/blowout-preventer-market.html

Key segments of the Global BOP Market

BOP Market: By Configuration

• Annular BOP
• Ram BOP

BOP Market: By Location

• Onshore
• Offshore

BOP Market: By Region

• North America
  • U.S.
  • Rest of North America

• South & Central America 
  • Brazil
  • Venezuela
  • Rest of South & Central America

• Europe
  • Russia
  • Kazakhstan
  • Norway
  • Rest of Europe

• Asia Pacific
  • China
  • Indonesia
  • Australia
  • Rest of Asia Pacific

• Middle East & Africa
  • Saudi Arabia
  • Nigeria
  • Rest of Middle East & Africa

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