Albany, NY -- (SBWIRE) -- 08/10/2015 -- The global BOP market revenue for 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.

Browse Blowout Preventer Market Report with Full TOC at
http://www.transparencymarketresearch.com/blowout-preventer-market.html

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 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.

Get Inquiry About Report
http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=2262

In the future, the requirement of BOP stacks is expected to rise gradually as a result of growth in new discoveries of oilfields in offshore areas of South America and Africa and increasing drilling activities globally. The global market for BOP is segmented as follows:

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

Browse TMR Blog Energy Reports:
http://www.tmrblog.com/search/label/Energy

About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We are privileged with highly experienced team of Analysts, Researchers, and Consultants, who use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.