Transparency Market Research Report Added "Blowout Preventer Market" to its database.
Albany, NY -- (SBWIRE) -- 03/24/2015 -- A blowout preventer (BOP) is a specialized valve or similar mechanical device usually installed in piles to control, seal, and monitor gas and oil wells. Once the BOPs seal the well, it allows to control the intense erratic pressures and turbulent flow emanating from oil reservoirs during the phase of drilling, thereby preventing the occurrences of any catastrophic event. Blowout preventers are intended to ensure safe surroundings for the workers, the rig, agglomerating regions, and the overall environment. Blowout preventers are used widely while carrying out operational tasks such as casing and while conducting tests to confirm the formation strengths. Recently, regulatory bodies have made it mandatory to install blowout preventers at every drilling site to provide safety to the systems in which they are integrated.
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Europe Rules Global BOP Market
The global market for blowout preventers can be segmented into ram and annular on the basis of product types. Both these types of BOPs are frequently used in drilling rigs. Ram BOPs have functions similar to a gate valve. Ram blowout preventers usually extend towards the center either to restrict or permit flow. They are available in four distinct types: pipe rams, shear rams, blind rams, and blind shear rams. Ram BOPs are integrated with advanced technologies that make it easily installable in deeper and high pressure wells. Apart from this, the ram blowout preventer delivers greater reliability and incurs lower cost of maintenance.
An annular BOP, on the other hand, is designed to seal the annular space between a wellbore and a drill pipe. It is usually installed at the top of blowout preventer stack and forms a seal around the drill pipe when it rotates during the process of drilling.
Geographically, the global market for blowout preventer can be segmented into North America, Europe, Asia-Pacific, and Rest of the World. According to recent surveys, Europe accounts for the maximum share in the global blowout preventers market. Among emerging markets, Asia Pacific and South Africa have registered impressive growth trends in recent years. The regions are also expected to experience a significant rise in demand for BOPs in the forthcoming years.
Rising Safety Concerns for Workers Lead to Increased Installations of BOPs
Crew safety has emerged as a major concern in well reservoirs and drilling sites with high potential of catastrophic occurrences known as blowouts. Rising safety concern for workers engaged in drilling activities subsequent provisions made to enhance production efficiency are key drivers fuelling the growth of the global blowout preventer market. Increased investment in global drilling activities is expected to create considerable opportunities for BOP manufacturers.
Regulatory bodies across the globe have adopted significant steps to curtail potential risks of environmental hazards associated with drilling activities. Increasing safety regulations have been imposed alongside stringent penalties which state that oil and gas operators will have to pay a fine in case of non-compliance. As a result, there has been increased compulsion for oil and gas operators to implement improved business strategies and install more effective and advanced drilling equipment in the subsea environment. The overall blowout preventer industry therefore, is expected to register substantial growth in forthcoming years.
High Cost of Metal Used in BOP to Hinder Growth
The cost of installing BOPs is directly proportional to the overall cost incurred by manufacturing companies. The fluctuating price of metal used to manufacture blowout preventers can therefore adversely affect growth prospects of the global BOP market.
The international BOP market is dominated by companies such as American Completion tools Inc, Piper Oilfield Products, Radoil Inc, Eastern Oilfield Supply LLC, Alco Inc, Henderson Oilfield Products LLC, Drilling Controls Inc, Domino Machine Inc, Kingrig group Ltd, and Shinpec International Trade Corporation Ltd.
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