The global blowout preventer market is expected to rise with an impressive CAGR and generate the highest revenue by 2026. Fortune Business Insights™ in its latest report published this information. The report is titled “Blowout Preventer Market Size, Share and Global Trend By Type (Ram Blowout Preventer & Annular Blowout Preventer), By Application (Onshore & Offshore), and Geography Forecast till 2026”. The report discusses research objectives, research scope, methodology, timeline and challenges during the entire forecast period. It also offers an exclusive insight into various details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies.
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The report provides a 360-degree overview of the market, listing various factors restricting, propelling, and obstructing the market in the forecast duration. The report also provides additional information such as interesting insights, key industry developments, detailed segmentation of the market, list of prominent players operating in the market, and other blowout preventer market trends. The report is available for sale on the company website.
As per the study, the global blowout preventers market is classified into two major types viz., Annular and Ram. The annular type preventer is installed at the top of the blowout preventer stack while the ram-type preventer is installed below the annual preventer. In case of a blowout, the annular preventer is closed first and then the ram-type preventer is used as a backup. Both types are equally important and are required for all onshore and offshore activities, and subsea operations in order to hold back the well fluid to the wellbore and prevent any accidents.
List of the companies functioning in the global blowout preventers market:
- Kerui Petroleum
- Worldwide Oilfield Machine Inc.
- Shanghai Shenkai Petroleum and Chemical Equipment Co. Ltd.
- Aker Solutions
- National Oilwell Varco
- Schlumberger Ltd.
- UZTEL S.A.
- Weatherford International
- Alberta Petroleum Industries Ltd.
- Baker Hughes Inc.
- Control Technology Inc.
- BOP Products LLC.
- Oceaneering International
“Rising Number of Drilling Activities Worldwide to Boost Market”
The safety and security of oil and gas reserves is very important. Various governments are taking necessary measures to install blowout preventers for the prevention of any mishaps on oilfields. Strict regulations by governments imposed on the upstream hydrocarbon sector and regarding the correct utilization of oil spills is boosting the global blowout preventers market. In addition to that, the rising demand for hydrocarbons led to an increase in drilling activities and this further propelled the demand for blowout preventers in the market. The growing need for effective production of gas and oil and the surging subsea drilling activities are also boosting the global market for blowout preventers.
The rise in safety norms and regulations for product efficiency is anticipated to stand in support of the growth of the global market for blowout preventers. Currently, companies are planning to continue their gas and oil expeditions in onshore and offshore fields. This will provide new grounds for research and discovery and at the same time minimize the additional cost on oil and gas expeditions. All the above factors point towards the positive growth of the market in the forecast period.
However, the market may face challenges in terms of the unpredictability and the alterable trend of hydrocarbon prices. These will not only cease new activities of exploration but also restrict the overall growth of the market in the future.
Nevertheless, the ever-increasing demand for hydrocarbons will continue to propel more oil and gas exploration activities, ultimately bringing lucrative growth opportunities for the market in the forecast years.
View press release for more information @ https://www.marketwatch.com/press-release/blowout-preventer-market-analysis-global-industry-foresight-till-2026-by-size-growth-trends-and-share-2020-07-30
Regional Analysis for Blowout Preventer Market:
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Major Table of Contents for Blowout Preventer Market:
- Executive Summary
- Market Dynamics
- Key Blowout Preventer Market Insights
- Global Market Analysis, Insights and Forecast, 2015-2026
- North America Market Analysis, Insights and Forecast, 2015-2026
- Europe Market Analysis, Insights and Forecast, 2015-2026
- Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
- The Middle East and Africa Market Analysis, Insights and Forecast, 2015-2026
- Latin America Market Analysis, Insights and Forecast, 2015-2026
- Competitive Landscape
- Global Blowout Preventer Market Revenue Share Analysis, By Key Players, 2020
- Company Profiles
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