About Blowout Preventer
Blowout results in a loss of life. This along with the oil spillage has a long-term impact on the environment. Animals in the vicinity of the explosions might be exposed to hydrocarbons that are released, especially in offshore wells. Blowout preventers are a type of valves used on top of a well to control the outflow of the formation fluid in case the drilling crew loses the control. It is basically a safety equipment that seals the well under abnormal pressure conditions, thus preventing a blowout.
Technavio’s analysts forecast the global blowout preventer market to grow at a CAGR of 3.62% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global blowout preventer market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Blowout Preventer Market 2017-2021
Technavio recognizes the following companies as the key players in the global blowout preventer market: Axon, Cameron, National Oilwell Varco, and UZTEL.
Other Prominent Vendors in the market are: B.O.P Products, BOP Technologies, Control Flow, Fountain Petro, GE Oil & Gas, MSP/DRILEX, Parveen Industries, Rongsheng Machinery, and Shenkai.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is next generation of blowout preventers. As blowout preventers are considered to be the last line of defence, it becomes crucial that they ensure safety at the highest level of pressure situations. Exploration and drilling operations are expanding in deep and ultradeep waters where environmental conditions are becoming more challenging.”
According to the report, one driver in the market is rising deep and ultra-deepwater drilling projects. As per the US Energy Information Administration (EIA), a decline in oil prices as low as $27/bbl was witnessed in January 2016, which was the lowest since 2003. Oil prices have surged over 100% since then and was hovering around $53-55/bbl mark as of March 2017.Though the offshore deepwater/ultra-deepwater projects on an average require oil prices to stay above the $60/bbl mark, regions having large resources, such as the Gulf of Mexico and Brazil, have started to resume their operations.
Further, the report states that one challenge in the market is increasing investments in renewable sources of energy. Rising environmental awareness has resulted in increased investments in the field of renewables. The year 2015 had witnessed growth despite the fluctuating exchange rates and fall in oil and gas prices. The production from renewable sources of energy in the European Union was over 190 Mtoe (tonnes of oil equivalent), which is about 25% share of the total energy production. Renewable sources of energy are now cost competitive and compete with conventional sources as well.
Axon, Cameron, National Oilwell Varco, UZTEL, B.O.P Products, BOP Technologies, Control Flow, Fountain Petro, GE Oil & Gas, MSP/DRILEX, Parveen Industries, Rongsheng Machinery, and Shenkai.
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