Blowout Preventers (BOP) Market Size (2024 - 2029)

The blowout preventer market is anticipated to experience growth driven by increasing deepwater offshore development activities, which enhance the feasibility of offshore oil and gas projects. Despite challenges posed by oil price volatility and geopolitical factors, the market is expected to expand, particularly in the offshore segment due to rising exploration and production in deepwater areas. Technological advancements and digitalization, especially following significant incidents like the Deepwater Horizon oil spill, present opportunities for market expansion. Europe is projected to witness substantial growth, supported by its proximity to major oil and gas producing regions and a growing demand for these resources.

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Market Size of Blowout Preventers (BOP) Industry

Blowout Preventers (BOP) Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 2.00 %
Fastest Growing Market North America
Largest Market Europe
Market Concentration High

Major Players

Blowout Preventers (BOP) Market Major Players

*Disclaimer: Major Players sorted in no particular order

Blowout Preventer Market Analysis

The blow out preventers (BOP) is expected to grow at a CAGR over 2% during the forecast period of 2020 - 2025. Rising deepwater offshore development activities, owing to the increasing viability of the offshore oil and gas projects is expected to drive the market for BOP, globally. The costs of several offshore oil and gas projects have reduced significantly, as the upstream companies have been ensuring the viability in a lower price environment, such as shale oil and gas play. However, the higher oil price volatility, due to the supply-demand gap, geopolitics, and several other factors, such as higher breakeven for the projects, has been restraining the market for the BOPs over the forecast period.

  • The offshore segment is expected to grow at the fastest rate for blow out preventers market, owing to the increasing exploration and production activities in the deepwater and ultra deepwater areas, globally.
  • Digitalization and advancements in BOP technology, after the Deepwater Horizon oil spill of April 2010, in which the failure of the rig's blowout preventers (BOP) system led to the largest oil spill till date, is expected to act as an opportunity in the market of blow out preventers market.
  • Europe is estimated to have the highest growth rate, over the forecast period, with a significant share of the blow out preventers market, in 2018. This is primarily due to the presence of major producing and exporting countries near the North Sea, and the faster growing demand for oil and gas over the forecast period.

Blowout Preventer Industry Segmentation

The blowout preventers (BOP) market report include:

Type
Annular BOP
Ram BOP
Location of Deployment
Onshore
Offshore
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Blowout Preventers (BOP) Market Size Summary

The blowout preventer (BOP) market is poised for growth, driven by the increasing viability of offshore oil and gas projects and rising deepwater exploration activities. Despite challenges such as oil price volatility and higher project breakeven costs, the market is expected to expand, particularly in the offshore segment. Technological advancements and digitalization, especially following the Deepwater Horizon incident, present significant opportunities for market growth. Europe is anticipated to experience the highest growth rate, supported by major oil-producing countries near the North Sea and a growing demand for oil and gas. The shift towards deeper offshore regions, driven by maturing onshore fields and declining production in areas like the Permian Basin, further fuels the demand for BOPs.

In the United States, deepwater exploration has become increasingly important, with a significant portion of discovered oil and gas resources located in these areas. Brazil's deepwater projects, supported by regulatory changes and financial improvements, are also contributing to market expansion. European countries such as Russia, Norway, and the United Kingdom are enhancing their offshore oil and gas activities, which is expected to boost BOP demand. The market is partially consolidated, with key players including Baker Hughes Company, Schlumberger Limited, National Oilwell Varco Inc., Shandong Kerui Holding Group Co. Ltd, and Weatherford International Plc, all playing significant roles in shaping the industry's future.

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Blowout Preventers (BOP) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, until 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Market Dynamics

      1. 1.4.1 Drivers

      2. 1.4.2 Restraints

    5. 1.5 Supply Chain Analysis

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Consumers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitutes Products and Services

      5. 1.6.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Annular BOP

      2. 2.1.2 Ram BOP

    2. 2.2 Location of Deployment

      1. 2.2.1 Onshore

      2. 2.2.2 Offshore

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Blowout Preventers (BOP) Market Size FAQs

The Blowout Preventers (BOP) Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

Baker Hughes Company, Schlumberger Limited , National Oilwell Varco Inc. , Shandong Kerui Holding Group Co. Ltd and Weatherford International Plc. are the major companies operating in the Blowout Preventers (BOP) Market.

Blowout Preventer Market Report Snapshots

Blowout Preventer Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)