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