The
global blowout preventer market is growing at a CAGR of 4.22% from
2014 to 2022. The market was worth US$26.096 billion in 2013 and will
be valued at US$38.5833 billion by 2022.Blowout preventers (or BOP)
are large valve stacks that are installed over fluid lines. Their
primary purpose is to control, monitor, and seal the leakage of
fluids coming from wells. They are always designed for redundancy,
because they are maintained as the last line of defense against well
leakage.
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Safety
is the Prime Cause of Global Blowout Preventer Market Growth
Over
the past decade, there have occurred multiple oil spills, the most
notable of which is the Deepwater-Horizon oil spill, followed by the
Exxon Valdez spill. The Deepwater-Horizon oil spill, also known as
the Macondo blowout, happened on April 20, 2010, in the Gulf of
Mexico, on a project owned by BP. 210 million gallons of oil was lost
in the world’s biggest blowout, which lasted for 87 days.
Accidents
like these are the prime reason for the demand from the global
blowout preventer market. A BOP needs to be stable and secure enough
to handle any kind of blowout that occurs in its line. They are also
required to control any irregular pressures from a well while
drilling operations are in progress. A BOP is therefore a critical
component of underwater drilling, as it can help prevent the loss of
lives, loss of fuel, and environmental damage brought about by the
nonbiodegradable petroleum spill.
Onshore
Annular BOPs Lead Global Blowout Preventer Market
In
terms of location, the demand for onshore BOPs far outstrips that for
offshore BOPs. Nearly 67.6% of the 2013 global blowout preventer
market was held by onshore BOPs.There are two types of configurations
for BOPs: ram and annular. The former utilizes a steel plunger ram
pair, which extends to the center of the wellbore in order to control
and/or restrict the flow. Elastomeric components on the ram faces
allow for a fast reaction time to close along with a heavy resisting
force to the flow. Annular BOPs or spherical BOPs are useful for
sealing the annular region between the drill pipes and the wellbore.
An annular BOP is often employed above a ram BOP. Of these, ram BOPs
dominated the global blowout preventer market, holding 68.2% of the
market in 2013.
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MEA
Dominates Global Blowout Preventer Market
28.69%
of the global blowout preventer market was held by the Middle East
and Africa regional segment in 2013. The region is expected to retain
its lead position till 2022. The second position was held by Asia in
2013, when it held 24.06% of the market. The U.S. ranked third in the
global market for blowout preventers.
The
top producers of hydrocarbons in 2013 were China (South China Sea),
Australia, and Malaysia. Their growth will in turn add to the demand
on the global blowout preventer market. The Asia Pacific region will,
therefore, be one of the fastest growing regions in the world.
Drilling activities in the Gulf of Mexico are set to increase the
demand from the global blowout preventer market from the U.S.
Browse
TMR Blog Energy Reports :
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