Blowout Preventers (BOP) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Type (Annular BOP and Ram BOP), Location of Deployment (Onshore and Offshore) and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)

Market Snapshot

Blowout Preventers (BOP) Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: North America
Largest Market: Europe
CAGR: >2 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

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.

Scope of the Report

The blowout preventers (BOP) market report include:

Annular BOP
Location of Deployment
North America
South America
Middle-East and Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Offshore Segment to Dominate the Market

  • With the rising number of maturing onshore oilfields in the recent years, there has been growth in the offshore exploration and production (E&P) activities. For instance, in the Permian Basin, currently the most important basin in terms of crude oil production, the production from old wells has started to decline, and there is little scope for new discovery in these areas. As a result, the oil and gas industry is shifting towards deeper regions in search of oil and gas, in order to meet the increasing demand.
  • Moreover, the share of offshore active rigs count out of the total active rig count in the United States grew from 1.8% in February 2019 to 2.5% October 2019.
  • In the United States, deepwater accounted for 50% of the discovered oil and gas resources during 2008-2018. Deepwater gas production is also expected to account for 50% of the 700 billion cubic meter (bcm) rise in offshore gas production by 2040, compared to that of 2018. 
  • Brazil is one of the largest markets for deepwater oil and gas projects. The Brazilian oil and gas market is driven by successful regulatory changes and improving financials. The Brazilian government is aiming 2 mmb/d of additional oil production by 2027, mostly from deepwater areas. 
  • This rising deepwater offshore development activity, to meet the increasing crude oil demand, is further expected to drive the demand for BOPs during the forecast period. 
Blowout Preventers (BOP) Market - Revenue Share

Europe to Dominate the Market

  • Europe is expected to dominate the market for blow out preventers. Owing to the increasing oil production in the countries such as Russia and Norway.
  • Russia have a 106.2 billion barrels proved reserve, as of 2018. Whereas daily oil production in the country is about 11.4 million barrel, and annual export is of approximately USD 129.2 billion. There are already more than 9,500 wells drilled as of 2019. Further, Russia is investing in offshore Arctic oil and gas projects and onshore deposits in Siberia to offset oil production declines at maturing fields.
  • In the United Kingdom, a total of 102 wells were drilled on the UKCS in 2018 (85 developments, eight explorations, and nine appraisal). With the most recent tax break, production activities in discoveries, as mentioned earlier, are expected to commence during the forecast period.
  • After a long recession, since 2014, Norway’s oil and gas industry is now back on its feet. Oil companies increased their spending for the first time in 2018. The total petroleum production for the first six months, in 2018, was about 114.9 million standard cubic meters of oil equivalent. Additionally, Norway's government expects oil companies to present development plans (PDO) for up to 21 new or expanded offshore oil and gas fields, by the end of 2021.
  • Therefore, increasing oil and gas activities in the region are expected to increase the demand for blow out preventers (BOP) over the forecast period in European region.
Blowout Preventers (BOP) Market - Geography

Competitive Landscape

The blowout preventers (BOP) market is partially consolidated. Some of the key players in this market include Baker Hughes Company, Schlumberger Limited, National Oilwell Varco Inc., Shandong Kerui Holding Group Co. Ltd, and Weatherford International Plc.

Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, until 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Market Dynamics

      1. 4.4.1 Drivers

      2. 4.4.2 Restraints

    5. 4.5 Supply Chain Analysis

    6. 4.6 Porter's Five Forces Analysis

      1. 4.6.1 Bargaining Power of Suppliers

      2. 4.6.2 Bargaining Power of Consumers

      3. 4.6.3 Threat of New Entrants

      4. 4.6.4 Threat of Substitutes Products and Services

      5. 4.6.5 Intensity of Competitive Rivalry


    1. 5.1 Type

      1. 5.1.1 Annular BOP

      2. 5.1.2 Ram BOP

    2. 5.2 Location of Deployment

      1. 5.2.1 Onshore

      2. 5.2.2 Offshore

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Baker Hughes Company

      2. 6.3.2 Halliburton Company

      3. 6.3.3 National Oilwell Varco Inc.

      4. 6.3.4 Rongsheng Machinery Manufacture Ltd

      5. 6.3.5 Schlumberger Company

      6. 6.3.6 Shandong Kerui Holding Group Co. Ltd

      7. 6.3.7 TechnipFMC Plc.

      8. 6.3.8 Weatherford International Plc.

    4. *List Not Exhaustive

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Blowout Preventers (BOP) Market market is studied from 2016 - 2026.

The Blowout Preventers (BOP) Market is growing at a CAGR of >2% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2020.

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

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!