Market Size of Blowout Preventers (BOP) Industry
| 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_Market.webp)
*Disclaimer: Major Players sorted in no particular order |
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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.
