NEW YORK, Aug. 18, 2021 /PRNewswire/ --
The blowout preventer market is expected to grow by USD 972.70 million, progressing at a CAGR of almost 4% during the forecast period.
NEW YORK, Aug. 18, 2021 /PRNewswire/ --
The blowout preventer market is expected to grow by USD 972.70 million, progressing at a CAGR of almost 4% during the forecast period.
The rising number of deep and ultra-deepwater drilling projects is one of the major factors propelling the market growth. However, increasing investments in renewable sources of energy will challenge growth.
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Blowout Preventer Market: Type Landscape
By type, the market witnessed maximum growth in the annular blowout preventer segment in 2020. The segment is mainly driven by the rise in global demand for oil and gas. Also, the advantages of annular blowout preventers over ram-type blowout preventers are contributing to the growth of the segment. The market growth in the annular blowout preventer segment will be significant during the forecast period.
Blowout Preventer Market: Geographic Landscape
By geography, North America is going to have lucrative growth during the forecast period. About 42% of the market's overall growth is expected to originate from North America. The rise in the E&P of crude oil and gas resources will be crucial in driving the growth of the market in North America. Market growth in North America will be faster than the growth of the market in Europe, MEA, and South America.
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Related Reports on Energy Include:
Global Oil and Gas Accumulator Market - Global oil and gas accumulator market is segmented by end-user (onshore and offshore) and geography (North America, Europe, APAC, MEA, and South America).
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Global Ram Blowout Preventer Market - Global ram blowout preventer market is segmented by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America).
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Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Location
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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