NEW YORK, Dec. 22, 2021 /PRNewswire/ -- Blowout Preventer Market Facts at a Glance-
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According to the recent market study by Technavio, the Blowout Preventer Market Size is expected to increase by USD 972.70 million from 2020 to 2025, with an accelerated CAGR of 3.78%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
North America will register the highest growth, occupying 42% of the global market share. The US is the key market for blowout preventer in North America. The market growth in this region will be slower than the growth of the market in APAC.
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Vendor Insights-
The blowout preventer market is fragmented, and the vendors are deploying growth strategies such as M&As and new product launches to gain an edge over their competitors.
AXON Pressure Products Inc.: The company offers different types of blowout preventers designed for safe well pressure control during drilling and workover operations.
Control Flow Inc.: The company offers annular blowout preventers of varying size and pressure ranges.
General Electric Co.: The company offers a wide range of blowout preventors for various end-user applications.
National Oilwell Varco Inc.: The company offers customized annular blowout preventers designed for coiled tubing, snubbing, and wireline operations.
Schlumberger Ltd.: The company is into making blowout preventers of a large variety of styles, sizes, and pressure ratings.
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Regional Market Outlook
The blowout preventer market growth in North America will be significant during the forecast period. The increase in unconventional E&P activities such as drilling in shale in the US and oil sands in Canada has fueled the growth of the oil and gas production output in the region. In addition, increasing investments in the oil and gas industry is expected to foster the growth of the blowout preventer market in North America during the forecast period.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Drivers & Trends Driving the Market-
The number of deep and ultra-deepwater drilling projects has increased significantly over the years. For instance, in April 2019, Husky Energy Inc., a Canadian-based company, announced that it had started drilling in the Liuhua 29-1 deepwater field development project in China. In May 2020, PTT Exploration and Production Public Company Limited (PTTEP) and its joint venture partners made two successful deepwater oil discoveries in Block 29, offshore Mexico. Such an increasing number of E&P activities will fuel the market growth during the forecast period.
In addition, environmental norms and increased safety concerns will have a positive impact on the growth of the market. However, fluctuations in oil and gas prices will reduce the growth potential in the market.
Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.
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Drilling Rig Market by Application and Geography - Forecast and Analysis 2021-2025
Blowout Preventer Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.78% |
Market growth 2021-2025 |
USD 972.70 million |
Market structure |
Fragmented |
YoY growth (%) |
0.92 |
Regional analysis |
North America, Europe, MEA, APAC, and South America |
Performing market contribution |
North America at 42% |
Key consumer countries |
US, China, Russian Federation, Saudi Arabia, and Canada |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
AXON Pressure Products Inc., Control Flow Inc., General Electric Co., National Oilwell Varco Inc., Schlumberger Ltd., The Weir Group Plc, UZTEL SA, Weatherford International Plc, Worldwide Oilfield Machine, and Yantai Jereh Oilfield Services Group Co. Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
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Website: www.technavio.com/
SOURCE Technavio
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