The global blowout preventer market to grow at a CAGR of 3.62% during the period 2017-2021.
Global Blowout Preventer Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
One trend in the market is next generation of blowout preventers. As blowout preventers are considered to be the last line of defence, it becomes crucial that they ensure safety at the highest level of pressure situations. Exploration and drilling operations are expanding in deep and ultradeep waters where environmental conditions are becoming more challenging.
According to the report, one driver in the market is rising deep and ultra-deepwater drilling projects. As per the US Energy Information Administration (EIA), a decline in oil prices as low as $27/bbl was witnessed in January 2016, which was the lowest since 2003. Oil prices have surged over 100% since then and was hovering around $53-55/bbl mark as of March 2017. Though the offshore deepwater/ultra-deepwater projects on an average require oil prices to stay above the $60/bbl mark, regions having large resources, such as the Gulf of Mexico and Brazil, have started to resume their operations.
Further, the report states that one challenge in the market is increasing investments in renewable sources of energy. Rising environmental awareness has resulted in increased investments in the field of renewables. The year 2015 had witnessed growth despite the fluctuating exchange rates and fall in oil and gas prices.