Increasing investments towards oil spill avoidance and management will propel the blowout preventer market during the forecast timeframe. Countries across the globe are imposing several regulations to limit oil spills which will favor the industry growth. The U.S., Environmental Protection Agency has recently introduced oil spill prevention program under which they have developed Facility Response Plan (FRP) rules and the Spill Prevention, Control, and Countermeasure (SPCC). The FRP mandates to submit the plan to respond in the case of oil discharge or risk of a discharge response plan. The SPCC prevents a discharge of oil into navigable waters. The regulations relating to oil spills have also been tightened in the Central and South American countries.
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Rising awareness related to harmful aftereffects oil spillages including the deep-water horizon oil spill in the Gulf of Mexico will fuel the blowout preventer market size. High settlement cost imposed on O&G producers due to occurrence of oil spills is also set to positively impact the industry growth. For instance, BP paid USD 20 billion to settle all federal and state claims arising from Deepwater Horizon Oil Spill.
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Technology advancement to enhance efficiency and reduce the system cost will act as an opportunity for blowout preventer market share. For Instance, Shaffer manufactured a numerous system including boltless blow out preventer doors, a weldless-cavity improved ram locking system, automated ram changing systems, and a floating ram block design. These helps to reduce manual labor time, weight, height and eliminate the need for cross threading bolts. However, volatile crude oil prices may hamper the industry size during the forecast timeline.
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Blowout preventer market can be segmented into annular and ram. The ram systems can be segmented into blind, pipe, shear, and blind shear. These systems are anticipated to witness significant growth owing to its high efficiency and time saving features. Stringent safety standards will also stimulate the industry size from 2017 to 2024.
Annular blowout preventer market share will witness substantial growth on account of its ability to seal the space between the drill pipes and the wellbore. It finds wide usage in hemispherical rubber as a seal.
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Based on application, blowout preventer market can be segmented into onshore and offshore. Offshore segment is expected to dominate the industry due to increasing investment towards deep and ultra-deep water drilling. For instance, in Western Australia, Chevron invested around USD 2.3 Million and secured the rights to explore an area in offshore for six years. Advancements in drilling technology may further encourage the business outlook.
The blowout preventer market demand from onshore region is anticipated to witness substantial growth on account of its ease in installation features and low cost as compared to offshore region.
In 2015, North America accounted for highest ram type blowout preventer market share. Increasing offshore drilling in Gulf of Mexico along with availability of onshore hydrocarbon reserves in Oklahoma are some of the factors drive the industry growth.
The U.S. is expected to witness substantiate growth subjected to increasing exploration and production in the country. In 2015, Exxon Mobil announced to start 16 major oil and gas drilling projects in the next three years.
Brazil blowout preventer market is set to rise exponentially owing to increasing investment in offshore region. In 2016, Shell announced to invest USD 10 billion in the offshore project in Sao Paulo and Rio de Janeiro.
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