Blowout Preventer Market: Regional Analysis and Forecast for 2018-2028

MANHATTAN, N.Y. - Feb. 27, 2023 - PRLog -- Companies are investing in technological advancements to enhance the effectiveness and lower the costs of blowout preventer systems, driving market growth.

Annular Blowout Preventers are set to dominate the global blowout preventer market based on their type segment. This is because the market can be divided into two configurations, namely slam and annular victory preventers. Of these, slam victory preventers use steel uncloggers that are inserted deeply into the wellbore to prevent flooding. Elastomeric parts are attached to the internal and top faces of the rams to help maintain their clamping force and close the wellbore. Smash BOPs use hemispherical elastic to seal potential spills and are also known as round victory preventers. Similarly, hemispherical rubbers are used in annular BOPs to seal the wellbore. Despite being less popular than smash BOPs, annular BOPs accounted for 68.2% of the global market in 2021. Furthermore, the global BOP market can be divided into coastal and seaward wells based on the region. In 2021, inland BOPs led the blowout preventer market with a 67.6% share.

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The Global Blowout Preventer Market is categorized by regional analysis into North America, Asia-Pacific, Europe, South America, and the Middle East. The Middle East and Africa are expected to hold the largest share of the market, dominating the regional blowout preventer market globally. This dominance can be attributed to the growth of offshore exploration activities and the burgeoning local oil and gas industry. As a result of these developments, the Middle East and Africa are projected to account for 28.69% of the global blowout preventer market.

Key market players in the Global Blowout Preventer Market include:

• Worldwide Oilfield Machine, Inc.
• Baker Hughes Company
• Weatherford International plc
• B.O.P Products LLC
• Alberta Petroleum Industries Ltd.
• AXON Pressure
• Cameron International Corporation
• National Oil Well Verco Inc.
• GE Oil & Gas

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