Global Blowout Preventer Market 2017-2021| Onshore Segment Dominates the Global Market| Technavio

According to the latest market research report released by Technavio, the global blowout preventer market is expected to grow at a CAGR of nearly 4% during the forecast period. The rising deep and ultra-deepwater drilling projects is one of the key factors triggering the growth of the market.

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According to the latest market research report released by Technavio, the global blowout preventer market is expected to grow at a CAGR of nearly 4% until 2021. (Graphic: Business Wire)

This research report titled ‘Global Blowout Preventer Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. It also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.

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The market research analysis categorizes the global blowout preventer market into the following locations:

• Onshore
• Offshore

In 2016, the onshore segment accounted for 65% of the global market and is projected to decline to 62% by 2021, exhibiting almost 3% decrease in market share.

Global blowout preventer market: Key emerging trend

The upcoming blowout manufacturing companies is an emerging trend in the blowout preventer space. There has been an increasing number of companies that cater to the manufacturing of tools and equipment used in drilling operation. Some companies offer services, while others offer equipment on rental basis. With increasing number of drilling activities in APAC coupled with the requirement of specialized technologies to deal with specific formation pressure, it is anticipated that an uptrend is likely to be witnessed during the forecast period.

The increasing exploration activities in relatively new regions demand the need for efficient blowout preventers that can be used under extreme climatic conditions. With rising environmental awareness, the norms in the overall oil and gas industry are likely to get stringent, which will, in turn, drive the blowout preventer market. New players are likely to invest in research and development to manufacture a highly efficient equipment that not only complies with the regulations but also provide offer a safe working environment for crew members working on a drilling rig.

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Technavio’s report provides expert market research on the following topics:

Executive Report

• Market Outline
• Global Blowout Preventer Market Overview

Market Insights

• Market Sizing and Forecasts
• Market Growth
• Market Drivers and Challenges
• Key Emerging Trends

Market Segmentation Analysis

• Regional comparison (APAC, Americas, and EMEA)
• Key leading countries
• Market segmentation by location (onshore and offshore)

Vendor Landscape

• Vendor classification
• Market positioning of vendors
• Competitive scenario
• Analysis of top vendors (Axon, Cameron, National Oilwell Varco, and UZTEL)

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View source version on businesswire.com: https://www.businesswire.com/news/home/20180919005720/en/