Blowout Equipment Market to Expand with Significant CAGR During 2024
The
April 20, 2010, blowout at the Deepwater Horizon Macondo oil well
drilling platform, resulting from a large amount of oil and gas
oozing out with vengeance due to the pressure built up beneath had
far-reaching ramifications. The tragic incident claimed 11 workers
lives and triggered the most calamitous oil spill in the U.S.’s
history. The incident also jolted oil drilling and exploration
companies worldwide to take better precautions in both offshore and
onshore oil drilling activities.
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A
blowout, set off by the changes in pressure of reservoir fluids from
an oil and/or gas in a well, can occur both during drilling or
production. It occurs if the pressure control systems give up during
the production of oil or gas from the reservoir with colossal
pressure of oil and gas underneath far exceeding the hydrostatic
pressure of drilling mud. To prevent it, blowout equipment, comprised
of high pressure safety valves and related equipment that can
withstand extreme pressure, are leveraged. They are the last line of
defense against a runaway well and can be used for both onshore and
offshore production.
Global Blowout Equipment Market: Trends and Opportunities
A
report by Transparency Market Research forecasts the global blowout
equipment market to progress at a good clip on account of a number of
factors. First, stringent legal action and hefty penalties slapped
against companies in case of a blowout which causes substantial
damage to the environment and results in death as well have led to
the swift uptake of blowout equipment. Besides, laws to thwart
spillage of oil and oil-related products has also forced drilling and
exploration companies to invest in such equipment. These regulatory
norms pertaining to safe operating standards are mostly being framed
by hydrocarbon agencies and safety organizations.
Second,
rapid development and emergence of cutting-edge products that are
even more effective in withstanding erratic pressures has also led to
the growth in the market. Last but not the least, the burgeoning oil
and gas wells being drilled on account of the insatiable demand for
energy worldwide and the urgency to prevent colossal damages to rigs
due to blowouts has fuelled a massive uptick in demand as well.
Global
Blowout Equipment Market: Regional Outlook
From
a geographical perspective, the global market for blowout equipment
is dominated by the Middle East and Africa on account of the growing
number of onshore wells and drilling activities in the region. In the
near future too, the region is slated to hold on to its leading
position. Asia Pacific trails the Middle East and Africa in terms of
market share on account of Australia, Malaysia, and China which are
prominent hydrocarbon producers from offshore fields. Going forward,
the region is predicted to continue contributing significantly to the
market.
North
America holds the third position in the global market for blowout
equipment. The explosive growth in shale oil production in the U.S.
and production from oil sand in Canada have been at the forefront of
driving growth in North America. The Gulf of Mexico is a crucial
hydrocarbon field in the U.S., which is expected to boost the market
substantially in the years to come. South and Central America and
Europe are also slated to clock impressive growth in the near future
due to rising drilling activities in the regions.
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Companies
Mentioned in the Report
Some
of the noteworthy companies competing in the global market for
blowout equipment, profiled in the report are Kingrig Group Ltd.,
Henderson Oilfield Products LLC, Domino Machine Inc., American
Completion Tools Inc., Rosneft, Eastern Oilfield Supply LLC, MTQ
Corporation Limited, and Sichuan Honghua Petroleum Equipment Co.,
Ltd.
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