Albany - NY, Aug. 19, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market report titled "Blowout Preventer (BOP) Market by Configuration (Annular BOP and Ram BOP) and By Location (Onshore and Offshore) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 - 2022." According to this report, the global BOP market revenue for stood at USD 26,096 million in 2013 and is expected to reach USD 38,583.3 million by 2022 at a CAGR of 4.22% from 2014 to 2022.
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After BP's Macondo well explosion, exploration companies have started focusing more on safety equipment. Hydrocarbon agencies and safety organizations are developing stringent norms to develop safe operating standards in the exploration and production sector. Bulky, heavy, and designed for redundancy, blowout preventers are the last line of defense against a runaway well. A blowout preventer or a BOP is a large valve usually redundantly installed in stacks to monitor, seal, and control oil wells. BOPs are installed to cope with erratic pressures and uncontrolled flow from wells during drilling operations. In addition to controlling erratic pressures and flow, BOPs also prevent drilling fluids and tubing from being blown out of the well (during blowouts). BOPs are vital for the safety of a rig, crew, and the environment.
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BOPs can be classified into ram and annular BOP. Annular BOPs are designed to seal the annular space between the wellbore and the drill pipes. They are usually installed above the ram BOP. They are also known as spherical blowout preventers and utilize a hemispherical rubber as a seal. Annular BOPs are usually not as effective as ram blowout preventers. Ram blowout preventers use a pair of steel plunger rams that can extend up to the center of the wellbore to restrict the flow. The top and inner faces of rams are fitted with elastomeric elements that clamp together with a great force to seal the wellbore. Annular BOPs accounted for 68.2% share of the global BOP market in 2013. BOPs can be used in both onshore and offshore wells. In terms of location, onshore BOPs accounted for 67.6% of the global BOP market in 2013.
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In the future, the requirement of BOP stacks is expected to rise gradually as a result of growth in new discoveries of oilfields in offshore areas of South America and Africa and increasing drilling activities globally. The global market for BOP is segmented as follows:
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BOP Market: By Configuration
- Annular BOP
- Ram BOP
BOP Market: By Location
BOP Market: By Region
- Rest of North America
South & Central America
- Rest of South & Central America
- Rest of Europe
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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Source:Transparency Market Research