Blowout Equipment Market to See Incredible Growth 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.
Read Report Overview @
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.
Request to view Sample Report:
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.