Ram
type blowout preventers are highly necessary equipments for any
well and are utilized for controlling erratic pressures and
uncontrolled flows. Numerous major oil spillages such as the
Deepwater Horizon Oil Spill off the Gulf of Mexico had taken place
owing to a faulty blowout preventer. As such, companies today take
immense care in selecting blowout preventers for their rigs and often
order more than one blowout preventer as a backup. Annular and ram
are the two basic blowout preventers which are generally employed in
drilling operations. These blowout preventers are usually used
together in drilling rig blowout preventers stacks. The ram blowout
preventers have to be designed according to American Petroleum
Institute standards of safety. The market for ram type blowout
preventers is anticipated to grow at a substantial rate in future
owing to increasing safety standards, especially in offshore
locations.
Stringent
norms and regulations in upstream hydrocarbon sector and efficient
exploration operations are some of the major drivers attracting
investment in ram type blowout preventers market. The U.S. has a
reputation of having some of the most stringent regulations globally
for oil spills, especially in marine environments. The regulations
and punitive damage structure for oil spills in the U.S. is imposed
both at a federal and state level. The regulations pertaining to oil
spills have been also been tightened in the South and Central
American countries. The uncertainty in crude oil prices is a major
restraint which might hamper the growth of ram type blowout preventer
market. Since the demand for blowout preventers is primarily
dependent on new drilling activity globally, low oil prices can
potentially affect manufacturers of blowout preventers.
The
market for ram type blowout preventers can be segmented on the
basis of location and type into two broad categories. On the basis of
location the market can be segmented as onshore and offshore. On the
basis of type the ram type blowout preventer can be segmented as
purchase and rental blowout preventers. Exploration and production
(E&P) companies have two options when it comes to drilling a new
oil well. Large E&P companies often operate their own rigs in
which case they might prefer purchasing ram type blowout preventers
directly from manufacturers. However in most of the cases, E&P
companies hire rig contractors or oilfield service companies to carry
out such operations on their behalf. These market players generally
exhibit a higher preference towards rental blowout preventers.
Currently,
North America is the largest market for ram type blowout preventers.
The onshore hydrocarbon activities in Oklahoma coupled with
increasing offshore activities in Gulf of Mexico are the major
factors bolstering investment in this market. Middle East is also one
of the major markets for onshore installations of ram type blowout
preventers. In the offshore sector, Latin America and West Africa are
one the prominent markets for these blowout preventers. The planned
offshore activities in Brazil, Nigeria and Angola will provide growth
opportunities for this market. Countries in Asia Pacific such as
Australia and Malaysia are also prospective markets for the growth of
ram type blowout preventer market.
Some
of the major market players investing in ram type blowout
preventers are Axon EP Inc., Cameron International Corporation, UZTEL
S.A, and National Oilwell Varco.
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