The global BOP handling systems market was estimated to reach a valuation of USD 256.2 Billion in the year 2022. With a steady CAGR of 6.1% from 2023 to 2033, this market is expected to reach USD 272.3 Billion by 2023 and USD 8.74 Billion by 2033.
According to Future Market Insights, the demand for products involving oil and gas is significantly rising. Various businesses have invested their technological and financial resources in exploring different oil fields and increasing the effectiveness of oil and gas production as a result of the supply and demand mismatch. Governments from many nations, including China and India, are making investments in oil and gas enterprises. By the year 2020, 1,481 oil and gas businesses were owned by the Dubai government. With the increase of oil and gas facilities, there should be a boost in the market for BOP handling systems.
The mining, construction, metallurgy, as well as freight industries all, employ BOP handling systems. It is projected that the need for BOP handling systems would increase as heavy lifting of goods takes place in ports and on ships. Such wide application of these systems throughout various end-use industries has been propelling the revenues in this sector.
Since drilling activities in the oil and gas industry have shown to be risky, great efforts are being undertaken to reduce casualties and improve overall safety. BoP handling systems are mostly used in drilling operations to maintain safety and based on current findings, adoption is projected to be constant in the next few years. The increasing need for productivity in the oil and gas industry has been a major factor in raising the standard of BOP handling systems' overall quality and performance. Such benefits have been accelerating the growth of the global BOP handling systems from 2023 to 2033.
The market players have been aimed at developing new technologies that would enhance the overall efficiency of the BOP handling systems. For example, J D Neuhaus has provided a specially built BOP handling system consisting of two monorail hoists operated by air with a combined lifting capacity of 200t. Every one of these hoists has around a 45% shorter horizontal profile length than the JDN regular EH-100 product because of its unique compact design, which was created to meet operational needs on-site. These small hoists are mounted in tandem on two 22-meter-long overhead beams. Each of the two hoists uses two trolleys with a 50-ton load rating, giving each hoist a 100-ton lift capacity. Such features enhance the overall load capacity of the BOP handling systems and thus this market is expected to gain significant traction during the forecast period globally.
Another innovation can be witnessed by Ingersoll Rand who has introduced BOP handling systems meant to handle and transport B.O.P. stacks safely in extremely cold conditions like that in the Arctic region. This particularly created system can handle a working load ranging between 20 and 40 metric tonnes and function at extreme cold temperatures as cold as -45 degrees C. For the unique requirements of rig operators in the Arctic, Ingersoll Rand created the Arctic Range B.O.P. Handling System, providing them with strong and dependable tools in dangerous, arctic situations. The sturdy, all-steel construction and highly corrosive parts flourish in the harsh Arctic oilfield settings. In offshore and onshore drilling activities in the Arctic as well as sub-Arctic regions, the Arctic Range BOP Handling System is a practical method for controlling BOP stacks during the rig down as well as rig up procedures. It comes in capacities of 20, 30, and 40 tonnes. Such innovations are expected to open up new opportunities for global BOP handling systems during the forecast period.
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Oil & gas drilling and production is a challenging activity, which requires meticulous planning, critical equipment and experienced professional to execute operations safely. Blowout Preventer (BOP) is one of the critical equipment used during oil & gas drilling and production, which controls extreme bottom-hole pressures, prevents uncontrolled fluid flow and averts catastrophic disasters.
BOP handling systems are used to control the movement and installation of BOPs on the wellhead, and thus form a critical part of any oil & gas operation.BOP handling systems can lift, move, lower, transport and install BOP on drilling rigs. BOPs are usually very heavy, weighing up to 200 tons or above, and require precise and safe handling as they cost thousands of dollars.
BOP handling systems are specifically designed depending on the BOP dimensions and weight, and sometimes involve high level of customization as per handling needs. Hence, BOP handling systems are enormous in size and have a combination of multiple units such as cranes, carriers, elevators, and other, to safely handle a BOP. Due to their complexities in manufacturing, transporting and handling, BOP handling systems incur heavy costs to the operator and requires meticulous maintenance.
The safety of oil & gas operators on crew and equipment, and efforts to avoid disasters which could lead to oil spills, revenue losses and environmental damage have enhanced the deployment of BOPs, which further elevates the demand for BOP handling systems. Recent advancements in shale gas production and hydraulic fracturing has been driving oil & gas production activity in the U.S., Canada and Gulf of Mexico.
This has been a primary demand driver for BOP handling systems. Increased instances of unconventional oil & gas production, through horizontal drilling and improved tertiary recovery methods, and growing investments in offshore exploration has been driving the global oil & gas production in recent years.
This is further expected to boost the global demand for BOP handling systems.Constantly fluctuating crude oil prices is one of the major negative factor in the global oil & gas industry and is expected to have an adverse impact on the overall growth of oil & gas as an industry, as well as on BOP handling systems market.
In addition to that, rising geopolitical tensions between oil producing and exporting (OPEC) countries, growing crude oil supply-demand gap, rising import-export prices due to ongoing trade war between U.S. and China can have a severe impact on the overall growth of BOP handling systems market.
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Recent upsurge in oil & gas production, especially shale gas production, in the U.S. is anticipated to boost the demand for BOP handling systems in the region. In addition, growing tight oil production in Canada is also projected to position North America as the dominant region in terms of demand and adoption rate for BOP handling systems.
Middle East, owing to its rich oil & gas production activity in the region, is projected to create significant growth opportunities for BOP handling systems in the coming years. Growing oil production in African countries such as Egypt, Nigeria, Angola and Mozambique, has been attracting foreign investments in the oil & gas industry. This is expected to significantly drive the BOP handling systems market in the region.
Latin America has been witnessing an improved production activity in countries like Venezuela, Brazil, and Mexico, which is expected to boost the demand for BOP handling systems market in the coming years.
Some of the key market participants identified in the BOP Handling Systems market across the globe are:
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The research report presents a comprehensive assessment of the BOP Handling Systems market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to BOP Handling Systems market segments such as geographies, type, handling capacity and application.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with BOP Handling Systems market attractiveness as per segments. The report also maps the qualitative impact of various market factors on BOP Handling Systems market segments and geographies.
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