The global ram BOP market was estimated to reach a valuation of USD 31.37 Billion in the year 2022. With a steady CAGR of 2.8% from 2023 to 2033, this market is expected to reach USD 32.24 Billion by 2023 and USD 42.5 Billion by 2033.
Similar to a gate valve, a ram BOP prevents leaks by using two opposed steel plungers, or rams. Ram BOP can be extended toward the wellbore's center to limit flow or retracted to leave it open. During the process of drilling, ram BOP is primarily used to manage high pressures as well as for uncontrolled flow from the well and to avert catastrophic events like a significant oil leak. Additionally, the ram BOP is utilized to stop the ejection of drilling fluids, equipment, and piping from the wellbore. These are crucial for the well's maintenance and monitoring as well as the crew's and also the environment's safety and wellness. Such factors have been mainly driving the global market for ram BOP.
Global subsea drilling operations have increased due to the rising need for fuel as well as hydrocarbons. To stop significant oil spills, several countries are implementing several restrictions. The global market for ram BOP is being driven primarily by strict government restrictions and an increase in safety awareness. Organizations are now spending more on future technical developments for BOP systems to increase their effectiveness and lower system costs, which accelerates the growth of the worldwide ram BOP market.
The offshore segment by application type is expected to gain the maximum share in the global ram BOP market in 2023. There has been an increase in offshore exploration and production (E&P) activity recently due to the expanding number of mature onshore oil fields. For example, the output from ancient wells in the Permian Basin, which is now the most significant basin regarding crude oil production, has begun to fall, and there is limited room for fresh discovery in these regions. To fulfill the rising demand, the oil and gas sector is consequently turning its attention to deeper locations in quest of oil and gas. The demand for ram BOPs is thus anticipated to increase during the projected period as a result of the increased deepwater offshore project development to satisfy the rising crude oil consumption.
Europe is predicted to control the ram BOP market. due to the rising oil output in nations like Norway as well as Russia. Furthermore, by the end of 2021, the Norwegian government wants oil firms to submit present development plans (PDO) for up to 22 new or enlarged offshore oil and gas resources. As a result, it is anticipated that throughout the projection period, increased oil and gas activity in the region would raise demand for ram BOP in the European region.
The key players in this market have been moving towards service contracts and collaborations to gain prominence in the global market. The service agreements are getting more intricate and placing an equal duty on all parties, creating a model that may be just what is required in these shifting times. For instance, Petrobras has partnered with Brazilian aerospace firm Embraer S.A. to develop a campaign for innovative ram BOP technology and well safety. One of the noteworthy partnerships was the contractual service agreement (CSA) involving Diamond Offshore Drilling, Inc. and GE Oil & Gas to create a new ram BOP service offering that could be utilized by the whole industry. The main goal of this contract is to give GE Oil & Gas complete responsibility for the BOP performance. Such developments have been expected to bring immense growth during the forecast period.
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Ram BOPs (blowout preventer) are a type of BOP which consists two halves of cover, called ram blocks, to seal the top of the well in case of a kick or blowout. The covers are controlled by large diameter hydraulic cylinders, which close during a kick. The covers of a ram BOP are made of steel, with components made of elastomer on sealing surface. Ram BOPs, or rather ram blocks, can be designed to either shut the well around the drill pipe or completely shear through the drill pipe.
Ram BOP classification is done on the basis of their shutting off capabilities. Pipe ram BOP have a hole (one-half on each pipe) with specific diameter, to shut the well around the pipe. Blind ram BOPs don’t have hole and can be shutoff only in the absence of a pipe.
Variable-bore ram BOP can close around pipes of varying diameters, while shear ram BOP are equipped with special tool cutting surface, to cut through the drill pipe and shut-off the well permanently.
Hence, shear ram BOPs are used in extreme cases as a last resort, as they limit future use of well. Given the risks associated with well kicks and blowouts, ram BOPs play a critical role in onshore and offshore oil & gas exploration activities, around the world.
Recovering oil & gas industry has been driving investments in oil & gas exploration and production activities, especially in the offshore sector, which are anticipated to proliferate the demand for ram BOP market. Blowouts in oil & gas can cause significant environmental, human life and monetary damage, which further necessitates the deployment of ram BOP in drilling and production activities.
The dynamic nature of crude oil prices is expected to have an adverse impact on the overall growth of oil & gas industry, affecting the demand trends of ram BOP market. In addition, rising geopolitical tensions between oil producing and exporting (OPEC) countries and growing crude oil supply-demand gapare also expected to present challenges to the growth of ram BOP market.
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U.S. market is anticipated to create robust demand for ram BOP in the coming years, on the back of shale boom and uptick in exploration and production activities in the Gulf of Mexico. Latin America, owing to flourishing oil & gas drilling in Brazil, Mexico, etc., is expected to present significant growth opportunities for ram BOP manufacturers in the foreseeable future.
Increasing number of oil & gas discoveries in the Middle East & Africa, in countries like Nigeria, Guyana, Angola, Mozambique, and South Africa, is projected to drive the demand for ram BOP in the region. China is anticipated to dominate the demand for ram BOP in East Asia region, owing to growing offshore E&P activity in South China Sea.
Asia pacific countries like Thailand, Malaysia, Australia and India are expected to remain high growth areas in terms of demand for ram BOP in the coming years, owing to the rising investments in offshore drilling and production.
Some of the key market participants identified in the Ram BOP market across the globe are:
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The research report presents a comprehensive assessment of the Ram BOP 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 Ram BOP market segments such as geographies, application and industry.
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 Ram BOP market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Ram BOP market segments and geographies.
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