Growing Emphasis on Increasing Oilfield Safety to Aid Market Growth
Blowout preventive (BoP) handling systems are increasingly being used in both, onshore as well as offshore applications in various industrial sectors, including marine, oil & gas, mining & construction, defense, and automotive. Technological advancements coupled with increasing demand for operational safety and higher efficiency have accelerated innovations in the BoP handling system market over the past few years– a trend that is projected to continue over the forthcoming decade. In addition, the growth of the BoP handling system market is anticipated due to the increase in the number of shale drilling activities around the world.
Moreover, strides taken by technology in wellhead systems continue to improve operational efficiency and safety due to which, BoP handling systems are expected to gain considerable traction during the forecast period. As shale drilling and completion operations continue to progress at a rapid pace, it is likely to have a direct impact on the BoP handling system market. As oil & gas production and marine activities around the world scale up at a staggering pace, with it, the demand for BoP handling systems is expected to grow at an impressive rate.
Presently, amid the ongoing COVID-19 pandemic, offshore and onshore drilling activities around the world are likely to face a steep decline due to an array of factors following which the growth of the BoP handling system market is likely to remain sluggish, particularly in 2020. However, in the long run, due to the ongoing pressure on various industries to minimize the depletion of conventional resources, several players operating in various end-use industries are primarily focusing on upgrading their BoP handling systems. At the back of these factors, the global BoP handling system market is expected to reach a value of ~US$ 491.3 Bn by the end of 2030.
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High Adoption in Oil & Gas Sector to Augment Market Growth
For several decades, drilling operations across the oil & gas sector have proved to be hazardous due to which, considerable efforts are being made to minimize casualties and increase the overall safety. BoP handling systems are primarily deployed to ensure safety across drilling operations and as per current observations, the adoption is likely to remain consistent over the upcoming years. The growing demand for efficiency across the oil & gas sector has played a key role in improving the overall quality and performance of BoP handling systems. Market players involved in the current BoP handling system market are increasingly seeking novel ways to minimize the total time required to connect BoP handling systems with wellhead equipment. In addition, as regulators and operators continue to emphasize on well safety, innovations and new technologies across the BoP handling system market have entered the fray at a consistent pace.
Several key participants of the BoP handling system market are also expected to focus on the design aspects of their BoP handling systems to gain a competitive edge. Considerable attention has been given to offshore BoP handling systems over the past few years due to which, new technologies have been consistently introduced to address various challenges put forward by high-pressure, high-temperature, and deepwater reservoirs. These factors, along with growing emphasis on repair and maintenance of BoP handling systems, are driving the global BoP handling system market.
Market Participants Focus on Expanding Product Portfolio In Line With Industrial Requirements
Over the past few years, participants operating in the BoP handling system market landscape have leaned toward organic as well as inorganic strategies to increase their market share and overall presence. While some companies are increasingly focusing on launching new BoP handling systems integrated with cutting-edge technologies, several other companies are focusing on collaborations, mergers, and other types of partnerships to establish a strong foothold in the market.
For instance, in 2018, Petrobas launched a campaign for novel BoP handling system technologies and well safety by tying up with the Brazilian aerospace company, Embraer S.A. Another noteworthy collaboration that made the headlines within the deepwater drilling sector was the contractual service agreement between Diamond Offshore Drilling, Inc., and GE Oil & Gas.
Demand for Crude Oil Declines amid COVID-19 Pandemic
The oil & gas sector that was gradually recovering from a setback in 2017 is expected to tread through a rough period in 2020 due to the onset of the novel COVID-19 pandemic. The demand for oil has declined at a rapid pace in the first two quarters of 2020 and its impact can be felt across the BoP handling system market. The imbalance between the supply and demand within the oil sector is expected to hinder market growth particularly in 2020. In addition, stringent lockdowns coupled with restrictions on cross-border trade and transportation are some of the other leading factors that are projected to affect the overall growth of the market for BoP handling systems. The market is likely to be the worst-hit across the Middle East & Africa where oil & gas operations are relatively higher.
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BoP Handling System Market: Overview
- The global BoP handling system market is expected to register a CAGR of ~7% in terms of volume between 2020 and 2030
- Rising adoption of BoP handling systems for drilling and exploration activities in the oil & gas sector is expected to boost the BoP handling system market in the near future
- The global BoP handling system market is expected to reach ~US$ 491.3 Bn by 2030 from ~US$ 265.1 Bn in 2020
- Europe holds major share of the BoP handling system market in terms of volume and is anticipated to dominate the BoP handling system market during the forecast period, followed by Asia Pacific and North America
- Europe remains the leading region in the BoP handling system market, with revenues in 2020 estimated at US$ 81,536.6 Mn
- The BoP handling system market in Middle East & Africa and South America is expected to witness moderate growth during the forecast period
- Asia Pacific is projected to expand significantly in terms of share of the global BoP handling system market during the forecast period. This is due to the growth of the BoP handling system market across Asia Pacific, with increasing consumption of oil & gas, which has propelled the demand for BoP handling systems in the region.
- The BoP handling system market report provides analysis of the global BoP handling system market for the period 2018 – 2030, wherein 2018 is the historical year, 2019 is the base year, and 2020 – 2030 is the forecast period