Oil and gas well drilling activities are increasing due to increased global energy demand. Increase in the number of wells drilled has in turn elevated the demand for blowout equipment market globally. The blowout equipment market is expected to witness substantial growth over the forecast period due to increased well drilling activities across the globe.
In oil and gas industry, a blowout is defined as the uncontrolled flow of the reservoir fluids from an oil and/or gas that is being drilled or producing. The blowout can occur if pressure control systems have failed during the production of oil or gas from the reservoir. Blowout can also occur during drilling operations, if a kick is not identified by the operator while drilling a well. During drilling, a kick is a situation when hydrostatic pressure of drilling mud is less than formation fluids (oil or gas) pressure and the fluids starts flowing into the well, creating a dangerous situation. If the flow of oil and/ or gas is not stopped in time, these hydrocarbons can ignite and create a deadly firestorm known as a blowout. The blowouts results in loss of time, money, equipment and even danger to people working on the rig. Hence, a blowout should be prevented by using suitable blowout equipment. Blowout equipment that consists of high pressure safety valves and associated equipment are designed to withstand extreme pressure. These equipments shut off the well hole and prevent any oil or gas from the well to escape into the environment thereby averting any possibility of a blowout. Growing concerns to prevent in blowout in the near future is anticipated to drive the market growth substantially.
The global blowout equipment market can be segmented on the basis of product segments: the blowout preventers (BOP), blowout equipment manifolds (BEM), well killing facilities and others (equipment applied under high toxic gas content condition). A BOP is a specialized valve that is used to monitor, seal and control and oil and gas wells. A BOP and associated valves are installed at the top of casing head. North America is expected to be the market leader in the blowout equipment market due to the large number of wells being drilled for shale gas exploration and production.
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Research and development over the years has helped the oil and gas industry to avert accidents and function smoothly. New products have been developed that are suitable for vigorous conditions and provide greater accuracy. But human vigilance plays an important role to decrease the number of accidents. The companies have become more vigilant to circumvent any accidents. An accident can result in loss of product, equipment and human life. To prevent such loss, every operation is planned carefully, suitable equipment are deployed to avert any mishaps. Increased number of drilled oil and gas wells has been a primary driver for the blowout equipment market. The number of wells is expected to increase over the forecast period that will provide a huge opportunity to the blowout equipment market.
Some of the key players in the blowout equipment market include Henderson Oilfield Products LLC, American Completion Tools Inc., Kingrig Group Ltd., Rosneft, Domino Machine Inc., Eastern Oilfield Supply LLC, UZTEL S.A., MTQ Corporation Limited, Sichuan Honghua Petroleum Equipment Co., Ltd. and The Subsea Company among others.
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