Ram Blowout Preventer Market by Application and Geography - Forecast and Analysis 2022-2028
ram blowout preventer market analysis considers sales from both onshore and offshore applications. Our analysis also considers the sales of ram blowout preventers in APAC, Europe, North America, South America, and MEA. In 2018, the onshore segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as growing investments in onshore oil and gas E&P activities will play a significant role in the onshore segment to maintain its market position. Also, our global ram blowout preventer market report looks at factors such as increasing upstream investment, rise in global demand for oil and gas, and safety and environmental concerns associated with E&P activities. However, volatility in oil and gas prices, an growing emphasis on renewables, and failures in blowout preventers may hamper the growth of the ram blowout preventer industry over the forecast period.
Global Ram Blowout Preventer Market: Overview
Increasing upstream investment
The growing population and consistent industrial development have led to a significant rise in global energy demand. As a result, energy security has become essential, and this is prompting oil and gas companies to explore untapped oil and gas resources. Moreover, oil and gas companies are increasingly investing in mature oil and gas fields to maximize the revenue from such areas. This increasing upstream investment will lead to the expansion of the global ram blowout preventer market at a CAGR of over 6% during the forecast period.
Rising focus on temperature tolerant variants
Raw materials, primarily steel, account for a significant share of the total cost incurred during the manufacture of ram blowout preventers. Thus, the global trends in steel prices will have a substantial impact on the ram blowout preventer market. As the price of steel is currently declining, the cost of manufacturing blowout preventers is also declining substantially. Therefore, the reduction in raw material costs will increase the profits for ram blowout preventer manufacturers, which is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global ram blowout preventer market during the forecast period 2019-2023, click here.
With the presence of several major players, the global ram blowout preventer market is fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading ram blowout preventer manufacturers, that include AXON Pressure Products Inc., Baker Hughes, a GE Co. LLC, Control Flow Inc., National Oilwell Varco Inc., Schlumberger Ltd., The Weir Group Plc, Uztel SA, Weatherford International Plc, Worldwide Oilfield Machine Inc., and Yantai Jereh Oilfield Services Group Co. Ltd.
Also, the ram blowout preventer market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.