Europe Blowout Preventer (BOP) Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Europe Blowout Preventer (BOP) Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

What is a Blowout Preventer (BOP)?

Blowout preventers, often known as BOPs, are safety devices that prevent uncontrolled formation fluid flow during drilling and completion operations.

Mud is sent down the drill string during drilling to lubricate and cool the drilling bit, as well as to provide equalizing pressure in the well. A kick can occur when the well's hydrostatic pressure goes below that of the formation, allowing gas, oil, and saltwater fluids to enter the well bore.

These pressured, flammable hydrocarbons can be driven up the well bore to the surface during a kick, where they could blow out the well and ignite. The BOP can manage this flow by sealing off the well bore in a variety of ways.

Components of Blowout Preventer

The blowout preventer is made up of four major components that are layered on top of each other. The annular blowout preventer, blind ram, blind shear ram, and pipe ram blowout preventer are the four components.

Depending on the well design, formation pressures, and areas of application, there can be a wide range of configurations, diameters, and pressure ratings. The BOP is bonded to the steel casing that surrounds the well bore. The drill string is suspended through the well bore's centre. The revolving hose to which the drill bit is mounted is shown here.

Blowout Preventers Market Drivers

The Rising Energy Insecurity in Europe

Since Russia cut off the flow of gas through Ukraine in 2006 and 2009, the majority of the European nations have been concerned about their energy security. These crises generated measurable economic impact by temporarily halting major industrial production in the affected states. They also highlighted NATO members' obvious vulnerability, which may be exploited in future crises.

The European Union imported 155 billion cubic meters (bcm) of natural gas from Russia in 2021, consisting 142 bcm of pipeline gas and 14 bcm of LNG, accounting for over 45 percent of EU gas imports and close to 40 percent of total gas consumption.

The major reasons for its excess dependence on other countries for oil and gas are:

Europe’s declining natural gas production post-2010.

Gas Demand Stabilization in the European market

Failure of alternative supplies of oil and gas

With the outbreak of the Russia-Ukraine war the region is once again in a tight spot to meet its energy demands. The high crude oil prices have already triggered inflation in Europe, further stressing the governments to find a solution to strengthen their energy security.

Major oil-producing nations in the region such as Norway are planning to increase their production in order to mitigate the demand-supply crisis in Europe. Norway's government is planning to strengthen its oil and gas industry and hence is backing more oil production and exploration in the meanwhile promoting renewable energy to meet its climate goals.

In March 2022, the United Kingdom government announced its plans to increase its oil and gas production to ease the energy crisis and to reduce its dependence on Russia. The government is also considering to examine the proposals to approve additional oil and gas fields to widen its energy security strategy.

With more exploration activities, the demand for blowout preventers (BOP) in the European market is expected to be robust.

Some of the other drivers of the bop market in Europe include the increased investments in oil and gas exploration in the region.

Restraints to BOP Market Growth

Major economies in Europe are concerned with climate change and are determined to stop further onshore and offshore well exploration for oil and gas in their respective countries. Few countries have also announced deadlines to stop the use of fossil fuels for their energy needs.

For instance, in Feb 2021, Ireland’s government passed on a law to ban new oil and gas exploration and extraction. The law was included in the country’s climate action and low carbon amendment bill.

The pressure on the governments to cut greenhouse gas emissions and large-scale deployment of renewable energy sources are expected to be the major restraints on the Europe BOP market.

Recent Developments

The Norwegian Petroleum Directorate (NPD), announced fresh drilling permits in the second quarter of 2022.

What do we cover in the report?

Europe Blowout Preventer (BOP) Market Drivers & Restraints

The study covers all the major underlying forces that help the Europe BOP market to develop and grow and the factors that constrain the growth.

The Europe blowout preventer market report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Europe Blowout Preventer (BOP) Market Analysis

This report discusses the market overview, latest updates, important commercial developments and structural trends, and government policies and regulations.

This section provides an assessment of COVID-19 impact on Europe Blowout Preventer (BOP) Market demand.

Europe Blowout Preventer (BOP) Market Size and Demand Forecast

The report provides the Europe Blowout Preventer Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.

Europe Blowout Preventer (BOP) Market Industry Analysis

The market research report examines the critical elements of the Europe Blowout Preventer industry supply chain, its structure, and the participants

Using Porter's five forces framework, the report covers the assessment of the Europe Blowout Preventer (BOP) industry's state of competition, profitability, and market dynamics.

Europe Blowout Preventer Market Segmentation & Forecast

The report dissects the Europe Blowout Preventer (BOP) Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each market segment.

Further, blowout preventer market size and demand forecasts will be presented, along with various drivers and barriers for the individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers major countries data across Europe. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all countries in the region. Following are the notable countries covered under each region.

Norway, Netherlands, United Kingdom, Sweden, and the Rest of the Region.

Key Company Profiles

This report presents detailed profiles of Key companies in the Europe Blowout Preventer (BOP) industry, such as Schlumberger Ltd. (Cameron International Corporation), National Oilwell Varco Inc., Control Flow Inc., etc. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the blowout preventer industry.

Executive Summary

The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.

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