Global Ram Blowout Preventer Market 2019-2023 | 6% CAGR Projection over the Next Five Years | Technavio

The ram blowout preventer market size is expected to post a CAGR over 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global ram blowout preventer market 2019-2023. (Graphic: Business Wire)

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 is leading to a significant rise in oil and gas E&P activities, which increases the demand for ram blowout preventers.

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As per Technavio, the declining cost of raw materials will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.

Ram Blowout Preventer Market: Declining Cost of Raw Materials

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 and, subsequently, increase the growth of the market during the forecast period.

“Apart from the declining cost of raw materials, other factors such as the advancements in blowout preventers, and the rise in deepwater and ultra-deepwater E&P activities will have a significant impact on the ram blowout preventer market growth during the forecast period,” says a senior analyst at Technavio.

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Ram Blowout Preventer Market: Segmentation Analysis

This market research report segments the global ram blowout preventer market by application (onshore and offshore), and by region (North America, Europe, APAC, South America, and MEA).

The North American region led the market in 2018, followed by MEA, APAC, Europe, and South America, respectively. The growth of the ram blowout preventer market share in North America can be attributed to factors such as the rise in initiatives taken by governments to increase oil and gas production and the increase in E&P activities in unconventional sources of oil and gas such as oil sands and shale in the region.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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