- Blowout preventer (BOP) equipment is designed for lifting, storing, transporting, and lowering BOP stacks used on drilling and production facilities or rigs.
- A BOP handling system is a specified valve or mechanical device, used to control, monitor, and seal oil and gas wells to prevent blowouts.
- They are usually installed in stacks of other valves. BOP handling systems are of two types: ram blowout preventer and annular blowout preventer. Blowout preventers are used on offshore rigs, subsea wells, and land wells.
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Key Drivers of BOP Handling Systems Market
Rise in demand for BOP handling systems in industrial sector boosting the market
- BOP handling systems are used in various applications such as construction, mining, metallurgy, and freight. Rise in demand for BOP handling systems in heavy lifting of cargos in harbors and ships is anticipated to augment the global market. For instance, 10.7 billion tons of goods were loaded across the globe in 2017 and Asia Pacific was the dominant region in this market. More than 6.5 billion tons was unloaded and 4.4 billion tons of goods were loaded in Asian seaports in 2017.
- BOP handling systems are usually used as rear or front mounts to drag heavy weights and used in numerous commercial automobiles or vehicles. This in turn is projected to boost the global demand for BOP handling systems.
- BOP handling systems are used to dangle and lift loads in the construction sector, which is another major factor expected to drive the growth of the market in the coming years.
- Moreover, increasing growth in the oil & gas industry is anticipated to fuel the BOP handling systems market across the globe.
- Automation and technological advancement including remote-control clutch system might offer noteworthy opportunities to the market in the near future.
High cost of BOP handling systems to hamper the market
- High cost of BOP handling systems is estimated to adversely impact the demand for BOP handling systems in the next few years.
- High cost of maintenance and installation of BOP handling systems is also anticipated to hamper the market.
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