Blowout is a term used to indicate the uncontrolled flow of fluids during the production or drilling of oil &/or gas. It could occur due to multiple reasons. The failure of pressure control systems while producing oil &/or gas from a reservoir is a common cause. If not checked in time, the hydrocarbons ignite, leading to a firestorm. This can be avoided through the deployment of blowout equipment. —
The worldwide blowout equipment industry is projected to grow lucratively over the forecast period (2011 to 2016). This may be credited to the development of novel products that are more accurate and work well under a vigorous environment. Moreover, the oil & gas industry, in the years gone by, has conducted considerable research focused on avoidance of accidents and smooth functioning of operations.
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This has been triggered by accidents resulting in colossal damage to products and machinery, even costing human life. Companies have to face stringent legal action in the event of such occurrences. This prompts them to lower their risks by careful planning and usage of the most-suitable equipments. Market growth is also fueled by the rising number of oil & gas wells being drilled.
The blowout equipment industry is segmented on the basis of types, applications, and regions. Product types consist of BOP (blowout preventers), BEM (blowout equipment manifolds), well killing facilities, and others. ‘Others’ includes equipment used in conditions involving high toxic gas content.
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BOPs manage erratic pressures and unrestrained flow during drilling. They also restrain drilling fluids and tubing from blowing out of the well. Several products with varying sizes, styles, and pressure ratings are available in the market. As per configuration, BOPs are further split into ram and annular.
Regional fragments encompass the United States (U.S.), Europe, China, and Japan. The U.S. is an important market for blowout equipment. This attributes to the presence of a large number of wells for exploration and production of shale gas.
Some key participants of the global blowout equipment industry are American Completion Tools, Domino Machine, Sichuan Honghua Petroleum Equipment, and The Subsea Company. Other well-known vendors include MTQ Corporation Limited, Eastern Oilfield Supply, Henderson Oilfield Products, and Kingrig Group.
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