Blowout Preventer Market - Size, Share, Industry Trends, and Forecasts (2025-2032)

By Type:

Based on the type, the market is segmented into annular blowout preventers, ram blowout preventers, and hybrid blowout preventers.

Trends in the Type:

• The trend towards minimizing rig space which maximizes safety is driving the adoption of hybrid blowout preventers.
• The increasing number of high volume of onshore and offshore operations is boosting the need for annular blowout preventers which in turn is fueling the blowout preventer market trend.

Ram Blowout Preventers accounted for the largest revenue share in the year 2024.

• The ram blowout preventers help in preventing blowouts, fires, explosions, and environmental damage.
• Additionally, the key benefits of adopting ram blowout preventors include enhanced performance, improved safety, and multiple size options among others.
• Further, the need for highly reliable sealing solution is driving the adoption of ram blowout preventers segment.
• Thus, as per the market analysis, the rising demand for reliable sealing solution is driving the market progress.

Annular Blowout Preventers is anticipated to register the fastest CAGR during the forecast period.

• The increased offshore and onshore drilling activities due to growing energy demand is driving the adoption of annular blowout preventers.
• Further, the annular BOP plays a key role in ensuring the safety and efficiency of modern oil and gas operations.
• For instance, in December 2023, MEYER acquired Fabritech MS which specialize in blowout preventer manufacturing with licenses such as 16A, 6A, ISO 9001 and API Q1. The API 16A covers adapters, annular BOP, and others marking creation of go-to experts for BOP solutions.
• Therefore, as per the market analysis, the ability to ensure safety and efficiency are anticipated to boost the adoption of annular blowout preventers during the forecast period.

By Control Mechanism:

Based on the control mechanism, the market is segmented into hydraulic control, manual control, and electronic control.

Trends in the Control Mechanism:

• The growing need for reliable safety equipment, particularly in offshore drilling, is driving the adoption of hydraulic control mechanisms.
• The rising adoption of digital twin technology in simulation performance and design of electronic control mechanism.

Hydraulic Control accounted for the largest revenue share in the year 2024.

• The primary function of hydraulic control mechanism is to help to maintain well control during drilling and workover operations.
• Further, the fast response times, high-pressure capabilities, and ease of operation are driving the adoption of hydraulic control mechanism.
• Furthermore, the hydraulic control mechanism is a key component in the wireline pressure control equipment used in drilling and production operations.
• Thus, as per the market analysis, fast response times, high-pressure capabilities, and ease of operation are driving the adoption of hydraulic control mechanism.

Electronic Control is anticipated to register the fastest CAGR during the forecast period.

• The electronic control provides real time data about the performance of devices as well as identify potential issues and optimize operations.
• Further, the increasing adoption of electronic control devices due to improved reliability, efficiency, and automation drives the blowout preventer market size.
• Therefore, as per the market analysis, improved reliability, efficiency, and automation in electric control segment is anticipated to boost the market during the forecast period.

By Application:

Based on the application, the market is segmented into offshore drilling, onshore drilling, and well testing.

Trends in the Application:

• The trend towards advancement in drilling devices and automation is driving the market adoption in offshore and onshore drilling applications.
• The trend towards increasing deep water exploration is driving the market adoption in onshore drilling applications.

Onshore Drilling accounted for the largest revenue share in the year 2024 and is anticipated to register the fastest CAGR during the forecast period.

• The device plays a key role in onshore drilling operations by safely extracting oil and gas as well as preventing uncontrolled releases of well fluids.
• Further, the increasing number of onshore drilling sites is driving the adoption of devices which in turn fuels the blowout preventer market size.
• For instance, according to EIA, the onshore crude oil and natural gas drilling activity in USA reached 580 sites in 2024 which in turn is paving the way for market adoption.
• Thus, according to the blowout preventer market analysis, increasing number of onshore drilling sites is driving the market development.

By End-User:

Based on the end user, the market is segmented into oil and gas, geothermal, and mining.

Trends in the End User:

• The rising adoption of advanced safety measures in mining is driving the blowout preventer market trend.
• The trend towards innovation and improvement in design and functionality of the device is driving the adoption in oil and gas sector.

Oil and Gas accounted for the largest revenue share of 64.85% in the year 2024.

• The increasing oil and gas exploration activities are driving the market adoption, which in turn is boosting the blowout preventer market share.
• Further, the increasing government focus towards improving the safety is driving the adoption of devices in oil and gas industries which in turn is fueling the blowout preventer market share.
• For instance, in May 2023, Bureau of Safety and Environmental Enforcement announced the complete evaluation of two drills in Gulf of Mexico. The evaluation aims to check the oil and gas industry’s preparedness for a subsea blowout.
• Thus, as per the market analysis, increasing government focus towards improving the safety is driving the market adoption in oil and gas sector.

Mining is anticipated to register the fastest CAGR during the forecast period.

• The technological innovations are enhancing the reliability and safety of the device which in turn is driving the device adoption in mining sector.
• Further, the rising adoption of the device in renewable energy projects and deep-sea mining drives the blowout preventer market.
• Therefore, according to the blowout preventer market analysis, the rising adoption in renewable energy projects and deep-sea mining are anticipated to boost the growth of the market during the forecast period.