LONDON--(BUSINESS WIRE)--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
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.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR32143
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.
Register for a free trial today and gain instant access to 10,000+ market research reports.
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.