U.S. BOP TESTING SERVICES MARKET ANALYSIS

U.S. BOP Testing Services Market, by Services (Nipple-up Services, Nipple-down Services, Repair and Maintenance Services, BOP Winches and Others, and BOP Testing Services), by Application (Onshore and Offshore), and by Sub Region (Eastern U.S., Southern U.S., and Rest of U.S.) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Published In : Jan 2022
Code : CMI4882
Pages :170
Formats :
Excel and PDF
Industry : Information and Communication Technology

U.S. BOP Testing Services MarketSize and Trends

The U.S. BOP testing services market is expected to witness significant growth during the forecast period (2021–2028). Increasing demand for nipple-up & nipple-down services is driving the market growth during the forecast period. Due to increase in oil & gas exploration activities, there is rise in accidents that occur due to the overflow of oil & gas from wells on onshore & offshore fields. Therefore, in order to monitor the oil & gas wells, blowout preventer is used to prevent blowouts or uncontrolled flow of oil or natural gas from rigs. This blowout preventer seals the top of the wellbore that helps in controlling the pressure during oil production and drilling activities. BOP testing services such as nipple-up and nipple-down services are used for the installation and de-installation of blowout preventer (BOP).

The U.S. BOP testing services market was valued at US$ 261.4 Mn in 2020 and is expected to reach US$ 388.6 Mn by 2028 at a CAGR of 5.1% between 2021 and 2028.

Southern U.S. held dominant position in the U.S. BOP testing services market in 2020, accounting for 46.0% share in terms of value, followed by Rest of U.S. and Eastern U.S.

Onshore segment is expected to drive the market growth during the forecast period.

Among application, onshore segment is expected to hold dominant position in the U.S. BOP testing services market during the forecast period. The U.S. is one of the leading oil and natural gas producers, owing to its vast oil and gas resources and technological advances in hydraulic fracturing and horizontal drilling. For instance, in 2018, according to the Independent Petroleum Association of America (IPAA), the U.S. produced 11.3 million barrels per day and became the largest producer of oil and gas in 2018, after Russia and Saudi Arabia. The Federal Land Policy and Management Act of 1976, and the Mineral Leasing Act of 1920 have authorized the Bureau of Land Management (BLM) to manage federal lands, including leasing certain lands for oil and gas development. Moreover, the oil and gas management program includes over 63,000 onshore oil and gas wells on federal lands.

Figure 2: U.S. BOP Testing Services Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2028