U.S. BOP TESTING SERVICES MARKET ANALYSIS

Regional Analysis

• U.S.

Southern U.S. is expected to hold dominant position in the U.S. BOP testing services market during the forecast period.

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.

Figure 1: U.S. BOP Testing Services Market Share (%), By Sub-Region, 2020

Among sub-region, Southern U.S. held dominant position in the U.S. BOP testing services market in 2020, and is expected to retain its dominance throughout the forecast period. The increasing production of crude oil and natural gas is propelling growth of the southern U.S. BOP testing services market. Texas, Alabama, Delaware, Florida, Kentucky, Georgia, Louisiana, Mississippi, Missouri, Tennessee, Virginia, West Virginia, Arkansas, Oklahoma, and Gulf of Mexico are the states included in Southern U.S. The massive growth in production of crude oil in states such as Texas, Oklahoma, and the Gulf of Mexico is expected to drive growth of the Southern U.S. BOP testing services market in the near future. Texas is a national leader in oil and natural gas production. For instance, according to Houston Chronicle, Texas oil wells produced more than 1.54 billion barrels of crude oil in 2018, breaking the previous record of 1.28 billion barrels set in 1973. Furthermore, natural gas production in Texas also increased to 8.8 trillion cubic feet in 2018.

Rest of the U.S. is also expected to exhibit significant growth during the forecast period. Increasing well drilling activities is propelling growth of the Rest of U.S. BOP market. The Rest of U.S. includes regions such as California, Alaska, North Dakota, and others excluding eastern and southern U.S. The presence of oil fields has resulted in increasing number of drilling activities in the region. For instance, Bakken Shale and Williston Basinin, two of the largest oil reversers of the world, are present in North Dakota.