Where Will Be The Ram Blowout Preventer Market In The Next 5 Years?Posted by Loise Williams on November 13th, 2019 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. 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. 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. Download the free sample report @ http://bit.ly/2KiSwpP
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. 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. Some of the key topics covered in the report include: Market Landscape
Market Sizing
Five Forces Analysis Market Segmentation Geographical Segmentation
Market Drivers Market Challenges Market Trends Vendor Landscape
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