Ram BOP Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The ram BOP market was valued at USD 22.26 Billion in 2024. The industry is expected to grow at a CAGR of 3.20% during the forecast period of 2025-2034 to attain a valuation of USD 30.50 Billion by 2034.

Global Ram BOP Market Growth

In 2023, the global oil demand averaged at over 102 million barrels per day. This is expected to rise by 3.2 mbpd by 2030, driven by rapid economic growth of Asia Pacific and the global expansion of the petrochemicals industry and aviation sector. As per industrial analysis, the oil production capacity is expected to increase to 114 mbpd by 2030, due to the growing oil producing capacity of the United States. Other non-OPEC+ countries, such as Canada, Guyana, Argentina, and Brazil are expected to contribute nearly 2.7 mbpd per day. As companies in non-OPEC+ countries continue to get additional project approvals, an additional capacity of 2.1 mbpd can become operational by 2030. This will create a favourable economic outlook for the global oil and gas industry, which is expected to drive the growth of ram BOP market revenue.

Moreover, automated ram BOPs are critical in hazardous environments since they can be operated remotely from a safe distance. They are integrated with fail-safe mechanisms which ensure continuous well-pressure monitoring in case of a hydraulic/power supply failure. Shear ram BOPs are expected to constitute a major portion of the ram BOP market share since they can cut through the oil drilling pipe to seal the wellbore in critical emergencies. The integration of automated features in them is further expected to bolster their consumer appeal, as it can significantly reduce downtime and reduce the risk of human error in BOP operations.

Key Trends and Developments

Increasing demand for pipe blind rams; technological advancements; shift towards automated devices; and strengthening of regulatory requirements are factors favouring the ram BOP market growth.

October 2024

The National Oil Corporation of Libya allowed Eni S.p.A (Italian energy company), BP (British Petroleum) Plc, and OMV (an Austrian multinational company) to resume oil exploration and drilling activities after a decade-long hiatus. This is expected to increase the demand for ram BOPs for ensuring compliance with international safety standards for oil rigs.

August 2024

Technological advancements have enabled BOP manufacturers to device products which can withstand pressure a third greater than that which led to the infamous Deepwater Horizon disaster. This can lead to a global increase in oil production of up to 5 billion barrels and hence, can increase the rate of ram BOP market development.

August 2024

A new BOP testing setup has showcased that using an electrified BOP can enhance the safety and effectiveness of blowout control operations in oil rigs. E-BOPs can achieve emergency closures in under 14 seconds. They also reduce environmental impact by eliminating hydraulic fluid venting. Additionally, e-BOPs can save over 22 days of critical path testing time annually.

September 2023

The US Department of Interior published a ‘final well control rule’ which revised the equipment requirements for blowout prevention devices to prevent large scale accidents in offshore fields. This is expected to favourably shape the ram BOP market outlook.

Shift towards automated devices

Ram BOPs having automated systems for detecting pressure anomalies and immediately proceeding with the shut-in process are expected to witness widespread adoption, thereby fuelling the market growth.

Technological advancements

The integration of advanced monitoring systems into ram BOPs has improved their ability to track real-time data on well pressure conditions and overall flow.

Increasing demand for pipe and blind rams

While pipe rams are used for allowing controlled flow of oil in wells under pressure, blind rams are required to control well pressure during maintenance/closure times. Their increasing demand is expected to favour the ram BOP market expansion.

Strengthening of regulatory requirements

In many countries, oil and gas companies are required to conduct regular testing of blowout preventers (BOP) to ensure they are functioning correctly. Additionally, these companies must carry out emergency response drills to enhance their crisis management skills in the event of a blowout.

Global Ram BOP Market Trends

Technological advancements are expected to play a critical role in driving the growth of the market. The increasing use of high-strength alloys, and other advanced materials has enhanced the performance and durability of ram BOPs since they can withstand a high degree of pressure in deepwater drilling operations. With the development of triple and twin ram BOPs, these safety devices have become more compact and easier to install. This has contributed to the ram BOP market expansion. Over the forecast period, manufacturers are expected to increase the use of digital twin technology to produce high-tech ram BOPs, leading to market growth.

Global Ram BOP Industry Segmentation

The report titled “Global Ram BOP Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type:

• Blind Ram BOP
• Shear Ram BOP
• Pipe Ram BOP
• Variable-Bore Ram BOP

Market Breakup by Application:

• Onshore
• Offshore

Market Breakup by Pressure Handling Capacity:

• Up to 2000 psi
• 2,000 to 5,000 psi
• 5,000 to 10,000 psi
• Above 10,000 psi

Market Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Ram BOP Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the demand for ram BOPs in the Asia Pacific is expected to grow at a CAGR of 5.4% due to the growth of oil drilling and exploration activities in the region. The market outlook is also being favourably influenced by the growing demand for ram BOPs in India (6.2%) and China (5.3%) respectively.

Leading Companies in the Global Ram BOP Market

Improvements in sealing technologies by major players have increased the ram BOP market value by causing a significant reduction in blowout risk.

BOP Products, LLC

BOP Products, LLC was founded in 2005 and is headquartered in Texas, United States. It is engaged in selling, renting, and repairing well control equipment for the oil and gas industry.

EFC Group

EFC Group was founded in 2013 and is headquartered in Floria, United States. As per ram BOP market analysis, it is a financial services company which provides risk and wealth management services, apart from wealth building strategies to its clients.

SHENGJI Group

SHENGJI Group was founded in 1964 and is headquartered in Shandong, China. It specialises in the production of conventional oil drilling and recovery equipments, thermal recovery equipments, anti-abrasion products, and other items for the oil and gas industry.

Axon Pressure Products Inc.

Axon Pressure Products Inc. was founded in 2009 and is headquartered in Texas, United States. After its acquisition by Pelican Energy Partners in late 2018, it became AXON Energy Services. It is mainly engaged in providing pressure control devices, and RAM BOPs, among other equipments for the oil and gas industry.

Other players included in the ram BOP market report are Schlumberger NV, Nov Inc., General Electric Company, and Drilltech Manufacturing Co. Ltd., among others.