Managed Pressure Drilling Market to Touch USD 4,750.1 Million at 3.92% CAGR by 2023
Research Reports
Dec 28, 2020
Market Analysis
The global managed pressure drilling market is projected to touch USD 4,750.1 million at a 3.92% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis.
Managed pressure drilling or MPD, simply put, is an adaptive method that is used for controlling the annular pressure across the wellbore. It offers a closed-loop circulation system where pore pressure, bottom hole pressure, and formation fracture pressure are balanced and managed at the surface. This offers an active approach to well control, hence improves primary well control, automatically react to influxes, and verify downhole obstacles in real-time.
Various factors are propelling the global managed pressure drilling market share. According to the recent MRFR report, such factors include low operational cost, an increase in unconventional drilling activities, recovery of oil price, and increasing consumption of oil and gas.
On the contrary, growing adoption of renewable energy, volatility in prices of crude oil, risk related to drilling activities, and the on-going COVID-19 impact may deter the global managed pressure drilling market growth in the region.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global managed pressure drilling market based on application, technology, and tool.
- By tool, the global managed pressure drilling market is segmented into choke manifold systems, non-return valves (NRV), and rotating control device (RCD).
- By technology, the global managed pressure drilling market is segmented into return flow control drilling, bottom hole pressure, dual gradient drilling, and constant mud cap drilling. Of these, the bottom hole pressure will lead the market over the forecast period.
- By application, the global managed pressure drilling market is segmented into offshore and onshore. Of these, the offshore segment will dominate the market over the forecast period.
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Regional Analysis
By region, the global managed pressure drilling market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Middles East and Africa (MEA). Among these, North America will lead the market over the forecast period. Increasing adoption of managed pressure drilling technology by companies to make drilling and exploration operations simpler and alleviation of risks associated with drilling operations, increasing use on different projects to boost production capacity and at the same time guarantee efficiency by concentrating explicitly on facets like rate of penetration and mud weight are adding to the global managed pressure drilling market growth in the region.
The global managed pressure drilling market in the APAC region is predicted to have healthy growth over the forecast period. Ample hydrocarbon resources in Indonesia, Gulf of Thailand, and Malaysia, enormous confirmed reserves, and the nonstop development of shale production in the south and central Asia are adding to the global managed pressure drilling market growth in the region.
The global managed pressure drilling market in Europe is predicted to have sound growth over the forecast period. The region being a hub for new discoveries in oil and gas sectors, incessant discoveries resulting in elevated competition among competitors, increasing rate of production with new technologies, development of favorable new policies that increase the capacity of production in Brazil are adding to the global managed pressure drilling market growth in the region.
The global managed pressure drilling market in the MEA is predicted to have steady growth over the forecast period.
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Key Players
Eminent players profiled in the global managed pressure drilling market report include
- Beyond Energy (US)
- AFGlobal (US)
- Nabors Industries Limited (Bermuda)
- Enhanced Drilling Services (Norway)
- Oilserv (UAE)
- Weatherford International (US)
- Halliburton Inc (US)
- Schlumberger Limited (US)
- Ensign Energy Services (Canada)
- Air Drilling Associates (US)
- National Oilwell Varco (US).
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