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Managed Pressure Drilling Market Overview
Market for Managed Pressure Drilling has been projected to grow at a 3.92% CAGR over the forecast period. The market is anticipated to generate a revenue of USD 4,750.1 million by 2023.
The transformation of managed pressure drilling from an answer for non-drillable wells to an active way out for well control has surged the growth of the market significantly over the last few years. Implementation of managed pressure drilling (MPD) has expanded considerably since it reduces the occurrence of drilling-related issues and help decrease the nonproductive time. Lack of skilled labor coupled with a dearth of high process complexity to curtail risks associated with mud weight, low rate of penetration, and pore pressure during the drilling activity is likely to pose restrictions to the growth of the managed pressure drilling market.
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The increasing shale production has been boosted by growing preference for shale over natural gas production. This can be estimated to open new avenues for growth during the forecast period. Shale extraction has a number of risks related to the environment that includes the usage of technological assistance along with raw materials for which MPD is gradually being integrated. Incorporating MPD is expected to drive the market’s growth over the long term.
Global Managed Pressure Drilling Industry Segmentation
The managed pressure drilling market has been segmented based on technology, tool, regions, and application.
Based on technology, the managed pressure drilling market has been segmented into dual gradient drilling, constant mud cap drilling, return flow control drilling, and bottom hole pressure.
Based on tool, the managed pressure drilling market has been segmented into rotating control device (RCD), choke manifold systems, and non-return valves (NRV).
Based on application, the managed pressure drilling market has been segmented as offshore and onshore.
Regional Analysis
Geographically, managed pressure drilling market has been segmented into North America, Latin America, Asia Pacific, Africa, Middle East, and Europe.
North America holds the largest share of 47.50% in the managed pressure drilling segment. North America is followed by Asia Pacific region with 27.65% market share. While Europe holds the third position in the market with 16.10% share. Companies in North America have been implementing the managed pressure drilling technology to make drilling and exploration operations simpler along with curtailing the risks related to drilling activities.
APAC is replete of hydrocarbon resources in regions such as Gulf of Thailand, Malaysia, and Indonesia. These areas have huge potential for shale in nations such as China and India. The key reason boosting the concentration of drilling operators in the APAC is the existence of numerous confirmed reserves that are still uncharted in the region. Additionally, the nonstop growth of shale production in the south and central Asia is also amplifying the development of MPD market in the Asia Pacific region. The North Sea has developed into a hub for new discoveries in the oil and gas industry. The continuous discoveries have led to increased rivalry amongst the key players. The rivals are responding to the circumstances by replacing the rate of production with the advanced technologies.
Hence, the MPD market in Europe has been projected to witness consistent development in the forecast period. Moreover, the growth of favorable novel policies can aid in increasing the production capacity in Brazil. It is also likely to surge the outlays in offshore projects throughout the Latin American region during the forecast period.
Key Players
The global managed pressure drilling market has been dominated by key players such as Air Drilling Associates (US), National Oilwell Varco (US), Schlumberger Limited (US), Ensign Energy Services (Canada), Halliburton Inc (US), Oilserv (UAE),Weatherford International (US), Nabors Industries Limited (Bermuda), Enhanced Drilling Services (Norway), Beyond Energy (US), and AFGlobal (US).
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