Global
Managed Pressure Drilling Market Insights
The global managed pressure drilling market is
expected to expand at a CAGR of 3.92% during the forecast period from 2018 to
2023. This prediction has been made by
Market Research Future in its newest report on the subject which also estimates
a Global
Managed Pressure Drilling Market value that crosses USD 4,700Mn by the
end of 2023. Managed pressure drilling is most commonly employed in deep
offshore oil and gas wells as it is incredibly safe as well as efficient for
use in such areas for oil and gas extraction. Managed pressure drilling allows
oil & gas companies to conduct simulation programs in a controlled
environment which further helps the companies draw the right conclusions
regarding drilling activities, thus increasing efficiency.
Across the globe, roughly half the offshore projects
are un-drillable due to the technical constraints of drilling in deep offshore
sites. Issues related to drilling include the issue of loss of circulation, stuck pipe, kick/loss scenarios and twisting
off to name a few. Such issues often drastically increase the cost of drilling
in various projects. In such events, oil & gas companies make use of
managed pressure drilling to help minimize the problems caused by the above-mentioned issues. Managed pressure
drilling can help avoid kick loss, improve the rate of penetration and help
with early identification of wellbore ballooning, reduced non-productive time
and improves drilling efficiency. Growing
offshore drilling activities are expected to drive the globally managed pressure drilling market
over the forecast period. To increase operational efficiencies oil & gas
companies are adopting technologically advanced systems and devices to help in
drilling in high pressure and high temperature.
Usage of managed pressure drilling involves high
process complexity which can be discouraging for adoption as there is a notable
lack of skilled labor available in the
market. However, growing shale production will introduce market opportunities
in the coming years .
Global
Managed Pressure Drilling Market Segmentation
The global managed pressure drilling market has been
segmented on the basis of technology,
tool, application, and region. Technology
has been segmented into constant bottom hole pressure, mud cap drilling, dual
gradient drilling and return flow control drilling. The constant bottom hole pressure
market segment is expected to be a highly lucrative market segment over the
forecast period.
Tool
has been segmented to include non-return valves (NRV), rotating control device
(RCD), choke manifold systems. The rotating control device segment accounts for
more than 40% of the total market and is expected to be the dominant segment
throughout the forecast period.
Application
has been segmented into onshore and offshore applications. Offshore
applications are more commonly the target for managed pressure drilling as such
activities often pose challenges that can be
be resolved using managed pressure drilling solutions.
Regional
Analysis
Among the various key regions analyzed in the report, North America has captured more than a
third of the global market share in terms of market value. Valued at USD
1,801.9 in 2017, the North American market is expected to grow at a CAGR of
4.15% during the assessment period. North America has a high crude oil
production which is growing rapidly due to the adoption
of new technologies and increasing exploration in deepwater drilling are
some factors driving the North American market. The Asia Pacific and Europe
follow North America respectively.
Key
Players
National Oilwell Varco, Nabors Industries Ltd.,
Oilserv, AFGlobal, Beyond Energy, Halliburton Inc., Weatherford International,
Enhanced Drilling Services, Schlumberger Limited, Ensign Energy Services, and
Air Drilling Associates, Inc. are among the top contenders in the global
managed pressure drilling market as observed by MRFR. These market players have
been analyzed in the report for their contributions to market growth.
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