Managed
Pressure Drilling Services Market Overview
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. Market for
MPD 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
transition of managed pressure drilling from a solution for undrillable wells
to an active approach to well control has increased the development of the
market substantially over the past few years. As managed pressure drilling
(MPD) can considerably decrease the possibility of drilling-related problems
and help reduce nonproductive time, the implementation of MPD technology has
grown considerably.
Managed
Pressure Drilling Market Segmentation
The Managed
Pressure Drilling Services 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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