Managed Pressure Drilling 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. Managed Pressure Drilling Market for has been projected to
grow at a 3.92% CAGR over the forecast period. The MPD market is anticipated to
generate a revenue of USD 4,750.1 million by 2023.
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. 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.
Managed Pressure Drilling Market 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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