Managed Pressure Drilling Market – Overview
The
eve increasing demand for fossil fuels is estimated to benefit the Managed Pressure
Drilling Market 2020. 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. The market for MPD is anticipated to expand at a 3.92% CAGR
through the forecast period and is projected to achieve a revenue level of USD
4,750.1 million by 2023. A detailed
analysis report of COVID-19 impact on Managed Pressure Drilling Market is provided with the
report.
The exploration in deep
and ultra-deepwater bodies is expected to increase the development rate of the
managed services market size in the forecast period. The high pressure and
high-temperature wells have undergone significant technical developments, and
this factor is anticipated to shape the managed pressure drilling market in the
coming period.
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Segmental Analysis
The segmental evaluation
of the managed pressure drilling market has been performed on the basis of
application, technology, and region.
On the basis of the
technology, the market for managed pressure drilling is segmented into dual
gradient drilling, mud cap drilling, constant bottom hole pressure, and return
flow control drilling.
Based on the tools, the
managed pressure drilling market is segmented into non-return valves (NRV),
rotating control device (RCD), and choke manifold systems.
The application basis of
segmenting the managed pressure drilling market has been divided into onshore
and offshore.
The regional basis of
market segmentation consists of North America, Asia Pacific, Middle East, Latin
America, Europe, and Africa.
Regional Analysis
The regional appraisal of
the managed
pressure drilling industry includes regions such as North
America, Asia Pacific, Middle East, Latin America, Europe, and Africa.
The North American region
is accredited with the key market portion, and the second place has been taken
by the Asia Pacific region, and the European region follows in third with the
lesser share of the market segment. In the North American region, the
businesses have been applying the managed pressure drilling technology to make
the examination and drilling operations easier along with the mitigation of
risks associated with drilling operations.
The region in the Asia
Pacific is awash with hydrocarbon resources in areas such as the Gulf of
Thailand, Malaysia, Indonesia, have a huge prospective for shale in nations
such as India and China. The principal reasons for the focus of drilling
operators in the APAC region are the massive confirmed reserves, which are
still relatively unexplored in the region. Also, the continuous progress of the
shale production in the central and South Asia is also supplementing the
development of managed pressure drilling market in the Asia Pacific region.
Competitive Analysis
The strategies related to
product creation and improvement are estimated to dictate the future growth
trends of the market. The market is also projected to gain growth momentum due
to the constructive steps that the market players are undertaking in the
market. The raw materials of the market are estimated to determine the
development of supply to the end-users in the forecast period. The market
advance is expected to see a reversal in the overall progress due to the
influence of macro factors. The positive effect of government regulations is
estimated to reverberate throughout the market in the upcoming period. The
emphasis on research and development is expected to pay off for the market
contenders leading them to an improved position in the market. The stimulus of
currency stabilization is also expected to set up a favorable ground for market
expansion in the years to come.
The notable contenders
that are shaping the managed pressure drilling market are Weatherford
International (US), Air Drilling Associates (US), Ensign Energy Services
(Canada), Nabors Industries Limited (Bermuda), National Oilwell Varco (US),
Schlumberger Limited (US), Oilserv (UAE), Halliburton Inc (US), Enhanced
Drilling Services (Norway), AFGlobal (US) and Beyond Energy (US).
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