Global Managed Pressure Drilling Market Synopsis:
The global Managed Pressure Drilling Market is estimated to expand at a CAGR of 3.92% during the review period from 2018 to 2023. It is projected to achieve a revenue of USD 4,750.1 million by 2023. The acceleration in ultra-deepwater exploration and deep water and drilling operations executed by emerging economies and industrialization are the major factors aiding in the growth of managed pressure drilling market 2020. The increased technical advancements for high-pressure drilling and high-temperature (HPHT) wells are stimulated by casing buckling and rock collapse is also believed to be a significant stimulus of market demand for managed pressure drilling.
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Globally, half of the offshore projects are un-drillable due to the technical constraints. Drilling-related problems raise the issue of loss of circulation, stuck pipe, twisting off, kick/loss scenarios, which increase the cost of drilling in various projects. This is where managed pressure drilling (MPD) plays an important role in overcoming many of the aforementioned obstacles. There are several benefits of MPD such as avoid kick loss, improved rate of penetration, drilling with narrow pressure window, accurately managed mud programs, reduced number of casing, early identification of wellbore ballooning, reduced nonproductive time and improved drilling efficiency.
- 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).
The segmental evaluation of the Managed Pressure Drilling Industry 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.
The regional analysis of the managed pressure drilling market consists of regions like Africa, Latin America, Europe, North America, Asia Pacific, and the Middle East.
The North American regions hold the maximum managed pressure drilling market share, of about 47.05% and the Asia Pacific market holds the second position with the market share of about 27.65% and the European market stands at the third position with 16.10% of the market share.
The companies in the North American region have been integrating the managed pressure drilling technology to execute the drilling operations simple along with reducing the risk associated with drilling operations. The utilization of MPD in several projects to add to the capacity of production while assuring seamless experience, efficiency, especially by paying attention to angles such as rate of penetration, the weight of mud is expected to propel the advancement of the managed pressure drilling market in the assessment period.
The APAC region is abundant in hydrocarbon resources in regions like Indonesia, the Gulf of Thailand, Malaysia and are potent enough for rocks like shale in countries like China and India. The major reason for the accumulation of drilling operators in the APAC region is due to huge reserves, which are yet to be explored. Moreover, the continuous production of shale production in South Asia and Central Asia is also adding to the progress of the maximum managed pressure drilling industry in the APAC region.
In the European region, the North Sea has become an epicenter for discoveries in the gas and oil sector. The constant discoveries have resulted in fierce competition and they are reacting to the situation by increasing the rate of production with advanced technology. Hence, the European market is estimated to witness during the assessment period. Additionally, the advancement of new policies can aid to increase the investment in offshore projects in the Latin American region during the review period.
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