The new report by Expert Market Research titled, ‘Global Managed Pressure Drilling Services Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Managed Pressure Drilling Services market, assessing the market based on its segments like technology, application and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.2%
The global Managed Pressure Drilling Services market witnessed decent growth in the historical period, due to increased need for safe, effective and optimised drilling processes for deep-under water activities in order to explore untapped resources.
Managed Pressure Drilling Services Industry Definition and Major Segments
Managed pressure drilling is an adjustable drilling technique that is used to accurately regulate the annular pressure profile, while drilling throughout the wellbore. It aids in identifying the downhole pressure environment limits, from which the annular hydraulic pressure profile is managed. This is accomplished by controlling the flow conditions in order to maintain bottom-hole pressure in accordance with a modelled pore pressure.
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Based on technology, the market can be categorised into the following:
• Constant Bottom Hole Pressure
• Dual Gradient Drilling
• Mud Cap Drilling
• Return Flow Control Drilling (HSE Method)
Based on application, the market can be divided into:
The regional market for Managed Pressure Drilling Services includes:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Managed Pressure Drilling Services Market Trends
Globally, North America owns the largest market share, and the region will dominate the market in the forecast period. Africa is expected to grow at a rapid pace as a result of recent findings of offshore regions in countries such as Mozambique, Tanzania, and Angola. The market in the Asia Pacific area is likely to grow in the future as energy demand in the region’s growing countries like China, India etc witness significant growth in the forecast period. Demand for low-cost, safe pressure drilling techniques is increasing as a result of positive government measures such as smooth FDI flow and capital incentives.
Governments in several nations are encouraging the exploration and production of natural gas from both conventional and unconventional sources, such as shale and tight gas, and have taken a number of regulatory steps to do so. In the future, this support will lead to a greater utilisation of activities such as controlled pressure drilling for the development of unconventional gases. With increasing concerns for safety, health, and environmental issues during drilling operations, the market is projected to grow, particularly in some specific regions, where such projects are being planned or undergoing.
By accurately regulating the pressure, MPD efficiently decreases drilling dangers such as fluid loss, differential sticking, lost circulation, nuisance gas zones, and kicks. It provides consistent drilling of long sections as well as a great degree of flexibility in casing design for drilling deeper wells. MPD is also expected to make drilling safer by lowering the risk of blowouts and other uncontrolled bottom hole pressure variations. These drivers are expected to propel the market in the forecast period.
Key Market Players
The major players in the global market include Weatherford International Limited (OTCMKTS: WFTIQ), Halliburton Company, Baker Hughes Inc., Schlumberger Limited, National Oilwell Varco, Archer Limited, Aker Solutions ASA, Ensign Energy Services Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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