New York, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Managed Pressure Drilling Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Managed Pressure Drilling Market : By Technology (Constant Bottom Hole Pressure, Mud Cap Drilling, Dual Gradient Drilling and Return Flow Control Drilling), By Tool (Rotating Control Device (RCD), Non-Return Valves (NRV) and Choke Manifold Systems), By Application (Onshore and Offshore) and Region - Global Forecast Till 2030”.
Market Research Future’s Review on Managed Pressure Drilling Market
The global managed pressure drilling market is projected to be worth USD 7.14 billion by 2030, registering a CAGR of 5.27% during the forecast period (2022 - 2030), The market was valued at USD 3.61 billion in 2021.
Eminent industry players profiled in the global managed pressure drilling market report include
- National Oilwell Varco (US)
- Air Drilling Associates (US)
- Ensign Energy Services (Canada)
- Schlumberger Limited (US)
- Halliburton Inc (US)
- Weatherford International (US)
- Oilserv (UAE)
- Enhanced Drilling Services (Norway)
- Nabors Industries Limited (Bermuda)
- AFGlobal (US)
- Beyond Energy (US)
- Among Others.
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COVID-19 Analysis
The COVID-19 pandemic has adversely impacted the worldwide economy and pushed the financial growth to a lower extreme. Working fields and industries were closed for an uncertain period that led in huge financial losses at the time of the lockdown. Each sector has experienced crisis both in economic growth and health. Due to the government imposed lockdown industrial works were abruptly shut down and there was also a disruption in the entire supply chain. The gap between demand and supply kept widening and organizations experienced a delay in various projects. Drilling activities and oil & gas exploration were hampered and also encountered several operational challenges that needed manual work. The managed pressure drilling market however managed a steady growth as the advanced technologies assisted companies in continuing their work with less manual work and technical difficulties.
Browse In-depth Market Research Report (190 pages) on Managed Pressure Drilling Industry
https://www.marketresearchfuture.com/reports/managed-pressure-drilling-market-1586
Drivers
Growing Technical Developments for High Temperature Wells to Boost Market Growth
The growing technical developments for high-temperature (HPHT) and high-pressure drilling wells that are spurred by rock collapse and casing will boost market growth over the forecast period.
Opportunities
Increasing Applications in Severe Conditions to offer Robust Opportunities
The increasing applications of managed pressure drilling in severe conditions like unknown pore pressure, differential sticking, high-temperature drilling, high pressure, tight pore pressure, fluid loss, and other conditions will offer robust opportunities for the market over the forecast period.
Restraints
Lack of High Process Complexity to act as Market Restraint
The lack of high process complexity coupled with shortage of skilled labor may act as market restraint over the forecast period.
Challenges
Sudden Downturn in Crude Oil Prices to act as Market Challenge
The sudden downturn in crude oil prices that has negatively affected the oil & gas industry resulting in a reduction in cancelled contracts and capital expenditure may act as market challenges over the forecast period.
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Market Segmentation
The global managed pressure drilling market is bifurcated based on technology, tool, and application.
By technology, the managed pressure drilling market is segmented into Constant Bottom Hole Pressure, Mud Cap Drilling, Dual Gradient Drilling and Return Flow Control Drilling.
By tools, the global managed pressure drilling market is segmented into Rotating Control Device (RCD), Non-Return Valves (NRV) and Choke Manifold Systems).
Based on application, the global managed pressure drilling market is segmented into onshore and offshore.
Regional Analysis
North America to Spearhead Managed Pressure Drilling Market
North America will spearhead the managed pressure drilling market over the forecast period. It will touch USD 1801.9 million and at a 4.15% CAGR. Rising adoption of drilling technologies, growing exploration in deep water, huge spending for the development of unconventional resources like shale plays that uses managed pressure drilling for accessing difficult formation & drill wells in an economical way, growing need for cost-effective & safe pressure drilling techniques, and favorable government initiatives like capital incentives & FDI flow are adding to the global managed pressure drilling market growth in the region. Besides, the region having the highest natural gas production as well as second highest oil production in 2020, the region being a major oil & gas producer in the world, increasing oil and gas activities in Canada and the US, the exploration and production activities in the Gulf of Mexico giving opportunities to operators to use managed pressure drilling services in the region, and growing adoption in the US & Canada for the development of alternative sources for drilling like tar sands and tight oil are also adding market growth.
The global managed pressure drilling market is both fragmented and also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and also catering to the burgeoning need of the esteemed clients including, partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, and more. Besides, they are also investing in numerous research & development activities.
Segmentation of Market covered in the research:
Managed Pressure Drilling Market: By Technology (Constant Bottom Hole Pressure, Mud Cap Drilling, Dual Gradient Drilling and Return Flow Control Drilling), By Tool (Rotating Control Device (RCD), Non-Return Valves (NRV) and Choke Manifold Systems), By Application (Onshore and Offshore) and Region - Global Forecast Till 2030
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Report Scope:
| Report Attribute/Metric | Details |
| Market Size | 2030: USD 7.14 billion |
| CAGR | 5.27% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Tool, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Schlumberger Limited, Air Drilling Associates, Inc., Beyond Energy, Weatherford International, Nabors Industries Ltd., Ensign Energy Services, AFGlobal, Halliburton Inc., Enhanced Drilling Services, National Oilwell Varco, Oilserv |
| Key Market Opportunities | Growing Shale Production |
| Key Market Drivers |
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