LONDON, Dec. 14, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the managed pressure drilling services market, growing energy demand is expected to significantly contribute to the growth of the managed pressure drilling services market. An increase in energy demand due to increasing industrial activity and advances in both developing and developed countries will result in increased extraction and drilling activities, thereby driving the market. For instance, according to the 2021 International Energy Agency (IEA) report, global energy consumption increased by 4.6% in 2021, which was higher than in 2019 and 2020 across the world. Therefore, growing energy demand drives the growth of the managed pressure drilling services market going forward.
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The global managed pressure drilling services market size is expected to grow from $3.46 billion in 2021 to $3.68 billion in 2022 at a compound annual growth rate (CAGR) of 6.42%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The managed pressure drilling services market share is expected to grow to $4.54 billion in 2026 at a compound annual growth rate (CAGR) of 5.38%.
Technological advancements have emerged as a key trend gaining popularity in the managed pressure drilling services market. Major companies operating in the drilling services sector are focused on developing new technological solutions such as mobile and customizable systems in drilling activities to strengthen their position in the market. For instance, in May 2019, Halliburton, a US-based hydraulic operations company, introduced Flex Managed Pressure Drilling System (MPD), a scalable and mobile system technology that can be customized to address specific operator challenges and improves rig efficiency. This system enables operators to choose the appropriate level of service to help optimize the cost/benefit of managed pressure drilling services.
Major players in the managed pressure drilling services market are Schlumberger Limited, Weatherford International Plc, Nabors Industries Ltd, Ensign Energy Services, Halliburton Inc, National Oilwell Varco, Air Drilling Associates Inc, Beyond Energy Services & Technology, AFGlobal Corporation, Enhanced Drilling Services, Oilserv, Archer Well Services, Frontier International, ADS Services LLC, WellSpec and Aker Solutions.
The global managed pressure drilling services market is segmented by technology into constant bottom hole pressure (CBHP), mud cap drilling (MCD), dual gradient drilling (DGD), return flow control drilling (RFCD); by application: onshore, offshore.
North America was the largest region in the managed pressure drilling services market in 2021. The regions covered in the managed pressure drilling services market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Managed Pressure Drilling Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide managed pressure drilling services market forecast size and growth, managed pressure drilling services market segments, managed pressure drilling services market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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