The demand for energy and power is ever increasing and has resulted in increasing exploration activities both onshore and offshore. Exploration has resulted in increasing drilling activities which is pushing the demand in the Managed Pressure drilling market. Increasing exploration activities in deep water and ultra-deep water will significantly contribute towards the growth and development of the Managed Pressure drilling market.
Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the Managed Pressure drilling market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. Additionally, increasing deepwater drilling activities in Africa and Latin America is also expected to boost the demand for managed pressure drilling services during the forecast period. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.
Industry Top Key Players:-
- Archer Well Services
- Schlumberger Limited
- Baker Hughes
- Weatherford International
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In June 2017, Noble Corporation plc has awarded AFGlobal a contract for the provision of an integrated deepwater managed pressure drilling (MPD) system. The contract include the supply and installation of a completely integrated, next-generation MPD system.
In July 2016, AFGlobal Corp. has agreed to acquire Managed Pressure Operations (MPO), a subsidiary of MHWirth. This acquisition helps the company to solidify their position as a specialized original equipment manufacturer (OEM).
EFC Group, has developed a long-term relationship with Weatherford, leading to multiple contract awards for Managed Pressure Drilling equipment supply to support the Weatherford Secure Drilling services business. These contract include the design and supply of direct hydraulic controls, hydraulic power units, choke, flow metering and buffer manifolds as well as integrated reelers, umbilicals, hoses & stab plates.
Managed Pressure drilling Market – Segmentation
Global Managed Pressure drilling Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
Based on Technology, the market has been segmented into Mudcap Drilling, Constant Bottom Hole Pressure and Return Flow control Drilling. Constant Bottom Hole Pressure dominates the technology segment of the market and is expected to grow at highest CAGR during the forecast period. CBHP technique provides site safety by monitoring the annular pressure while detecting kicks and fluid losses early and drilling. This technology is used extensively in the North American continent for drilling offshore wells in the Gulf of Mexico, where drilling conditions are tough.
Based on Well Type, the market has been segmented land and offshore. The offshore segment held the largest share in the managed pressure drilling market and is expected to grow at highest CAGR during the forecast period. The growth is attributed to the frequent use of managed pressure drilling in High Pressure High Temperature (HPHT) wells and deepwater resources.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.
Regional Analysis of Managed Pressure drilling Market:-
North America is expected to dominate the Managed Pressure Drilling market mainly due to significant exploration onshore and offshore, undertaken in this region. Increasing demand for budget drilling techniques is expected to increase the demand in the Managed Pressure Drilling market.
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- Managed Pressure drilling manufacturers
- Managed Pressure drilling Contractors
- Research and Development (R&D) Companies