The global market of Managed Pressure drilling is booming and expected to gain prominence over the forecast period. The global Managed Pressure drilling market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2018 – 2023).
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.
Global Managed Pressure Drilling Market – Competitive Analysis
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Managed pressure drilling market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
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Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.
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.
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.
Major Points Of TOC:-
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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Africa is other major market for the Managed Pressure drilling. Increasing offshore discoveries in countries such as Nigeria, Angola, and Tanzania driving the growth of the market in the region. Asia Pacific and Europe are also an important market for the Managed Pressure drilling. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe Managed Pressure drilling market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.
The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market.