The Managed Pressure Drilling Services Market is expected to cross USD 4.60 Billion by 2021, and is projected to grow at a CAGR of 3.8% during the forecast period. North America was the largest market in 2015, owing to extensive offshore activities in the Gulf of Mexico region; this trend is projected to continue till 2021. Growing energy demand coupled with declining production in onshore fields would drive the demand for new drillings, particularly in the offshore region. Apart from this, the success of managed pressure drilling in fields that were earlier considered uneconomical to drill would increase the demand for managed pressure drilling services.
Deepwater drilling in Africa and Latin America is expected to boost the demand for managed pressure drilling services during the forecast period. The North American market is also projected to grow at a moderate pace, aided by large-scale spending for the development of unconventional resources, such as shale plays, where managed pressure drilling is used to access difficult formation and drill wells in the most economical way.
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Offshore segment is expected to lead the market
Managed pressure drilling is mainly used in offshore drilling because of high-cost associated with it. Meanwhile, increasing exploration activities in deepwater and ultra deepwater regions, mainly in Europe and Africa, where recent oil & gas discoveries have been in offshore are contributing to the growth of the Managed Pressure Drilling Services Market.
North America: the largest market for managed pressure drilling services
North America is projected to be the largest market for managed pressure drilling services till 2021. Within North America, the U.S. is the largest market, accounting for the maximum share. Meanwhile, Canada is also expected to show reasonable growth, given its development of unconventional sources, such as tar sands and tight oil. Meanwhile, Africa is the fastest growing within the Managed Pressure Drilling Services Market, due to the recent discoveries occurring offshore in countries such as Angola, Tanzania, and Mozambique, among others. In addition, offshore developments in the Red Sea region by countries such as Saudi Arabia, Qatar, and UAE is expected to drive the growth of the Middle East market.
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Some of the Leading players in the Managed Pressure Drilling Services Market such as Weatherford International (U.S.), Schlumberger (U.S.), Baker Hughes (U.S.), Halliburton (U.S.), and Aker Solutions (Norway).