Managed Pressure Drilling Market Insights
The global managed pressure drilling market is expected to expand at a CAGR of 3.92% during the forecast period from 2018 to 2023. This prediction has been made by Market Research Future in its newest report on the subject which also estimates a market value that crosses USD 4,700Mn by the end of 2023. Managed pressure drilling is most commonly employed in deep offshore oil and gas wells as it is incredibly safe as well as efficient for use in such areas for oil and gas extraction. Managed pressure drilling allows oil & gas companies to conduct simulation programs in a controlled environment which further helps the companies draw the right conclusions regarding drilling activities, thus increasing efficiency.
Usage of managed pressure drilling involves high process complexity which can be discouraging for adoption as there is a notable lack of skilled labor available in the market. However, growing shale production will introduce market opportunities in the coming years.
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Market Segmentation
The global managed pressure drilling market has been segmented on the basis of technology, tool, application, and region. Technology has been segmented into constant bottom hole pressure, mud cap drilling, dual gradient drilling and return flow control drilling. The constant bottom hole pressure market segment is expected to be a highly lucrative market segment over the forecast period.
Tool has been segmented to include non-return valves (NRV), rotating control device (RCD), choke manifold systems. The rotating control device segment accounts for more than 40% of the total market and is expected to be the dominant segment throughout the forecast period.
Application has been segmented into onshore and offshore applications. Offshore applications are more commonly the target for managed pressure drilling as such activities often pose challenges that can be be resolved using managed pressure drilling solutions.
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Regional Analysis
Among the various key regions analyzed in the report, North America has captured more than a third of the global market share in terms of market value. Valued at USD 1,801.9 in 2017, the North American market is expected to grow at a CAGR of 4.15% during the assessment period. North America has a high crude oil production which is growing rapidly due to the adoption of new technologies and increasing exploration in deepwater drilling are some factors driving the North American market. The Asia Pacific and Europe follow North America respectively.
Key Players
National Oilwell Varco, Nabors Industries Ltd., Oilserv, AFGlobal, Beyond Energy, Halliburton Inc., Weatherford International, Enhanced Drilling Services, Schlumberger Limited, Ensign Energy Services, and Air Drilling Associates, Inc. are among the top contenders in the global managed pressure drilling market as observed by MRFR. These market players have been analyzed in the report for their contributions to market growth.
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