Managed Pressure Drilling Market Overview
The transformation of managed pressure drilling from an answer for non-drillable wells to an active way out for well control has surged the growth of the market significantly over the last few years. Implementation of managed pressure drilling (MPD) has expanded considerably since it reduces the occurrence of drilling-related issues and help decrease the nonproductive time. Managed Pressure Drilling Market for has been projected to grow at a 3.92% CAGR over the forecast period. The MPD market is anticipated to generate a revenue of USD 4,750.1 million by 2023.
Lack of skilled labor coupled with a dearth of high process complexity to curtail risks associated with mud weight, low rate of penetration, and pore pressure during the drilling activity is likely to pose restrictions to the growth of the managed pressure drilling market. The increasing shale production has been boosted by growing preference for shale over natural gas production. This can be estimated to open new avenues for growth during the forecast period. Shale extraction has a number of risks related to the environment that includes the usage of technological assistance along with raw materials for which MPD is gradually being integrated. Incorporating MPD is expected to drive the market’s growth over the long term.
Managed Pressure Drilling Market Segmentation
The managed pressure drilling market has been segmented based on technology, tool, regions, and application.
Based on technology, the managed pressure drilling market has been segmented into dual gradient drilling, constant mud cap drilling, return flow control drilling, and bottom hole pressure.
Based on tool, the managed pressure drilling market has been segmented into rotating control device (RCD), choke manifold systems, and non-return valves (NRV).
Based on application, the managed pressure drilling market has been segmented as offshore and onshore.
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Regional Analysis
Geographically, managed pressure drilling market has been segmented into North America, Latin America, Asia Pacific, Africa, Middle East, and Europe. 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
The global managed pressure drilling market has been dominated by key players such as Air Drilling Associates (US), National Oilwell Varco (US), Schlumberger Limited (US), Ensign Energy Services (Canada), Halliburton Inc (US), Oilserv (UAE),Weatherford International (US), Nabors Industries Limited (Bermuda), Enhanced Drilling Services (Norway), Beyond Energy (US), and AFGlobal (US).
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