The managed pressure drilling market size to grow from $4,298.97 million in 2021 to $6,004.50 million by 2028 to grow at a CAGR of 4.9% during 2021–2028; while the global market was dominated by the offshore segment with market share ~ 70% in 2020.
New York, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Managed Pressure Drilling Market: Key Insights
According to our new research study on “Managed Pressure Drilling Market Size and Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology [Constant Bottom Hole Pressure (CBHP), Mud Cap Drilling (MCD), Dual Gradient Drilling (DGD), and Return Flow Control Drilling (RFCD)] and Application (Onshore and Offshore),” the market is projected to reach US$ 6,004.50 million by 2028 from US$ 4,298.97 million in 2021; it is expected to grow at a CAGR of 4.9% from 2021 to 2028.
Managed Pressure Drilling Market: Competitive Landscape and Key Developments
Ensign Energy Services; Archer; Blade Energy Partners; Nabors Industries Ltd.; Air Drilling Associates, Inc.; ADS Services, LLC; Halliburton Energy Services, Inc.; Schlumberger Limited; Weatherford International plc; and NOV Inc. are among the key players in the global managed pressure drilling market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In August 2021, ADS Services, LLC, a leading provider of drilling and pressure control technologies and solutions, reorganized its product and service portfolio and increased its management team.
The managed pressure drilling process is used for precisely controlling the annular pressure levels across the wellbore length to ensure that the downhole pressure environment limits and manages the annular hydraulic pressure accordingly. It started as an essential technique for drilling wells with narrow pore-pressure and fracture-gradient windows. Ranging from automated to intelligent, the managed pressure drilling operations help enhance safety, lower well-construction costs, reduce well-control risks, and increase production. The major application of managed pressure drilling is in the deep offshore gas and oil wells. The process of oil & gas extraction requires cautionary measures as these substances are highly volatile.
Continuous developments in managed pressure drilling solutions, and rising investments in the oil and gas sector create substantial growth opportunities for the market players. According to the Brazilian National Agency of Petroleum (ANP—Agência Nacional do Petróleo), the oil & gas sector in the country is expected to receive an investment of US$ 13.00 billion in the exploration and production (E&P) activities in 2021. Of the total, ~US$ 4.00 billion (reais ~16 billion) will be available for the drilling sector.
Continuous rise in onshore and offshore drilling activities and significant investments in oil & gas projects are contributing to the managed pressure drilling market growth. However, volatility of crude oil prices is restraining the market growth. Moreover, the growing use of modern drilling methods in high-pressure, high-temperature wells, and proliferation of the industry 4.0 would fuel the managed pressure drilling market growth in the coming years.
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Proliferation of Industry 4.0 to Propel Managed Pressure Drilling Market Growth in Coming Years:
Digital transformation initiatives, involving technologies such as artificial intelligence (AI), the Internet of Things (IoT), and robotics and advanced analytics, drive the 4th wave of the industrial revolution, Industry 4.0. As a result, spending on advanced infrastructure has significantly increased worldwide. The global spending on digital transformation is expected to reach US$ 2.3 trillion by 2023, according to Statista data. Digital transformation is fueling several industry initiatives, and a progressive shift to actual-time data access and intelligence is transforming the way enterprises conduct business.
The previous decade experienced massive upgrades in technologies employed in various sectors, including the oil and gas sector. The overall oil and gas operations, especially the volatile and risky work conditions, have led companies to adopt the Industry 4.0 technologies to ensure safe and efficient operations, cut costs, and optimize manual processes.
According to the Rigzone Magazine, many countries would opt for fully automated drilling operations (such as fully automated managed pressure drilling) by 2025. Moreover, automated drilling technologies are expected to reduce drilling time and cost by 30–35%, compared with a conventional drilling rig, thus making wells economically feasible, enabling drilling of smaller targets, and adding a higher number of infill production wells. Therefore, the Industry 4.0 would introduce new trends such as fully automated drilling operations, thereby bolstering the growth of the managed pressure drilling market in the coming years.
Managed Pressure Drilling market: Application Overview
Based on application, the managed pressure drilling market is bifurcated into onshore and offshore. In 2020, the offshore segment accounted for a larger market share.
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Key Questions to Request for Managed Pressure Drilling Market:
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