Managed Pressure Drilling Market Synopsis
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Managed Pressure Drilling Market is projected to be worth USD 4,523.7 million by 2030, registering a CAGR of 3.90% during the forecast period (2022 - 2030).
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Market Segmentation
The analysis of the market for managed pressure drilling is classified on the basis of regions, tools, technology, and application.
- On the basis of region, the global market has been classified into Europe, Asia Pacific, Africa, Middle East, Latin America, and North America.
- On the basis of tools, the managed pressure drilling market is classified into choke manifold systems, rotating control device (RCD), and non-return valves (NRV).
- On the basis of technology, the managed pressure drilling market is classified into return flow control drilling, constant mud cap drilling, dual gradient drilling, and bottom hole pressure.
- On the basis of application, the managed pressure drilling market is classified into offshore and onshore.
Regional Analysis
The regional analysis of the managed pressure drilling market consists of regions like Africa, Latin America, Europe, North America, Asia Pacific, and the Middle East.
- The North American regions hold the maximum managed pressure drilling market share, of about 47.05% and the Asia Pacific market holds the second position with the market share of about 27.65% and the European market stands at the third position with 16.10% of the market share.
- The companies in the North American region have been integrating the managed pressure drilling technology to execute the drilling operations simple along with reducing the risk associated with drilling operations. The utilization of MPD in several projects to add to the capacity of production while assuring seamless experience, efficiency, especially by paying attention to angles such as rate of penetration, the weight of mud is expected to propel the advancement of the managed pressure drilling market in the assessment period.
- The APAC region is abundant in hydrocarbon resources in regions like Indonesia, the Gulf of Thailand, Malaysia and are potent enough for rocks like shale in countries like China and India. The major reason for the accumulation of drilling operators in the APAC region is due to huge reserves, which are yet to be explored. Moreover, the continuous production of shale production in South Asia and Central Asia is also adding to the progress of the maximum managed pressure drilling industry in the APAC region.
- In the European region, the North Sea has become an epicenter for discoveries in the gas and oil sector. The constant discoveries have resulted in fierce competition and they are reacting to the situation by increasing the rate of production with advanced technology. Hence, the European market is estimated to witness during the assessment period. Additionally, the advancement of new policies can aid to increase the investment in offshore projects in the Latin American region during the review period.
Key Players
National Oilwell Varco, Air Drilling Associates, Inc., Enhanced Drilling Services, Schlumberger Limited, Ensign Energy Services, Weatherford International, Halliburton Inc., Oilserv, AFGlobal, Nabors Industries Ltd., Beyond Energy, and others
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