Pune, April 23, 2020 (GLOBE NEWSWIRE) -- The global managed pressure drilling market size is projected to reach USD 4.97 billion by 2026, exhibiting a CAGR of 4.6% during the forecast period. Rising demand for oil & gas worldwide will propel the market in the coming years, according to the new Fortune Business Insights™ report, titled “Managed Pressure Drilling Market Size, Share and Industry Analysis, By Technology (Constant Bottom Hole Pressure, Pressurized Mud Cap Drilling, and Dual Gradient), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026”. The International Energy Agency (IEA) forecasts that the world demand for natural gas will grow by 1.6% annually till 2022, bolstered by the strong economic growth of the Asian economies of China and India. In case of oil, the IEA data reveals that in 2019 the global oil demand increased by 1.1 million barrels per day, more than doubling from the levels seen in the second quarter of the same year. Such steadily climbing demand for oil & gas and other hydrocarbons is set to stoke the adoption of efficient drilling techniques and managed pressure drilling (MPD) is fast-emerging as one of the most viable methods for extracting hydrocarbons, especially in offshore locations.
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As per the managed pressure drilling market report, the value of this market stood at USD 3.47 billion in 2018. The report also contains the following:
- Accurate computation of market values and figures;
- Thorough research into the factors and trends shaping the size, share, and overall growth of the market;
- Microscopic analysis of the various market segments;
- Comprehensive study of the regional developments and competitive landscape impacting the market.
An Overview of the Impact of COVID-19 on this Market:
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Market Restraint
Ongoing Price Wars between Oil Producing Giants to Stem Market Growth
Although surging demand for oil & gas will primarily shape the managed pressure drilling market trends, high volatility in global oil prices is likely to play spoilsport in the growth of this market. This volatility stems out of the disagreement between oil-producing majors, mainly Saudi Arabia and Russia, on the production and supply of crude oil vis-à-vis the global demand. In February 2020, a deal between Russia and Saudi Arabia on cutting oil production due to a slump in demand came to an end. As a result, oil prices nosedived (also driven down by the coronavirus pandemic), leading to widespread disruptions and distortions in the hydrocarbon industry dynamics. Such price wars will negatively impact the MPD market growth as frequent fluctuations in oil prices are likely to make extraction activities economically unviable, thereby bringing down the demand advanced technologies such as MPD.
Regional Analysis
Shell Gas Discovery to Propel the Market in North America
The market size in North America was at USD 1.08 billion in 2018 and the region is well-positioned to dominate the managed pressure drilling market share in the foreseeable future. The central growth driver for this region is the discovery of shell gas along the coasts of the US and Canada. Furthermore, with the US slated to become a net exporter of oil in the next decade, the demand for MPD is set to soar as producers will rapidly adopt technologies that enable them to extract hydrocarbons with superior efficiency.
Increasing intensity of deep drilling operations in Brazil and Mexico will drive the market in North America, while the booming economies of India and China will offer plenty of sales opportunities to companies with a global presence.
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Competitive Landscape
Increasing Focus on Production Cost Reduction to Make Competition Fierce
The managed pressure drilling market analysis postulates that key companies in this market are focused on developing solutions that will bring down the cost of production of oil & gas for end-users. This shift in focus is aimed at hedging the risks involved in hydrocarbon extraction and production activities that are highly sensitive to the unpredictable price disturbances in the oil & gas industry.
Industry Developments:
- November 2019: The Bermudan deepwater drilling expert Seadrill secured a 2-year contract with the Brazilian petroleum giant Petrobas at an estimated value of USD 170 million. Under the contract, the two companies would collaborate to work with Seadrill’s West Tellus rig in Brazil using MPD techniques and other services.
- May 2019: Halliburton, the US-based oilfield services specialist, launched its novel scalable, mobile technology, Flex™ Managed Pressure Drilling System (MPD). The innovative system can be customized to overcome specific challenges faced by an operator, while its tiered structure allows an operator to select the appropriate level of service, thereby enhancing the cost efficiency of the rig.
List of Key Players Covered in the Managed Pressure Drilling Market Report:
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- Maersk Drilling (Denmark)
- Aker Solutions (Norway)
- Salos Sunesis Limited (Scotland)
- Ensign Energy Services (Canada)
- Weatherford (United States)
- Schlumberger (United States)
- Enhanced Drilling (Norway)
- Stena Drilling Ltd (Scotland)
- ADS Services LLC (United States)
- OilSERV (UAE)
- Halliburton (United States)
- Nabors Industries (Bermuda)
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Managed Pressure Drilling Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Constant Bottom Hole Pressure (CBHP)
- Pressurized Mud Cap Drilling (PMCD)
- Dual Gradient (DG)
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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