Pune, India, March 06, 2023 (GLOBE NEWSWIRE) -- The global managed pressure drilling market size was USD 2.72 billion in 2021. The market is anticipated to expand from USD 2.95 billion in 2022 to USD 4.16 billion by 2029, exhibiting a CAGR of 5.0% throughout the forecast period. The surge can be attributed to the increasing demand for advanced drilling technology across various regions. Fortune Business Insights™ has furnished this information in its research report, dubbed “Managed Pressure Drilling Market, 2022-2029”.
Key Industry Development:
December 2021 – Maersk Drilling and Petrogas North Sea Ltd agreed to deploy Maersk Resilient, the severe-environment jack-up rig, for drilling an appraisal well at Birgitta field.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.0% |
| 2029 Value Projection | USD 4.16 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 2.95 Billion |
| Historical Data for | 20218-2020 |
| No. of Pages | 222 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Market Value to Rise Driven by the Discovery of New Fields |
| Constant Bottom-Hole Pressure Segment to Record Appreciable Growth Driven by High Product Demand in Depleted Areas |
Drivers and Restraints:
Market Value to Rise Driven by the Discovery of New Fields
One of the major factors favoring the managed pressure drilling market growth is increasing investments toward the exploration of hydrocarbons. Additional factors impelling industry expansion comprise the continued deployment of geological studies for the discovery of new reservoirs.
However, the market growth could be hindered by the growing inclination toward the acceptance of renewable energy technologies by governments across various countries.
COVID-19 Impact:
Industry Growth Affected Due to Disruption in Crude Exploration and Production
The coronavirus pandemic considerably affected the oil and gas sector. The crisis led to a dramatic drop in product demand driven by the disrupted nature of global commodity and financial markets. The industry growth was further hampered by the Russian-Saudi oil price war, which led to financial losses and reduced production.
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Segments:
Constant Bottom-Hole Pressure Segment to Record Appreciable Growth Driven by High Product Demand in Depleted Areas
Based on technology, the market is segmented into Constant Bottom-Hole Pressure (CBHP), Pressurized Mud-Cap Plug Drilling (PMCD), and Dual Gradient (DG). Of these, the CBHP segment is anticipated to register considerable expansion over the forecast period. The surge can be attributed to the rising product deployment in depleted areas.
Onshore Segment to Gain Traction Owing to Rising Onshore Drilling Activities
On the basis of application, the market for managed pressure drilling is fragmented into offshore and onshore. The onshore segment is poised to record substantial growth over the estimated period. The rise is being impelled by an increase in exploration and production activities in onshore oil and gas fields.
Based on geography, the market has been studied across five regions. These include North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides a comprehensive analysis of the significant trends that are expected to propel industry growth over the forthcoming years. It further delves into the prominent factors favoring market expansion through the estimated period. Some of the other aspects comprise the key steps taken by leading industry participants for the consolidation of their industry position.
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Regional Insights:
North America to Emerge Prominent Driven by Increasing Demand for Drilling Services
The North America managed pressure drilling market share is anticipated to register appreciable growth over the forecast period. The surge can be credited to the soaring demand for drilling services and rising investment initiatives in the region.
The Asia Pacific market is set to record substantial growth throughout the estimated period impelled by the region’s large presence of undiscovered reserves. This is further supplemented by heavy investments in oil and gas reserves in China and India.
Competitive Landscape:
Pivotal Players Enter into Collaborations to Maintain Industry Position
Major managed pressure drilling companies are focused on the adoption of various initiatives including mergers, acquisitions, and partnership agreements for the consolidation of their industry position. Some of the other initiatives include increased spending on research activities and the development and rollout of new products on the market.
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Key Players Mentioned in the Report:
- Beyond Energy Services & Technology Corporation (Canada)
- Enhanced Drilling (Norway)
- Stena Drilling Ltd (U.K.)
- Nabors Industries Ltd (U.S.)
- OilSERV (UAE)
- Ensign Energy Services (Canada)
- ADS Services, LLC (U.S.)
- Salos Sunesis Limited (U.K.)
- MAERSK DRILLING (Denmark)
- Aker Solutions (Norway)
- Schlumberger (U.S.)
- Halliburton (U.S.)
- Weatherford (U.S.)
Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Managed Pressure Drilling Market
- Global Managed Pressure Drilling Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
- Key Findings
- 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
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Managed Pressure Drilling Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
- Key Findings
- 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 Country
- U.S. Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Canada Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- U.S. Market Analysis, Insights and Forecast – By Application
- Europe Managed Pressure Drilling Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Technology
- Constant Bottom-Hole Pressure (CBHP)
- Pressurized Mud-Cap Drilling (PMCD)
- Dual Gradient (DG)
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