Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country-level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and Porter’s five forces analysis of the market
The global managed pressure drilling market is expected to expand at a CAGR of 3.92% during the forecast period from 2018 to 2023. This prediction has been made by Market Research Future in its newest report on the subject which also estimates a market value that crosses USD 4,700Mn by the end of 2023. Managed pressure drilling is most commonly employed in deep offshore oil and gas wells as it is incredibly safe as well as efficient for use in such areas for oil and gas extraction. Managed pressure drilling allows oil & gas companies to conduct simulation programs in a controlled environment which further helps the companies draw the right conclusions regarding drilling activities, thus increasing efficiency.
National Oilwell Varco, Nabors Industries Ltd., Oilserv, AFGlobal, Beyond Energy, Halliburton Inc., Weatherford International, Enhanced Drilling Services, Schlumberger Limited, Ensign Energy Services, and Air Drilling Associates, Inc. are among the top contenders in the global managed pressure drilling market as observed by MRFR. These market players have been analyzed in the report for their contributions to market growth.
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This MRFR report offers a holistic assessment of the global manage pressure drilling market along the five-year forecast, which ends at 2023. In the report, all the important market elements are discussed at length. The scope of the discussion covers different types managed pressure drilling technologies such as constant bottom hole pressure, dual gradient drilling, mud cap drilling and return flow control drilling. A revenue analysis based on different MPD tools such as rotating control device (RCD), choke manifold systems and non-return valves (NRV) is also available in the report. Both onshore and offshore application of MPD has been considered for the market assessment.
Managed Pressure Drilling Market Highlights
Across the globe, roughly half the offshore projects are un-drillable due to the technical constraints of drilling in deep offshore sites. Issues related to drilling include the issue of loss of circulation, stuck pipe, kick/loss scenarios and twisting off to name a few. Such issues often drastically increase the cost of drilling in various projects. In such events, oil & gas companies make use of managed pressure drilling to help minimize the problems caused by the above-mentioned issues. Managed pressure drilling can help avoid kick loss, improve the rate of penetration and help with early identification of wellbore ballooning, reduced non-productive time and improves drilling efficiency. Growing offshore drilling activities are expected to drive the globally managed pressure drilling market over the forecast period. To increase operational efficiencies oil & gas companies are adopting technologically advanced systems and devices to help in drilling in high pressure and high temperature.
Usage of managed pressure drilling involves high process complexity which can be discouraging for adoption as there is a notable lack of skilled labor available in the market. However, growing shale production will introduce market opportunities in the coming years .
Managed Pressure Drilling Market Segmentation
The global managed pressure drilling market has been segmented on the basis of technology, tool, application, and region.
Technology has been segmented into constant bottom hole pressure, mud cap drilling, dual gradient drilling and return flow control drilling.
The constant bottom hole pressure market segment is expected to be a highly lucrative market segment over the forecast period.
Tool has been segmented to include non-return valves (NRV), rotating control device (RCD), choke manifold systems. The rotating control device segment accounts for more than 40% of the total market and is expected to be the dominant segment throughout the forecast period.
Application has been segmented into onshore and offshore applications. Offshore applications are more commonly the target for managed pressure drilling as such activities often pose challenges that can be be resolved using managed pressure drilling solutions.
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.
List of Figures
Figure 1 Global Managed Pressure Drilling Market: Market Structure
Figure 2 Key Adoption Criteria Of Global Managed Pressure Drilling Market
Figure 3 Research Process Of MRFR
Figure 4 Top Down & Bottom Up Approach
Figure 5 Global Offshore Rig Count, As On January 2018
Figure 6 Drivers Impact Analysis: Global MPD Market
Figure 7 Restraint Impact Analysis: Global MPD Market
Figure 8 Value Chain: Managed Pressure Drilling Market
Figure 9 Porter’s Five Forces Analysis Of The Global Managed Pressure Drilling Systems Market
Figure 10 Global Managed Pressure Drilling Market, By Technology, 2017 (% Share)
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