Pune, India, February, 2019/MRFR Press Release/- Market Research Future published a Half-Cooked research report on “Global Managed Pressure drilling Market Research Report - Forecast to 2023 ” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The transition of managed pressure drilling from a solution for undrillable wells to an active approach to well control has increased the development of the market substantially over the past few years. As managed pressure drilling (MPD) can considerably decrease the possibility of drilling-related problems and help reduce nonproductive time, the implementation of MPD technology has grown considerably. The market for MPD is anticipated to expand at a 3.92% CAGR through the forecast period and is projected to achieve a revenue level of USD 4,750.1 million by 2023.
The escalated technical advancement pace prevalent in the MPD market is capable of providing benefits such as narrow pressure window while drilling, decreased number of casing, avoidance of kick loss, diminished nonproductive time, enhanced rate of penetration, accurately managed mud programs and timely identification of wellbore ballooning. The escalation in deep water and ultra-deepwater exploration & drilling operations spurred by developing economies and industrialization which are key factors improving the expansion of the market. The MPD activities have been evolving very swiftly in the offshore region due to the increased hydrocarbon exploration and the production operators who are focusing on increasing their production rate. The growing technical developments for high-pressure drilling and high-temperature (HPHT) wells which are spurred by casing buckling and rock collapse is also considered an important stimulus of market demand for managed pressure drilling. The exploration in the deepest locations in ultradeep water and the shale oil and gas fields are also expected to create a favorable impetus for the market. This development is expected to create high demand for MPD services as conventional underbalanced drilling can lead to breakdowns in drilling operations in extreme drilling conditions.
The lack of high process complexity and a dearth of skilled labor to lessen risks connected to pore pressure, mud weight and losses, and low rate of penetration during the drilling operation is expected to create limitations to the development of the managed pressure drilling market. The rising shale production spurred by increasing preference of shale over natural gas production is expected to make new opportunities for growth in the forecast period. The extraction of shale has numerous risks to the environment and contains the use of raw materials and technological assistance for which MPD is increasingly being employed to address challenges related to extraction which will lift the market’s growth in the coming years.
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The segmental analysis of the market for managed pressure drilling is segmented on the basis of tool, technology, application, and regions. The segmentation of the managed pressure drilling market on the basis of tool comprises of rotating control device (RCD), non-return valves (NRV), and choke manifold systems. On the basis of technology, the managed pressure drilling market is segmented into constant mud cap drilling, dual gradient drilling, bottom hole pressure, and return flow control drilling. The application basis of segmentation of the market comprises of onshore and offshore. The regions included in the overall market are Latin America, North America, Europe, Asia Pacific, Middle East, and Africa.
Detailed Regional Analysis
The regional assessment of the managed pressure drilling market includes regions such as Latin America, North America, Europe, Asia Pacific, Middle East, and Africa. The North American region is accredited for the major market share of 47.50% and the Asia Pacific region narrowly takes the second position with 27.65% and the European region comes in third with 16.10% of the market share. In the North American region, the companies have been implementing the managed pressure drilling technology to make exploration and drilling operations simpler along with the alleviation of risks related to drilling operations. The use of MPD in various projects to increase the production capacity while guaranteeing efficiency, explicitly by concentrating on facets such as mud weight, and rate of penetration is estimated to boost the development of the managed pressure drilling market in the forecast period.
The Asia Pacific region is replete of hydrocarbon resources in areas such as Malaysia, Gulf of Thailand, Indonesia, have a huge potential for shale in countries such as India and China. The chief reasons for the concentration of drilling operators in the Asia Pacific region are the enormous confirmed reserves, which are still uncharted in the region. Furthermore, the nonstop development of shale production in the central and south Asia is also augmenting the progress of MPD market in the Asia Pacific region. In the European region, the North Sea has grown into a hub for novel discoveries in the oil and gas sector. The incessant discoveries have led to elevated competition amongst the competitors and they are responding to the situation by increasing the rate of production with the newest technologies. Therefore, the European MPD market is anticipated to observe steady growth in the forecast period. Moreover, the development of favorable new policies can help to increase the production capacity in Brazil and is also anticipated to increase the investments in offshore projects in the Latin American region over the duration of the forecast period.
The companies in the market are adopting several strategies to attain important market positions in managed pressure drilling market or to retain and expand their market share. The main strategies that are implemented by most of the companies within the global market were that of mergers and acquisitions. The significant competitors shaping the managed pressure drilling market are National Oilwell Varco (US), Air Drilling Associates (US), Ensign Energy Services (Canada), Schlumberger Limited (US), Halliburton Inc (US), Weatherford International (US), Oilserv (UAE), Enhanced Drilling Services (Norway), Nabors Industries Limited (Bermuda), AFGlobal (US) and Beyond Energy (US).