ID: MRFR/E&P/1057-CR | 190 Pages | Author: Chitranshi Jaiswal | October 2020
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), The market was valued at USD 3.61 billion in 2021.
The most common application of managed pressure drilling is in the deep offshore gas and oil wells. The process of oil and gas extraction requires cautionary measures as these substances are extremely volatile. The managed pressure drilling market provides simulation programs in a properly monitored environment that allows companies to derive necessary conclusions. These systems are the most efficient and safe methods for drilling activities that fuel the market growth. Generally, offshore projects are difficult to drill and include many technical constraints. The managed pressure drilling market is surging in the global market, and in the upcoming years, it will attain its optimum level.
There are many issues related to drilling activities like loss of circulation, twisting off, stuck off, kick, or loss scenarios which elevate the cost of several projects. The managed pressure drilling market is an effective way to curtail many aforementioned problems. It provides various advantages such as enhanced penetration rate, avoiding kick or loss, drilling with small pressure window, reduced casing numbers, precisely operated mud programs, wellbore ballooning early identification, enhanced efficiency, and less non-productive time. The advent of market trends allows access to industries for better exploration and extraction methods that are very difficult in nature. As the oil and gas industries are becoming more competitive, the adoption and implementation of managed pressure drilling market are going to stay strong in the forecast period.
The world crude oil production in 2017 increased by 0.6 million barrels approximately per day.
The existing wells are depleting day by day, and therefore, it requires new locations. These new locations are extremely critical to operating as they are mostly found in deep seas. The managed pressure drilling industry facilitates advanced extraction and drilling technologies that enable companies to execute difficult tasks.
The report highlights the overall scenario of the managed pressure drilling market and covers an analysis of the COVID19 impact on the managed pressure drilling industry. It provides deeper insights into market dynamics and describes the key players of the market that influence the managed pressure drilling market growth. The report includes different market segments of the global managed pressure drilling industry and provides details about different regions that will drive the market potential in the forecast period.
The outbreak of the COVID19 pandemic has adversely affected the global economy and pushed financial growth to lower extremes. Industries and working fields were closed for an uncertain time period, which resulted in heavy financial losses during the lockdown. Every sector faced a crisis in both health as well as economic growth. The lockdown measures abruptly shut down the industrial works and disrupted the entire supply chain. The demand to supply gap kept widening, and companies witnessed a delay in several projects. The oil and gas exploration and drilling activities also hampered and encountered many operational challenges which required manual work. However, the managed pressure drilling market still maintained steady growth as the advanced technologies helped companies to continue their work with less technical difficulties and manual work.
The oil and gas extraction and exploration industries are the prime drivers of the managed pressure drilling market growth, which pushes the market growth to optimum limits over the years. The increasing drilling activities in deep seas and ultra-deep seas for oil and gas extraction and exploration result in expanding the managed pressure drilling market size. The managed pressure drilling industry enables exploration and extraction activities that are difficult to perform in nature and allows drilling offshore projects which have many technical constraints. The oil and gas drilling activities include certain cautionary measures as these substances are highly volatile and therefore require managed pressure drilling systems that are efficient and safe. These features encourage increasing the market value.
Another major driving force of managed pressure drilling market growth is the elevation of modern technological advancements for high-pressure, high-temperature (HPHT) drilling of wells. The drilling activities are extremely critical to perform as it raises a lot of problems such as loss of circulation, twisting off, stuck pipe, kick or loss scenarios, and many more. The market acts as a helping hand in resolving all these issues and advantages in improved penetration rate, narrow passage window drilling, avoid kick or loss, managing mud programs, wellbore ballooning early identification, less casing number, high efficiency, and less non-productive time. The increase in exploration and extraction activities of oil and gas industries is becoming competitive, which will escalate the managed pressure drilling market growth in the near future.
The managed pressure drilling market value is booming rapidly in the global economy, and the market potential is rising to a greater extent. Many industries have opted out of industrial 4.0 and taking different steps for its adoption and implementation. The lockdown measures led to the closure of industrial operations, and the companies faced challenges in performing manual work. So, a spurge of automation implementation for industrial operations is arising.
The outdated technologies were unable to drill in deep water and encountered many technical constraints, which increased the demand for modern technologically advanced systems. The automated systems allow easy monitoring, increases efficiency, helps in the early identification of problems, increases accuracy as well as production rate. The oil and gas industries' exploration and extraction activities are rising, which will eventually raise the adoption of managed pressure drilling systems and enhance the managed pressure drilling market growth in upcoming years.
The managed pressure drilling market value was affected during the COVID19 outbreak and acted as a major restraint for the market. Industrial works were put at a halt, and various projects were delayed during the lockdown. The decline of manual operations in companies led to an intense rise in automated systems. The demand for managed pressure drilling industry increased as the technological developments increased the performance of oil and gas extraction and exploration. The advancements in market will increase its value over the forecast period.
The lithium-ion batteries of managed pressure drilling systems are prone to overheat, which creates a major security concern. These concerns can hinder the managed pressure drilling market growth in the forecast years. The market analysis suggests that the upcoming market trends will overcome the current issues and drive the market potential to greater heights.
The managed pressure drilling market outlook represents that the market value will exceed its historical statistics in the upcoming years. The market revenue is rising at a faster rate, and within few years, the market value will reach its maximum potential. The demand for technological developments in drilling activities industries fuels the market growth and expands the market size.
The global managed pressure drilling market is segmented on the basis of tools, technology, application, and region. The market share segmentation on the basis of tools includes non-return valves (NRV), rotating control devices (RCD), and Choke manifold systems. The technology segment comprises mud cap drilling, constant bottom hole pressure, return flow control drilling, and dual gradient drilling. On the basis of application, the market share involves onshore and offshore activities. The region segmentation of market consists of different areas like North America, South America, Europe, Asia Pacific, Middle East, and Africa (MEA).
The managed pressure drilling market analysis is researched on different geographical regions such as North America, South America, Europe, Asia Pacific, Middle East, and Africa (MEA). The North American region holds the one-third majority of the market share. North America in 2017 had market revenue around USD 1801.9 million, and the estimated CAGR is 4.15% for the forecast period. Adoption of drilling technologies is rising with an increase in exploration in deep water in the region support the market growth. In the same year, Asia pacific held 27.65 percent of the market share, and Europe held 16.10 percent of the global market share.
Mar 2019 Weatherford has recently presented its automated (MPD) riser system in Houston promoting it as industry 4.0. The automated riser system blends with artificial intelligence, condition-based additional and maintenance sensors to hurry up operations and is projected to see its first operation in the Caspian in the second half of 2019. The use of the earlier MPD systems, have brought Weatherford deepwater results like saving $18 million in a clastic formation off Indonesia, to name a few.
Dec 2018 A distribution contract that covers the supplying the managed pressure drilling market with a complete package for deepwater rig systems has been signed between the companies MHWirth and AFGlobal. This non-exclusive contract permits MHWirth to present AFGlobal MPD equipment for sale within their rig equipment concern. MHWirth can currently offer the industry’s most inclusive MPD kit as part of their new build and retrofit packages.
Feb 2019 Weir Oil & Gas Dubai has declared that it has signed an agreement with Expro to deliver authorized repairs, explicitly for Expro’s PowerChokes product range. The authorized repair facility agreement will have Expro customers send PowerChokes products to Weir Oil & Gas Dubai’s facility to exploit on Weir’s original equipment manufacturer repair and recertification status. Expro’s PowerChokes advanced chokes and control consoles are used in a range of applications such as managed pressure and underbalanced drilling.
|Market Size||2030: USD 4,523.7 million|
|CAGR||3.90% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Tool, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Schlumberger Limited, Air Drilling Associates, Inc., Beyond Energy, Weatherford International, Nabors Industries Ltd., Ensign Energy Services, AFGlobal, Halliburton Inc., Enhanced Drilling Services, National Oilwell Varco, Oilserv|
|Key Market Opportunities||Growing Shale Production|
|Key Market Drivers||Rising Deep Water And Ultra-Deep-Water Exploration And Drilling Operations Rising Technical Developments For Drilling High-Pressure High-Temperature (HPHT) Wells|
The global managed pressure drilling market is predicted to grow at a 3.90% CAGR between 2022-2030.
The managed pressure drilling market is predicted to reach USD 4523.7 million by 2030.
North America will lead the global managed pressure drilling market.
Escalated technical advancements and industrialization are the key driving the global managed pressure drilling market growth.
Key contenders profiled in the global managed pressure drilling market include 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).
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