The global managed pressure drilling market has the potential to grow by USD 850.35 million during 2019-2023. The growth momentum will accelerate throughout the forecast period, and the market will grow at a CAGR of almost 5%.
The rebound in active rig count owing to recovery of oil price and the increase in production efficiency of oil fields using Big Data analytics are some of the major factors driving market growth. The US, China, and Canada are currently the major markets for managed pressure drilling.
Managed Pressure Drilling Market Report - Key Insights
Scope of this Report
The report provides a detailed analysis of the market by application and geography. Also, the report analyzes the market’s competitive landscape and offers information on several market vendors.
Browse TOC and LoE with selected illustrations and example pages from managed pressure drilling market report
Market Segmentation
Managed Pressure Drilling Market by Application
- Onshore
- Offshore
Managed Pressure Drilling Market by Region
- APAC
- Europe
- MEA
- North America
- South America
Market Competitive Analysis
The market is fragmented, and the degree of fragmentation will remain the same during the forecast period. Several market vendors are offering automated managed pressure drilling services with improved features to customers. Halliburton Co., Nabors Industries Ltd., and National Oilwell Varco Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the growing adoption of renewable energy will challenge the growth of the market participants. To increase their managed pressure drilling market share, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this managed pressure drilling market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this managed pressure drilling market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading managed pressure drilling companies, including:
- Halliburton Co.
- Nabors Industries Ltd.
- National Oilwell Varco Inc.
- Schlumberger Ltd.
- Weatherford International Plc
Managed Pressure Drilling Market: Key Drivers and Trends
The rebound in active rig count because of the recovery of oil prices will be a significant factor driving the growth of the managed pressure drilling market. The recovery in the global crude oil price has encouraged oil and gas companies to increase their investments in onshore and offshore as well as deepwater and ultra-deepwater drilling projects. This rise in drilling activities has increased the number of oil and gas drilling rigs. For instance, KCA Deutag Drilling Ltd. secured an onshore drilling contract to provide drilling rig services to E&P operators in Middle East, Russia, Europe, and Africa. Similarly, Borr Drilling Ltd. announced contracts for the construction of several offshore drilling rigs. This rise in active rig count following the recovery of global oil price will boost the demand for drilling activities, including managed pressure drilling activities, to enhance the efficiency and safety of the drilling process.
- The increase in production efficiency of oilfields using Big Data analytics has been identified as one of the critical managed pressure drilling market trends contributing to the market growth.
- A large amount of data generated by the multiple technologies used in the oil and gas industry can be effectively utilized to enhance the production efficiency.
- Upstream companies can use Big Data analytics to receive real-time information, analyze historical data and previous trends, and forecast future predictions.
- The integration of SCADA and Big Data analytics will further facilitate prompt decision making and minimize errors.
- The use of Big Data related technologies, such as machine learning and AI, will also help in automating tasks and improving the safety of workers in the oil and gas industry.
- These advantages will boost the adoption of Big Data analytics in drilling operations, including managed pressure drilling.
- During 2019-2023, the managed pressure drilling market will grow at a CAGR of almost 5%.
Managed Pressure Drilling Market: Segmentation by Region
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North America was the largest market for managed pressure drilling in 2018, and the region will continue to offer the maximum growth opportunities to market vendors during the forecast period. The increase in oil and gas production and rising drilling activities are contributing to managed pressure drilling market growth in this region.
During the forecast period, almost 50% of the overall market growth will originate from North America. However, market growth in this region will be slower than the growth of the market in APAC and South America.
Managed Pressure Drilling Market: Segmentation by Application
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The number of conventional and unconventional oil and gas production activities, including shale oil production, is increasing to meet the growing demand for oil and gas products. This will boost the demand for managed pressure drilling for onshore applications. Technological advances in horizontal drilling and hydraulic fracturing will also fuel the growth of the managed pressure drilling market in this segment.
However, market growth in this segment will be slower than the growth of the market in the offshore segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the managed pressure drilling market size.
Managed Pressure Drilling Market: Key Highlights of the Report
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the managed pressure drilling market during the next five years
- Precise estimation of the global managed pressure drilling market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the managed pressure drilling industry across the APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of managed pressure drilling vendors
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