Managed Pressure Drilling Market to Exploit Demand for Cost Efficiency By 2023 | Managed Pressure Drilling Industry Forecast by Technology, Tool, Application and Region
The intensification in the search for new locations is expected to create a favorable backdrop for the development of the managed pressure drilling market in the coming years. Global Managed Pressure Drilling Industry Research Report Segmented By Technology (Constant Bottom Hole Pressure, Mud Cap Drilling, Dual Gradient Drilling and Return Flow Control Drilling), By Tool (Rotating Control Device (RCD), Non-Return Valves (NRV) and Choke Manifold Systems), By Application (Onshore and Offshore) and Region - Forecast Till 2023
Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- As observed by a report by Market Research Future, the managed pressure drilling market is anticipated to attain a 3.92 % CAGR while building up revenues worth USD 4,700 Mn in the forecast period from 2018 to 2023. The depletion of existing wells and the intensification in the search for new locations has raised the demand for managed pressure drilling solutions globally. The need for adaptive drilling methods that can be used to precisely control the annular pressure profile through the wellbore is expected to create favorable demand for the managed pressure drilling. The transition from conventional drilling to managed pressure drilling is expected to gather momentum in the coming years.
The complex drilling problems that occur during offshore operations lead to significant non-productive drilling time and cost which is anticipated to create a favorable growth scenario for the managed pressure drilling market in the upcoming period. Moreover, the level of risk involved in drilling operations is considerably reduced by the use of managed pressure drilling techniques. The escalation in drilling costs and the huge investments in offshore drilling are expected to create an advantageous situation for the managed pressure drilling market in the coming years. As oil and gas companies are more driven to achieve efficiencies in the market, the use of managed pressure drilling is expected to escalate in the forthcoming forecast period.
Market Segmentation
The examination of the segments in the Managed Pressure Drilling Market globally has been done on the basis of application, technology, and region. Based on the technology, the managed pressure drilling market is segmented into dual gradient drilling, mud cap drilling, constant bottom hole pressure, and return flow control drilling. Based on the tool, the managed pressure drilling market is segmented into non-return valves (NRV), rotating control device (RCD), and choke manifold systems. By application, the managed pressure drilling market has been segmented into onshore and offshore. By regions, the managed pressure drilling market is segmented into Asia Pacific, Latin America, Europe, North America, and the Middle East & Africa.
Regional Analysis:
The regional evaluation of the managed pressure drilling market is segmented into Asia Pacific, Latin America, Europe, North America, and the Middle East & Africa. The North American region presently is responsible for more than one-third portion of the global market in terms of earnings. The managed pressure drilling market in the North American region is expected to be valued at USD 1,801.9 Mn in 2017 and is anticipated to achieve a CAGR of 4.15% through the forecast period. Additionally, the North American region is followed by the Asia Pacific and European regions correspondingly. In 2017, Asia Pacific accounted for 27.65% market share while Europe accounted for 16.10% market share. Moreover, the prompt implementation of drilling technologies linked to the amplified exploration of wells in ultra-deepwater and deepwater in the North American region is backing up the development of the managed pressure drilling market in the region.
Key Players
The notable competitors in the managed pressure drilling market globally are Air Drilling Associates, Inc., Enhanced Drilling Services, Ensign Energy Services, Halliburton Inc., Weatherford International, National Oilwell Varco, Schlumberger Limited, AFGlobal, Nabors Industries Ltd., Oilserv, and Beyond Energy.
Mar 2019 Weatherford has recently presented its automated managed pressure drilling (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.
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Source: GlobeNewswire PR
(July 31, 2019 - 3:43 AM EDT)
