The global managed pressure drilling market is expected to gain from an increasing dept of oil wells and the rise in exploration & production activities in the oil & gas sector during the forecast period.
According to TechSci Research report, “Managed Pressure Drilling Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028,” the Global Managed Pressure Drilling Market is expected to register robust growth during the forecast period, 2024-2028. Over the projection period, the market expansion is anticipated to be driven by sustained demand for fossil fuels and decreased onshore oil and gas output. The wellbore pressures are mostly monitored and managed using these services. It is also expected that managed drilling services’ rising success rate relative to other traditional approaches would drive the market growth. Many Nations have implemented a number of regulatory measures to assist the development and production of natural gas from both conventional and unconventional sources, such as shale and tight gas. With this support, procedures like controlled pressure drilling would be used more often in the future to develop unconventional gases. New growth opportunities in the drilling sector are created by increasing government investment in new oil and gas deposits. To meet the rising demand for crude oil, projects are being undertaken in a number of areas, which is driving up the demand for Global Managed Pressure Drilling Market.
MPD (Managed Pressure Drilling) is the use of specialized equipment (which may include items such as rotary controls, auxiliary choke manifolds, drill string check valves, fluid/solid control equipment, etc.) to control pressure a well being drilled. Some are located below the rig floor in the drill string and liquid return system, while others are located above the deck. As a result, it helps prevent catastrophic well control accidents.
Controlled pressure drilling relies heavily on the use of a rotation control device (RCD), a key component in providing a closed pressurization system. This allows a constant downhole pressure to be applied, allowing for better control of fluids entering and exiting the wellbore. Along with keeping the well pressure constant (equal to or slightly higher than the formation pressure), volume control is a major factor in well management.
Managed Pressure Drilling is available for all rig types: land-based rigs, jack-up rigs, tender rigs, semi-submersibles (DP/ Moored) and dynamically positioned drill ships.
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The Global Managed Pressure Drilling Market is segmented based on technology and application. Based on applications, the market is bifurcated into offshore & onshore. Based on technology, the market is segmented into constant bottom hole pressure, mud cap drilling, dual gradient drilling, and return flow control drilling. The constant bottom hole pressure segment is expected to dominate the market in the forecast period. Constant Bottom Hole Pressure (CBHP) is one of the most widely used managed pressure drilling (MPD) techniques. The main principle of this technique is that a constant to maintain BHP, the permeability of the reservoir is high. This technology is mainly used in large offshore oilfields with high production capacity, thus demand for this technology is expected to grow in regions such as the Gulf of Mexico, West Africa offshore (Niger Delta), Brazil offshore, the Middle East, and Southeast Asia. This technology is also used to address other operational challenges such as unproductive waste of time due to loss of circulation or gas influx in high pressure processes and formations.
Based on applications, the market is bifurcated into offshore & onshore. The Offshore segment is expected to dominate the market in the forecast period. Offshore drilling and exploration activities frequently use managed pressure drilling, which significantly supports the segment’s growth in the market. The need for drilling deeper wells and wells in complicated temperature and water conditions is expected to fuel the growth of the offshore segment.
Key market players in the Global Managed Pressure Drilling Market are: –
- Schlumberger Limited
- Weatherford International PLC
- Halliburton Inc.
- NOV Inc.
- Nabors Industries Ltd
- Global MPD Services
- Ensign Energy Services Inc
- Air Drilling Associates Inc.
- Blade Energy Partners. Ltd
- Exceed (XCD) Holdings Ltd
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“The increasing demand for oil & gas and rising exploration & production activities are major factors driving the managed pressure drilling market. North America is expected to dominate the global market due to the presence of the USA and Canada known for their production of oil and gas. The Gulf of Mexico also lies in this region, which holds a major share of production in North America,” said Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm.
Managed Pressure Drilling Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028” Segmented By Technology (Constant Bottom Hole Pressure, Mud Cap Drilling, Dual Gradient Drilling, and Return Flow Control Drilling), By Application (Offshore & Onshore), By Region has evaluated the future growth potential of Global Managed Pressure Drilling Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Managed Pressure Drilling Market.
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