Managed pressure drilling market size ($ 6,004.50 million by 2028) driven by constant downhole pressure (40% market share in 2020) Impact of the coronavirus outbreak and global analysis and forecast from TheInsightPartners.com
The managed pressure drilling market size will grow from $ 4,298.97 million in 2021 to $ 6,004.50 million by 2028 to grow at a CAGR of 4.9% during 2021-2028; while the global market was dominated by the offshore segment with a market share of around 70% in 2020.
New York, October 27, 2021 (GLOBE NEWSWIRE) – Managed Pressure Drilling Market: Key Insights
According to our new research study on “Managed Pressure Drilling Market Size and Forecast to 2028 – COVID-19 Impact and Global Analysis by Technology [Constant Bottom Hole Pressure (CBHP), Mud Cap Drilling (MCD), Dual Gradient Drilling (DGD), and Return Flow Control Drilling (RFCD)] and Application (Onshore and Offshore) ”, the market is expected to reach US $ 6,004.50 million by 2028, compared to US $ 4,298.97 million in 2021; it is expected to grow at a CAGR of 4.9% from 2021 to 2028.
Managed Pressure Drilling Market: Competitive Landscape and Key Developments
Energy services of the sign; Archer; blade energy partners; Nabors Industries Ltd .; Air Drilling Associates, Inc .; ADS Services, LLC; Halliburton Energy Services, Inc .; Schlumberger Limited; Weatherford International plc; and NOV Inc. are among the major players in the global managed pressure drilling market. Leading companies focus on expanding and diversifying their market presence and acquiring new customers, thereby exploiting existing business opportunities.
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In August 2021, ADS Services, LLC, a leading provider of drilling and pressure control technologies and solutions, reorganized its product and service portfolio and strengthened its leadership team.
The managed pressure drilling process is used to precisely control annulus pressure levels along the length of the wellbore to ensure that the downhole pressure environment limits and manages annulus hydraulic pressure accordingly. It started out as an essential technique for drilling wells with narrow pore pressure and fracture gradient windows. Ranging from automated to intelligent, managed pressure drilling operations help improve safety, lower well construction costs, reduce well control risks and increase production. The main application of managed pressure drilling is in deep offshore oil and gas wells. The process of extracting oil and gas requires precautionary measures as these substances are very volatile.
Ongoing developments in managed pressure drilling solutions and increasing investments in the oil and gas sector create substantial growth opportunities for market players. According to the Brazilian National Petroleum Agency (ANP — Agência Nacional do Petróleo), the country’s oil and gas sector is expected to receive an investment of US $ 13.00 billion in exploration and production (E&P) activities in 2021 In total, approximately $ 4.00 billion (~ R $ 16 billion) will be available for the drilling sector.
The continued increase in onshore and offshore drilling activities and significant investments in oil and gas projects are contributing to the growth of the managed pressure drilling market. However, the volatility of crude oil prices is holding back the growth of the market. In addition, the increasing use of modern drilling methods in high pressure and high temperature wells and the proliferation of Industry 4.0 will fuel the growth of the managed pressure drilling market in the years to come.
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Proliferation of Industry 4.0 to propel the growth of the Managed Pressure Drilling Market in the years to come:
Digital transformation initiatives, involving technologies such as Artificial Intelligence (AI), Internet of Things (IoT), robotics and advanced analytics, are behind the 4th wave of the industrial revolution, Industry 4.0. As a result, spending on advanced infrastructure has increased dramatically around the world. Global spending on digital transformation is expected to reach US $ 2.3 trillion by 2023, according to Statista data. Digital transformation is fueling several industry initiatives, and a gradual shift to access to data and real-time intelligence is transforming the way companies do business.
The previous decade saw massive upgrades in technologies used in various industries, including the oil and gas sector. All oil and gas operations, especially volatile and risky working conditions, have led companies to adopt Industry 4.0 technologies to ensure safe and efficient operations, reduce costs and optimize manual processes.
According to Rigzone magazine, many countries would opt for fully automated drilling operations (such as fully automated managed pressure drilling) by 2025. In addition, automated drilling technologies are expected to reduce drilling time and costs by 30 to 35%, compared to conventional drilling. drilling rig, thereby making the wells economically feasible, allowing the drilling of smaller targets and adding a greater number of infill production wells. Therefore, Industry 4.0 would introduce new trends such as fully automated drilling operations, thus enhancing the growth of the managed pressure drilling market in the years to come.
Managed Pressure Drilling Market: Application Overview
On the basis of applications, the managed pressure drilling market is divided into onshore and offshore. In 2020, the offshore segment represented a larger market share.
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Key Questions To Ask For Managed Pressure Drilling Market:
What are the reasons for the growth of Managed Pressure Drilling Market?
What are the market opportunities for the Managed Pressure Drilling Market?
Which technology segment is expected to dominate the market during the forecast period?
Which region has dominated the managed pressure drilling market?
Who are the major companies in the Managed Pressure Drilling Market?
Which application segment is expected to dominate the market during the forecast period?
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