PUBLISHER: The Business Research Company | PRODUCT CODE: 1392762
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392762
“Managed Pressure Drilling Services Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on managed pressure drilling services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for managed pressure drilling services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The managed pressure drilling services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Managed pressure drilling (MPD) is a drilling technique that employs a closed and pressurized circulating system to maintain precise control of the wellbore pressure. This is achieved by adjusting the flow conditions to control the pressure of the wellbore and effectively manage the drilling process. MPD is utilized to control annular pressure, adjust entry-level, and manage mud weight during drilling.
The main technologies in managed pressure drilling services include constant bottom hole pressure (CBHP), mud cap drilling (MCD), dual gradient drilling (DGD), and return flow control drilling (RFCD). Constant bottom hole pressure focuses on managing the required bottom hole pressures under high-pressure conditions. Tools such as rotating control devices (RCD), non-return valves (NRV), and choke manifold systems are commonly used in these services. Managed pressure drilling services find applications in both onshore and offshore drilling operations.
The managed pressure drilling services market research report is one of a series of new reports from The Business Research Company that provides managed pressure drilling services market statistics, including managed pressure drilling services industry global market size, regional shares, competitors with a managed pressure drilling services market share, detailed managed pressure drilling services market segments, market trends and opportunities, and any further data you may need to thrive in the managed pressure drilling services industry. This managed pressure drilling services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The managed pressure drilling services market size has grown strongly in recent years. It will grow from $3. 95 billion in 2023 to $4. 2 billion in 2024 at a compound annual growth rate (CAGR) of 6. 3%. The growth observed during the historic period in the field of managed pressure drilling services can be attributed to factors such as the increased complexity of drilling operations, the growing depth and complexity of oil and gas wells, the need for enhanced safety and environmental compliance, the rise in deepwater and ultra-deepwater drilling activities, and an increase in the demand for cost-effective and efficient drilling services.
The managed pressure drilling services market size is expected to see strong growth in the next few years. It will grow to $5. 42 billion in 2028 at a compound annual growth rate (CAGR) of 6. 6%. The anticipated growth in the forecast period in the field of managed pressure drilling services can be attributed to factors such as the expansion of unconventional oil and gas exploration, the adoption of automated and digitalized managed pressure drilling solutions, an increasing focus on cost efficiency in drilling operations, a growing demand for real-time drilling data and analytics, and the global expansion of oil and gas exploration activities. Major trends expected in the forecast period include the integration of managed pressure drilling with intelligent drilling systems, the development of enhanced managed pressure drilling software, the rise of collaborative managed pressure drilling services, the application of managed pressure drilling in geothermal wells, and a heightened emphasis on environmental sustainability in drilling operations.
The managed pressure drilling services market is anticipated to experience significant growth, primarily driven by the escalating energy demand. The surge in energy demand, attributed to increased industrial activities and advancements in both developing and developed nations, will lead to a rise in extraction and drilling operations, consequently fueling market growth. As per the 2021 International Energy Agency (IEA) report, global energy consumption witnessed a 4. 6% increase in 2021 compared to 2019 and 2020. This upswing in energy demand is poised to be a key driver for the managed pressure drilling services market.
The growth of managed pressure drilling services is expected to be further propelled by the increasing development of shale gas. Shale gas development involves extracting natural gas from deep underground shale rock formations. Managed pressure drilling (MPD) techniques offer various advantages, including improved wellbore stability, enhanced safety measures, better reservoir optimization, and cost savings. These benefits are particularly valuable in deep and ultra-deep shale plays, contributing to efficient drilling, environmental compliance, and the acquisition of crucial reservoir data. The rising development of shale gas, exemplified by the notable increase in U. S. dry natural gas production in 2022, is a significant factor driving the expansion of the managed pressure drilling services market.
Technological advancements have become a prominent trend in the managed pressure drilling services market, with major companies in the drilling services sector focusing on innovative solutions such as the introduction of FlexJoint technology. In May 2022, OIL STATES INDUSTRIES introduced the Managed Pressure Drilling and Riser Gas Handling (MPD and RGH) System, integrating managed pressure drilling and riser gas handling into the deepwater drilling riser. This innovation aims to enhance speed, economy, performance, and safety in drilling activities. The system, featuring FlexJoint technology, contributes to long bearing life, reduced maintenance requirements, and increased safety by relocating workers from the red zone.
Major companies in the managed pressure drilling services market are developing new pressure drilling and riser systems. Pressure drilling involves using wellbore pressure to control formation fluids, while a riser system connects an offshore drilling rig to the wellbore on the seabed, facilitating the safe transfer of drilling fluids and equipment. In May 2022, Oil States Industries Inc. launched the Managed Pressure Drilling and Riser Gas Handling (MPD and RGH) System, seamlessly integrating managed pressure drilling and riser gas handling for deepwater drilling, resulting in reduced nonproductive time and improved safety.
In February 2022, NOV Inc. strengthened its position in the managed pressure drilling services market through the acquisition of AFGlobal Corporation's Advanced Drilling Solutions (ADS) business. This strategic move enhanced NOV's capability to offer a comprehensive and innovative Managed Pressure Drilling (MPD) system, enabling full rig integration and real-time monitoring for enhanced well construction processes. AFGlobal Corporation, a U. S. -based energy company, specializes in energy sector solutions, including managed pressure drilling, oilfield equipment, subsea technologies, and custom engineering.
Major companies operating in the in the managed pressure drilling services market report are Schlumberger Limited, Weatherford International plc, Nabors Industries Ltd., Ensign Energy Services Inc., Halliburton Inc., Baker Hughes Company, National Oilwell Varco Inc., Archer Limited, Aker Solutions, Strata Energy Services, Enhanced Drilling, Blade Energy Partners Ltd., Precision Drilling Corporation, Seadrill Limited, Transocean Ltd., Pacific Drilling, Noble Corporation, Valaris plc, Diamond Offshore Drilling Inc., COSL Drilling Europe AS, KCA Deutag Drilling Group Ltd., OilSERV Ltd., Superior Energy Services Inc., TechnipFMC plc, Rowan Companies plc, Maersk Drilling, Vantage Drilling International, Sevan Drilling ASA, Shelf Drilling Ltd., Odfjell Drilling Ltd.
North America was the largest region in the managed pressure drilling services market in 2023. The regions covered in the managed pressure drilling services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the managed pressure drilling services market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The managed pressure drilling services market includes revenues earned by entities by providing services such as Halliburton, archer well services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.