Dec 14, 2020   SOURCE: BusinessWire

Global Managed Pressure Drilling Services Market Report 2020-2025 - Constant Bottom Hole Pressure Technology to Dominate the Market - ResearchAndMarkets.com

The "Managed Pressure Drilling Services Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The managed pressure drilling services market is expected to grow at a CAGR of more than 4.6% during the forecast period of 2020-2025.

The decline in the production rate and increase in energy demand along with the high success rate of managed pressure drilling services over other conventional techniques are some of the key driving factors for the MPD service market. However, a large amount of drilling fluid requirements with no surface return have restricted the growth of the managed pressure drilling services market.

The constant bottom hole pressure is expected to be the largest market for MPD services during the forecast period. Development in technology coupled with MPD techniques in horizontal drilling is expected to create new opportunities for the market players in the near future.

North America is expected to dominate the MPD services market owing to shale gas boom and increasing production activities.

Key Market Trends

Constant Bottom Hole Pressure Technology to Dominate the Market

The constant bottom hole pressure segment is expected to have the largest market share during the forecast period. This growth is attributed to extensive utilization of the technology for drilling offshore wells across the United States Gulf of Mexico as well as in other regions globally.

  • The growing preference towards the CBHP technique is the result of its ability to provide improved well site safety by controlling the annular pressure while drilling. As managed pressure drilling is mainly used offshore, this technique is extensively used in the Gulf of Mexico, North America region.
  • The technology is also used to overcome other operational challenges such as non-productive time is wasted by lost circulation or gas influxes in the high-pressure procedures and formations.
  • Therefore, based on the above-mentioned factors, the constant bottom hole pressure segment is expected to dominate the market over the forecast period.

North America to Dominate the Market

North America's managed pressure drilling services market dominated the global demand accounting for over 30% of the total revenue in 2018. Rising demand for cost-efficient and safe pressure drilling techniques coupled with favorable government initiatives such as easy FDI flow and capital incentives.

  • The exploration and production activities in the Gulf of Mexico have given opportunities to the operators for using managed pressure drilling services across the region.
  • The United States is anticipated to hold the largest share in this region and is expected to continue its dominance in the coming years as well.
  • Canada is expected to witness a significant growth rate over the next decade owing to the development of alternative sources for drilling including tight oil and tar sands.
  • In March 2019, Weatherford International plc launched its automated managed pressure drilling (MPD) riser system in Houston. This new system can combine with artificial intelligence, condition-based maintenance and additional sensors to speed operations. This helped the company in speeding up their operations.
  • In May 2019, Halliburton launched its Flex Managed Pressure Drilling System, which is useful in case of operating challenges and delivering greater rig efficiency. Further, the system is designed in such a way that it allows the operator to select the right level of service, which will help in maximizing the cost/benefit of managed pressure drilling services.
  • Therefore, based on the above-mentioned factors, North America is expected to dominate MPD services market during the forecast period.

Competitive Landscape

The managed pressure drilling services market is moderately fragmented. Some of the key players in this market include Halliburton Inc, Weatherford International, Schlumberger Limited, National Oilwell Varco, and Nabors Industries Ltd.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, till 2025

4.3 Recent Trends and Developments

4.4 Government Policies and Regulations

4.5 Market Dynamics

4.5.1 Drivers

4.5.2 Restraints

4.6 Supply Chain Analysis

4.7 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Application

5.1.1 Onshore

5.1.2 Offshore

5.2 Technology

5.2.1 Constant Bottom Hole Pressure

5.2.2 Mud Cap Drilling

5.2.3 Dual Gradient Drilling

5.2.4 Return Flow Control Drilling

5.3 Geography

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

6.3.1 Halliburton Inc

6.3.2 Weatherford International

6.3.3 Schlumberger Limited

6.3.4 National Oilwell Varco

6.3.5 Nabors Industries Ltd

6.3.6 Akastor ASA

6.3.7 Ensign Energy Services Inc

6.3.8 Strata Energy Services Inc

6.3.9 Blade Energy Partners. Ltd

6.3.10 AF Global Ltd

6.3.11 Oilserv FZCO

6.3.12 Beyond International Ltd

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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