According to the latest report by IMARC Group, title “Managed Pressure Drilling Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global managed pressure drilling services market reached a value of US$ 3.41 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 4.45 Billion by 2027, exhibiting a CAGR of 4.35% during 2022-2027.
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Managed Pressure Drilling Services Industry Outlook:
Managed pressure drilling (MPD) services assist in controlling the annular force profile precisely throughout the wellbore. They utilize various technologies, such as mud cap, return flow control, constant bottom hole pressure, dual gradient, etc. Managed pressure drilling services aid in avoiding the continuous influx of formation fluids to the surface and enable a more accurate force control, resulting in fewer fluctuations and improved well management. They facilitate operators digging complex onshore wells and workers from mobile offshore drilling units (MODUs) with a surface blowout preventer (BOP). As a result, managed pressure drilling services find widespread applications in the oil and gas sector as they are cost-effective and reliable.
Market Trends:
The escalating offshore oil and gas exploration and production (E&P) activities across the globe are primarily driving the managed pressure drilling services market. Besides this, the elevating demand for these solutions, as they rely on a closed-loop system that assists in determining the downhole force limits, managing the annular pressure profile, and allowing quicker action to deal with observed pressure variations, is further augmenting the managed pressure drilling services market growth.
Moreover, the increasing advancements and innovations in managed pressure drilling technologies, processes, and techniques that facilitate onshore and offshore activities are also catalyzing the global market. Apart from this, these solutions offer several benefits in terms of project economics and reduced non-productive time (NPT), which is expected to bolster the managed pressure drilling services market in the coming years.
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Technology:
- Constant Bottom Hole Pressure
- Mud Cap Drilling
- Dual Gradient Drilling
- Return Flow Control Drilling
Breakup by Application:
- Onshore
- Offshore
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are Air Drilling Associates Inc., Blade Energy Partners Ltd., Enhanced Well Technologies AS, Ensign Energy Services Inc., Exceed (XCD) Holdings Ltd., Global MPD Services Inc., Halliburton Company, Nabors Industries Ltd., Nov Inc., Pruitt Tool & Supply Co Inc., Schlumberger Limited and Weatherford International plc.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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