Global Managed Pressure Drilling Market to Gain from Rising Oil Exploration & Production Activities through 2028
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 - 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 Market
and 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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