Managed Pressure Drilling Services Market Forecast | 2023-2028

Market Insights

The Managed Pressure Drilling Sevices Market was estimated at USD 4.1 billion in 2022 and is likely to grow at a CAGR of 4.19% during 2023-2028 to reach USD 5.28 billion in 2028.

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What is Managed Pressure Drilling Service?

Managed Pressure Drilling Services define the techniques employed to control the drilling pressure of the wellbore by using a closed and pressurized circulating system. Managed pressure drilling is a process that is used to curb the annular pressure while drilling the wellbore and allow the driller to adjust the rate of penetration and optimize mud weight. Managed Pressure Drilling Services is executed by limiting the flow conditions to maintain bottom-hole pressure according to a modeled pore pressure.

Key Players

Some of the major players in the managed pressure drilling services market are-

• Schlumberger Limited.
• Halliburton
• Archer Well Services
• Weatherford International
• Baker Hughes

Market Dynamics

The major factor contributing to the growth of the market is the growing need for safe & effective operational aspects along with optimized drilling processes of managed pressure drilling. Further, deepwater drilling in the regions of Latin America and Africa is estimated to strengthen the demand for managed pressure drilling services during the forecast period.

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Segments Analysis

By Technology

The market is segmented as constant bottom hole pressure, dual gradient drilling, mud cap drilling, and return flow control drilling. The constant bottom hole pressure segment, which is mainly preferred in North America for drilling offshore wells, is estimated to lead the market during the forecast period.

By Application

The market is segmented as offshore and onshore. The offshore segment dominated the market in 2021 and is expected to register faster growth during the forecast period. The growth is attributed to the increasing investments that are being made in subsea oil & gas activities. In addition, the escalating exploration activities in deep-water and ultra deep-water in Europe, on account of recent discoveries in offshore, are contributing to the growth of the managed drilling services market.

Regional Analysis

North America is estimated to dominate the market during the forecast period. The USA is likely to lead the North American market by capturing the maximum share. On the other hand, RoW is expected to grow at the fastest rate during the forecast period, owing to the recent discoveries shaping up in offshore in countries, such as Angola, Tanzania, and Mozambique.

Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The managed pressure drilling services market is segmented into the following categories:

By Technology Type:

• Constant Bottom Hole Pressure
• Mud Cap Drilling
• Dual Gradient Drilling
• Return Flow Control Drilling

By Application Type:

• Onshore
• Offshore

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 800 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current market segmentation of any one of the technology types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.