Managed Pressure Drilling Market Overview:-
Managed pressure drilling (MPD) is a drilling technique that uses enclosed and pressurized circulation system to provide precise wellbore control. MPD is applicable in severe conditions, such as fluid loss, tight pore pressure, high-pressure, high-temperature drilling, differential sticking, unknown pore pressure, and various other conditions.
Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the Managed Pressure Drilling Market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. Additionally, increasing deepwater drilling activities in Africa and Latin America is also expected to boost the demand for managed pressure drilling services during the forecast period. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.
Industry Top Key Players:-
- Baker Hughes
- National Oilwell Varco
- Weatherford International
- Ensign Energy Services
- STRATA Energy Services Inc.
- Enhanced Drilling
- Petrolor Oilfield Services Co Ltd
- Blade Energy Partners
- GE Oil & Gas
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In June 2017, Noble Corporation plc has awarded AFGlobal a contract for the provision of an integrated deepwater managed pressure drilling (MPD) system. The contract include the supply and installation of a completely integrated, next-generation MPD system.
In July 2016, AFGlobal Corp. has agreed to acquire Managed Pressure Operations (MPO), a subsidiary of MHWirth. This acquisition helps the company to solidify their position as a specialized original equipment manufacturer (OEM).
EFC Group, has developed a long-term relationship with Weatherford, leading to multiple contract awards for Managed Pressure Drilling equipment supply to support the Weatherford Secure Drilling services business. These contract include the design and supply of direct hydraulic controls, hydraulic power units, choke, flow metering and buffer manifolds as well as integrated reelers, umbilicals, hoses & stab plates.
Managed Pressure Drilling Global Market Segmentation:-
Based on Technology, the market has been segmented into Mudcap Drilling, Constant Bottom Hole Pressure and Return Flow control Drilling. Constant Bottom Hole Pressure dominates the technology segment of the market and is expected to grow at highest CAGR during the forecast period. CBHP technique provides site safety by monitoring the annular pressure while detecting kicks and fluid losses early and drilling. This technology is used extensively in the North American continent for drilling offshore wells in the Gulf of Mexico, where drilling conditions are tough.
Based on Well Type, the market has been segmented land and offshore. The offshore segment held the largest share in the managed pressure drilling market and is expected to grow at highest CAGR during the forecast period. The growth is attributed to the frequent use of managed pressure drilling in High Pressure High Temperature (HPHT) wells and deepwater resources.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.
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Global Managed Pressure Drilling Market Analysis:-
The global managed pressure drilling market is projected to reach USD ~3.5 billion with a CAGR of ~4.0% during the forecast period. This market will grow because it permits efficient and safe drilling activities from few to zero losses, which is quite cost effective than any other conventional drilling methods.
Based on technology, Constant Bottom Hole Pressure will have dominance during forecast period as it makes possible to drill narrow casing. Otherwise, it would have been difficult to drill unconventional resources in less duration of time. Constant Bottom Hole Pressure accounts for over ~40% with a CAGR of ~4.0% during forecast period.
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