Report Ocean has recently published a new research study on the global managed pressure drilling services market. According to the study, the market is expected to exhibit strong growth potential over the period from 2020 to 2027. The report is titled “Global Managed Pressure Drilling Services Market Size study by Technology Type (Constant Bottom Hole Pressure, Dual Gradient Drilling, Mud Cap Drilling and Return Flow Control Drilling or HSE Method), by Application (Offshore and Onshore) and Regional Forecasts 2020-2027” and it has been prepared by carrying out an in-depth assessment of this market based on its past and current performance and future prospects.
The global managed pressure drilling services market is driven substantially by the ongoing expansion in the oil and gas industries. As per the International Energy Agency, in 2019, the global production of crude oil was 80,622,000 barrel per day (b/d) when compared to 10.99 million barrel per day (b/d) in 2018, registering a rise of nearly 12.33 million barrel per day (b/d), i.e., a growth of about 11%. The US emerged as the leading producer of crude oil across the world.
The market was valued approximately at US$2.19 bn in 2019 and is anticipated to rise at a CAGR of more than 4.20% over the period of 2020-2027. The increasing application base of managed pressure drilling services in oil and gas extraction plants to enhance wellbore stability and improve the rate of penetration is likely to support the growth of this market in the years to come. On the flip side, the high cost of managed pressure drilling services may restrict the market from growing smoothly in the near future. However, the rising need for optimized drilling operation is expected to propel the growth of market.
The research report also presents a regional assessment of the global managed pressure drilling services market. As per the study, the market is distributed among Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America led the global market in 2019 and is anticipated to remain on the top over the next few years. The rapid growth in the production of crude oil in North America is boosting this market substantially. Among others, Asia Pacific is reporting a high growth rate in its market. The increasing number of mature wells in Asian countries is adding to the growth of this regional market.
Impact of Covid 19 on Global Managed Pressure Drilling Services Market
Due to the Covid 19 pandemic, the focus has completely shifted to the healthcare and the pharmaceutical industries and related markets, while impacting many other markets, including the global market for managed pressure drilling services. A number of governments imposed strict lockdown in their respective economies, leading to stoppage of oil and gas extraction. This affected the demand for managed pressure drilling services and, consequently, the overall market. However, with situation getting under control, the market is likely to return to its normal self soon.
- North America led the global market in 2019 and is anticipated to remain on the top over the next few years.
- Asia Pacific is reporting a high growth rate in its market. The increasing number of mature wells in Asian countries is adding to the growth of this regional market.
The global managed pressure drilling services market is segmented into:
By Technology Type
- Lithium Ion (Li-ion) Batteries
- Lead-acid Batteries
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Weatherford International Limited
- Halliburton Company
- Baker Hughes Inc.
- Schlumberger Limited
- National Oilwell Varco
- Archer Limited
- Aker Solutions
- Ensign Energy Services Inc.
- Eds Group as
- Strata Energy Services Inc.
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