The global managed pressure drilling (MPD)
services market is expected to reach USD 5.06 billion
by 2024, according to a new report by Grand View Research, Inc. Factors such as
rising hydrocarbon production cost coupled with depleting extraction rates in
conventional onshore wells have led to increasing offshore exploration
activities. This is likely to have a significant impact on the managed pressure
drilling market. The success of these extraction techniques in areas which were
previously considered to be uneconomical has stimulated the market
growth.
MPD
techniques do not provide any surface return; this restricts the sampling
sources for geologists. A significant amount of drill fluids required and
variation in MPD techniques is likely to limit the market growth during the
forecast period. Technological advancements along with coupling MPD techniques
with horizontal drilling in tight formations is anticipated to create new
avenues for industry participants in the near future.
Constant
bottom hole pressure (CBHP) emerged as the leading technology segment and
accounted for 43.3% of the global revenue in 2015. This technique facilitates
better safety of the sites by controlling the pressure and detecting early
fluid losses. Mud cap drilling (MCD) technique is likely to lose share to CBHP
and dual gradient drilling (DGD) technologies owing to the high cost associated
with this technology.
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Further key findings from the study suggest:
- Onshore oilfields were the leading application segment and accounted for over 58% of the total industry revenue in 2015. Offshore operations are expected to witness the highest growth of 4.0% over the forecast period.
- The U.S. offshore MPD services industry is estimated to witness the fastest growth over the next eight years to reach a net worth of USD 585 million by 2024. Significant development of offshore oil & gas wells in the Gulf of Mexico along with extremely complicated formations in the region is anticipated to drive managed pressure drilling services demand.
- North America dominated the global demand accounting for 37.3% of total market revenue in 2015. Technological advancements along with deployment of advanced drilling techniques in complex formations such as tar sands, tight oil, etc. in the U.S. and Canada are key factors for high industry penetration in the region.
- Africa is estimated to grow at a CAGR of 4.9% from 2016 to 2024 on account of increasing offshore activities in regions of Angola, and Mozambique. Algeria MDP services industry is estimated to reach a net worth of USD 110 million by 2024, at a CAGR of 5.4%.
- Key market players include operating in the global managed pressure drilling services market include Archer Well services, Baker Hughes, Halliburton, Weatherford International, Schlumberger Limited.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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Grand View Research, Inc
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