The global managed pressure drilling market size was USD 2.9 Bn in 2022 and is likely to reach USD 4.7 Bn by 2031, expanding at a CAGR of 5.2% during 2023–2031. The market growth is attributed to the increasing investment in exploring new offshore oil & gas reserves and the rise in exploration activities.
Managed pressure drilling (MPD) is controlling the annular pressure in a well throughout the drilling process with the use of specially designed tools and equipment. The process commonly includes items such as choke manifold systems, non-return valves, and rotating control devices.
These tools and devices aid conventional drilling systems in adjusting and controlling pressure profiles in a well that is being drilled. The main objectives behind managed pressure drilling are to ensure pressure limits in the downhole environment and to have better control over annular hydraulic pressure respectively. The adaptive techniques are utilized to manage the bottom hole pressure profile throughout the drilling process.
The MPD tools and techniques are beneficial in mitigating risks and minimizing the costs required for drilling wells. The managed pressure drilling services include managing of back pressure, controlling the density of the fluid, fluid rheology, and surface fluid levels, among other factors.
COVID-19 Impact on Managed Pressure Drilling Market
The market report finds that the COVID-19 pandemic hampered market growth significantly owing to a decline in demand for managed pressure drilling services and tools. The lockdowns and wide spread of infection hindered the ongoing industrial operations as well as delayed the new oil and gas exploration projects. According to estimates, the market growth during 2020 declined by more than 28%, owing to worldwide lockdowns, supply chain disruptions, and lower-than-expected demands for MPD solutions.
Managed Pressure Drilling Market Dynamics
The global managed pressure drilling market report has up-to-date insights that help in formulating a strategic roadmap about the estimated market scenario and performance during 2023 to 2031.
What are the Drivers of the Managed Pressure Drilling Market?
Energy requirements are increasing all over the world owing to rising industrialization, urbanization, and skyrocketing population. As the demand for fuel is climbing, there is a significant rise in investment and drilling activities to explore new oil fields, which is expected to boost market growth throughout the projection period.
The prominent players in the market as well as governments are increasing investment to find new oil reservoirs to meet energy requirements. These factors are expected to majorly drive market growth in the years to come.
What Restraints the Managed Pressure Drilling Market?
The rise in environmental awareness is leading a major chunk of the worldwide industry toward exploring renewable energy sources such as solar energy and wind energy. This is anticipated to be one of the major hindering factors for market growth as dependence on oil & gas reservoirs is likely to be affected. Additionally, the high cost involved with managed pressure drilling solutions and services is also likely to affect the demand in the market.
What are the Opportunities in the Managed Pressure Drilling Market?
The development of advanced managed pressure drilling systems and tools with the help of new-age technology is expected to create significant opportunities for market growth. As the worldwide industry is implementing technology solutions such as Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT), among others, the emergence of enhanced managed pressure drilling solutions is expected to provide positive growth prospects for the market players.
Scope of the Managed Pressure Drilling Market Report
The global managed pressure drilling market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Managed Pressure Drilling Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2020–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Technology (Return Flow Control Drilling, Dual Gradient Drilling, Pressure Mud Cap Drilling, and Constant Bottom Hole Pressure), Tool (Choke Manifold Systems, Rotating Control Device, and Non-Return Valves), Application (Onshore and Offshore), and End-user (Oil & Gas, Mining, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Beyond Energy Services & Technology Corporation; Stena Drilling US Inc.; Enhanced Drilling; Nabors Industries Ltd; OilSERV; Weatherford; ADS Services, LLC; Salos Sunesis Limited; Ensign Energy Services Inc.; Halliburton; Noble Corporation; Aker Solutions; SLB; NOV Inc.; Air Drilling Associates, Inc.; AFG Holdings, Inc.; Global MPD Services; Blade Energy Partners; Pruitt MPD; and Exceed (XCD) Holdings Ltd
|
Managed Pressure Drilling Market Segment Insights
How is the Constant Bottom Hole Pressure (CBHP) Segment Generating More Revenue Share in the Global Managed Pressure Drilling Market?
Based on technology, the managed pressure drilling market is divided into return flow control drilling, dual gradient drilling (DGD), pressure mud cap drilling (PMCD), and constant bottom hole pressure (CBHP).
The constant bottom hole pressure (CBHP) segment is expected to expand at a significant growth rate during the projection period. The CBHP is an extensively applied technique for managed pressure drilling requirements.
CBHP method supports maintaining bottom-hole pressure (BHP) in a well within a given time frame in a static or dynamic state. It aids in maintaining bottom-hole pressure (which includes back pressure (BP), annular frictional pressure (AFP), and hydraulic pressure (HP)) more than pore pressure (PP) as well as lesser than fracture pressure (FP).
Which Major Factors Influence the Substantial Growth of the Rotating Control Device Tool Segment?
On the basis of tool, the global market is segregated into choke manifold systems, rotating control device, and non-return valves.
The rotating control device (RCD) segment is projected to register a considerable CAGR during the forecast period. RCD is one of the crucial tools used in managed pressure drilling as it is the first line of defense for the wellbore as it restricts the loss of fluid. These tools are used to create a closed-loop environment that enables the safe and efficient containing and diverting of fluids.
What Drives Offshore Application Segment in the Managed Pressure Drilling Market?
On the basis of application, the managed pressure drilling market is segmented into onshore and offshore.
The offshore segment held the largest share of the market in 2022 and is likely to grow at the fastest pace during the forecast period. Managed pressure drilling is extensively used for offshore drilling and exploration activities, which is majorly supporting the segment growth in the market. The demand for deeper well drilling and drilling well in complex temperature and water conditions are further boosting the offshore application segment.
The onshore segment is expected to register a considerable expansion during the forecast period. The rising onshore exploration activities for oil & gas plants are boosting the segment growth in the global market.
What Main Aspects are Boosting the Oil & Gas End-user Segment?
On the basis of end-user, the global market is segregated into oil & gas, mining, and others.
The oil & gas segment is projected to register a robust CAGR during the forecast period owing to the rising energy demand and subsequent growth in exploration and drilling activities. The demand for advanced drilling and pressure control devices from the oil & gas industry is expected to further boost the segment growth in the managed pressure drilling market.
Why North America Dominates the Global Managed Pressure Drilling Market?
In terms of region, the global managed pressure drilling market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is expected to dominate the market during the projection period owing to rising investment in exploration and drilling activities for finding new oil & gas resources. The market revenue in the region accounted for more than 1 billion USD according to estimates, owing to increasing demand for well drilling services and tools. In addition, the rise in deepwater and ultra-deepwater exploration and production activities is further fueling the market growth in the region.
Asia Pacific is anticipated to expand rapidly in the managed pressure drilling market due to growing energy requirements in the region. The rising industrialization and urbanization are major factors resulting in higher use of vehicle transport, industrial machinery, and equipment. The government and private players in emerging economies of the region, India, and China are increasing investments to explore new locations for oil reservoirs to meet energy requirements. This is expected to substantially aid the market growth in the region.
Segments
The global managed pressure drilling market has been segmented on the basis of
Technology
- Return Flow Control Drilling
- Dual Gradient Drilling
- Pressure Mud Cap Drilling
- Constant Bottom Hole Pressure
Tool
- Choke Manifold Systems
- Rotating Control Device
- Non-Return Valves
Application
End-user
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Beyond Energy Services & Technology Corporation
- Stena Drilling US Inc.
- Enhanced Drilling
- Nabors Industries Ltd
- OilSERV
- Weatherford
- ADS Services, LLC
- Salos Sunesis Limited
- Ensign Energy Services Inc.
- Halliburton
- Noble Corporation
- Aker Solutions
- SLB
- NOV Inc.
- Air Drilling Associates, Inc.
- AFG Holdings, Inc.
- Global MPD Services
- Blade Energy Partners
- Pruitt MPD
- Exceed (XCD) Holdings Ltd
Competitive Landscape
The competitive landscape of the global managed pressure drilling market covers key insights into growth strategies adopted by major market players.
Key players competing in the market are Beyond Energy Services & Technology Corporation; Stena Drilling US Inc.; Enhanced Drilling; Nabors Industries Ltd; OilSERV; Weatherford; ADS Services, LLC; Salos Sunesis Limited; Ensign Energy Services Inc.; Halliburton; Noble Corporation; Aker Solutions; SLB; NOV Inc.; Air Drilling Associates, Inc.; AFG Holdings, Inc.; Global MPD Services; Blade Energy Partners; Pruitt MPD; and Exceed (XCD) Holdings Ltd.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. The competitive landscape covers key insights into growth strategies adopted by major market players.
- On January 16, 2023, Stena Drilling announced the signing of a new contract agreement with BG Delta Limited & BG international Limited subsidiaries of Shell Plc for the mobile offshore drilling unit Stena Forth (MODU). Stena Drilling owned managed pressure drilling system is to be installed for the project, which is set to commence in 2023 after completion of current contractual agreements.
Request For Customization
Enquiry Before Buying
Speak With Analyst
