New Delhi, June 26, 2023 (GLOBE NEWSWIRE) -- The global managed pressure drilling services market is flourishing due to the rising usage of managed pressure drilling services, which are cost-effective and safe, resulting in excellent operational efficiency.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global managed pressure drilling services market size at USD 3 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global managed pressure drilling services market size to grow at a CAGR of 5.3% reaching a value of USD 4.31 billion by 2029. The expansion of the global managed pressure drilling services market size can be attributed to the rising usage of managed pressure drilling services, which are cost-effective and safe, resulting in excellent operational efficiency. Sustained fossil fuel demand, combined with diminishing onshore oil and gas reserve production, is likely to support market expansion throughout the projection period. Additionally, these services are primarily used to monitor and control wellbore pressures which may increase their demand in the global market. The growing success rate of managed drilling services over other conventional techniques is also expected to increase the market share. As a result of all of these factors, managed pressure drilling services are expected to grow significantly throughout the forecast period.
Opportunity: Rapid adoption of technological advancements
Technological developments have emerged as a significant trend gaining traction in the managed pressure drilling services market. Major companies in the drilling services sector are focusing on developing innovative technological solutions such as FlexJoint technology in drilling activities to boost their market position. In May 2022, for instance, OIL STATES INDUSTRIES, a US-based company that provides integrated energy systems and solutions, introduced the new Managed Pressure Drilling and Riser Gas Handling (MPD and RGH) System, which incorporates managed pressure drilling into the deepwater drilling. This system supports long-bearing life with FlexJoint technology to further reduce maintenance requirements. This system has significant characteristics that considerably increase worker safety by removing workers from the red zone. Therefore, technological advancements in managed pressure drilling services will likely generate numerous opportunities for market growth.
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Challenge: High costs associated with procurement and required products
Managed pressure drilling (MPD) can be expensive, particularly in the case of procurement and the required drilling goods. These expenses may include the cost of specialized equipment, such as managed pressure drilling control systems and surface backpressure control equipment, as well as drilling fluids and additives. Procurement costs might be too expensive for some organizations which are trying to enter the managed pressure drilling services sector, as they might not have the funds or resources to invest in the essential equipment and materials. Therefore, the high cost of procurement and required products will hamper the growth of the market during the period in analysis.
Impact of COVID-19 on the Global Managed Pressure Drilling Services Market
The COVID-19 pandemic had an impact on the managed pressure drilling sector. The pandemic caused a global economic slump, lowering demand for drilling services such as aging pressure drilling. Many drilling projects were postponed or canceled in the early days of the pandemic as oil and gas companies focused on cost-cutting measures. As a result, a decrease in demand for managed pressure drilling services, causing the industry to slow down. However, during the pandemic situation, the managed pressure drilling (MPD) market demonstrated resilience. Some companies adapted to the new environment by installing remote monitoring and control systems, which reduce the need for personnel to be physically present on drilling sites. Despite the pandemic's issues, the managed pressure drilling (MPD) market growth is likely to revive in the coming years as the global economy recovers and demand for oil and gas rises.
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Segmental Information
Global Managed Pressure Drilling Services Market - By Tool
Based on tool, the global managed pressure drilling services market is segmented into rotating control device (RCD), non-return valves (NRV), and choke manifold systems. The rotating control device (RCD) segment dominated the market and accounted for a significant share of the global revenue. The rotating control tool (RCD) is a key instrument that forms a pressure tight barrier in the wellbore annulus to guide annular flow through a measurement and control system. These tools are used during drilling to create a seal around the drill string as it rotates. The device is designed to hold hydrocarbons or other wellbore fluids and keep them from being released into the environment.
Global Managed Pressure Drilling Services Market - By Region
The global managed pressure drilling services market is dominated by the Asia-Pacific region. Asia Pacific is expected to expand significantly in the controlled pressure drilling market due to the region's expanding energy needs, Rising industrialization and urbanization are significant factors contributing to an increased usage of vehicle transportation, industrial machinery, and equipment. The government and business organizations in the region's growing economies, India, and China, are expanding investments to explore new places for oil reservoirs to meet energy demands. This is expected to significantly help the growth of the regional market.
Competitive Landscape
The global managed pressure drilling services market is highly competitive, with all the players continually competing to gain a larger market share. The key players in the market include Baker Hughes Company, Weatherford, Archer, Halliburton, Schlumberger, Nabors Industries, OilSERV, Ensign Energy Services, ADS Services LLC, Noble Corporation, DIAMOND OFFSHORE DRILLING, INC., Stena Drilling Ltd, and Baker Hughes Company.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Managed Pressure Drilling Services Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Managed Pressure Drilling Services Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
- In March 2021 - Enhanced Drilling collaborated with Transocean to create a new Enhanced Kick Detection (EKD) system that can eliminate the external effects of rig and slip-joint motion. The new technology accurately measures return flow, allowing for the early discovery of flow irregularities and thereby lowering flow verification time.
- In February 2021 - Stena Drilling acquired a managed pressure drilling (MPD) system for its Stena Forth drillship. Stena Drilling's drillship fleet may be MPD-operational after the addition of a Managed Pressure Drilling system to Stena Forth.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical Data – 2019–2022 |
| Base Year – 2022 | |
| Estimated Year – 2023 | |
| Forecast Period – 2023–2029 | |
| Facts Covered | Revenue in USD Billion |
| Product/ Service Segmentation | Coverage, Phone Type, Sales Channel, End Users and Country |
| Key Players | Baker Hughes Company, Weatherford, Archer, Halliburton, Schlumberger, Nabors Industries, OilSERV, Ensign Energy Services, ADS Services LLC, Noble Corporation, DIAMOND OFFSHORE DRILLING, INC., Stena Drilling Ltd, Baker Hughes Company |
By Technology
- Sweet Constant Bottom Hole Pressure
- Dual Gradient Drilling
- Pressurized Or Mud Cap Drilling
- Returns Flow Control
By Application
- Onshore
- Offshore
By Tool
- Rotating Control Device (RCD)
- Non-Return Valves (NRV)
- Choke Manifold Systems
By Region
- North America
- Europe
- Asia Pacific (APAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
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