Managed Pressure Drilling Services Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.33 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Managed Pressure Drilling Services Market Analysis
The managed pressure drilling services market was valued at USD 3.09 billion in 2020 and is expected to reach USD 4.33 billion by 2027, at a CAGR of 5.33% during the forecast period of 2022-2027. Due to the COVID-19 pandemic, the oil and gas industry witnessed a significant decline due to the various lockdowns and restrictions, which resulted in decreased demand for managed pressure drilling services. Factors, such as increasing depths of wells being drilled combined with increasing offshore exploration and production activities, are expected to increase the demand for managed pressure drilling services during the forecast period. However, the high volatility of oil and gas prices is expected to act as a restraint to the managed pressure drilling services market during the forecast period.
- The constant bottom hole pressure is expected to be the largest market for managed pressure drilling services during the forecast period.
- Technological developments in managed pressure drilling techniques coupled with the adoption of industry 4.0 is expected to create new opportunities for the market players in the near future.
- North America is expected to dominate the managed pressure drilling services market owing to the shale gas boom and increasing production activities.
Managed Pressure Drilling Services Market Trends
This section covers the major market trends shaping the Managed Pressure Drilling Services Market according to our research experts:
Constant Bottom Hole Pressure Technology to Dominate the Market
- The constant bottom hole pressure segment is expected to have the largest market share during the forecast period. This growth is attributed to extensive utilization of the technology for drilling offshore wells across the United States, Gulf of Mexico as well as in other regions globally.
- Constant Bottom Hole Pressure (CBHP) is one the most widely-used managed pressure drilling (MPD) techniques. The main principle of the technology is maintaining a constant BHP during drilling in reservoirs where there is a narrow window between the pore pressure gradient and the fracture pressure gradient (0.5 -1.5 ppg) for the Equivalent Circulating Density (ECD) of the drilling mud, and the reservoir permeability is high.
- Due to the high capital investment, this technology is primarily employed in massive offshore fields with high production capacities. Hence, the demand for the technology is expected to rise in regions such as the Gulf of Mexico, Offshore West Africa (Niger Delta), Brazil Offshore, the Middle-East and South-East Asia.
- The technology is also used to overcome other operational challenges such as non-productive time is wasted by lost circulation or gas influxes in the high-pressure procedures and formations.
- Therefore, based on the above-mentioned factors, the constant bottom hole pressure segment is expected to dominate the MPD market over the forecast period.
North America to Dominate the Market
- With the highest natural gas production and second highest oil production in 2020, North America is one of the major oil and gas producers in the world, which is mainly driven by the oil and gas activities in the United States and Canada.
- Development of shale gas in this region is also one of the biggest driver for the managed pressure drilling market, since unconventional wells have extreme drilling conditions which can be done efficiently only with special techniques such as managed pressure drilling.
- According to the United States Energy Information Administration (EIA), in 2020, United States dry shale gas production was estimated about 26 trillion cubic feet (Tcf), which is equal to about 78% of the country's total dry natural gas production in 2020. Furthermore, EIA has also estimated that the shale gas and tight oil plays production in the United States is likely to reach 33.94 Tcf by 2050, registering a steady growth of 1.28% annually, when considered between 2020-2050.
- On the other hand, Canada is expected to increase the share of tight and shale gas in the natural gas production. According to the Canada Energy Regulator, by 2035, it is expected that tight and shale gas production together will represent 80% of Canada's natural gas production.
- Apart from shale gas, the region is also witnessing a significant increase in the offshore drilling activities. In January 2020, the Government of Canada approved three offshore drilling projects in the Atlantic Ocean, planned by BHP, Equinor, and Chevron, respectively.
- Therefore, based on the above-mentioned factors, North America is expected to dominate managed pressure drilling services market during the forecast period.
Managed Pressure Drilling Services Industry Overview
The managed pressure drilling services market is moderately fragmented. Some of the key players in this market include Halliburton Inc, Weatherford International PLC, Schlumberger Limited, National Oilwell Varco, and Nabors Industries Ltd.
Managed Pressure Drilling Services Market Leaders
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Halliburton Inc
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Schlumberger Limited
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National Oilwell Varco
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Nabors Industries Ltd
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Weatherford International PLC
*Disclaimer: Major Players sorted in no particular order
Managed Pressure Drilling Services Market News
- In February 2021, Stena Drilling announced that it has ordered a managed pressure drilling (MPD) system for its Stena Forth drillship. After the addition of Managed Pressure Drilling system to Stena Forth, Stena Drilling's 100% of the company's drillship fleet may be MPD-operational.
- In September 2020, Australian oil and gas operator, Woodside, signed a contract with Norway's drilling equipment firm Enhanced Drilling to equip its Senegal-bound drillships with EC-Drill controlled mud level system. The contract was signed for the development and integration of an effectively managed pressure drilling (MPD) solution in the form of Enhanced Drilling's EC-Drill system for the Sangomar Field Development.
Managed Pressure Drilling Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Onshore
5.1.2 Offshore
5.2 Technology
5.2.1 Constant Bottom Hole Pressure
5.2.2 Mud Cap Drilling
5.2.3 Dual Gradient Drilling
5.2.4 Return Flow Control Drilling
5.3 Geography
5.3.1 North America
5.3.2 Asia-Pacific
5.3.3 Europe
5.3.4 Middle-East and Africa
5.3.5 South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Halliburton Company
6.3.2 Weatherford International PLC
6.3.3 Schlumberger Limited
6.3.4 NOV Inc.
6.3.5 Nabors Industries Ltd
6.3.6 Global MPD Services
6.3.7 Ensign Energy Services Inc
6.3.8 Air Drilling Associates Inc.
6.3.9 Blade Energy Partners. Ltd
6.3.10 Exceed (XCD) Holdings Ltd
6.3.11 Pruitt MPD
6.3.12 Beyond Energy Services and Technology Corp.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Managed Pressure Drilling Services Industry Segmentation
The managed pressure drilling services market report includes:
| Application | |
| Onshore | |
| Offshore |
| Technology | |
| Constant Bottom Hole Pressure | |
| Mud Cap Drilling | |
| Dual Gradient Drilling | |
| Return Flow Control Drilling |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| Middle-East and Africa | |
| South America |
Managed Pressure Drilling Services Market Research FAQs
What is the current Managed Pressure Drilling Services Market size?
The Managed Pressure Drilling Services Market is projected to register a CAGR of 5.33% during the forecast period (2024-2029)
Who are the key players in Managed Pressure Drilling Services Market?
Halliburton Inc , Schlumberger Limited, National Oilwell Varco, Nabors Industries Ltd and Weatherford International PLC are the major companies operating in the Managed Pressure Drilling Services Market.
Which is the fastest growing region in Managed Pressure Drilling Services Market?
Middle-East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Managed Pressure Drilling Services Market?
In 2024, the North America accounts for the largest market share in Managed Pressure Drilling Services Market.
What years does this Managed Pressure Drilling Services Market cover?
The report covers the Managed Pressure Drilling Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Managed Pressure Drilling Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Managed Pressure Drilling Services Industry Report
Statistics for the 2024 Managed Pressure Drilling Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Managed Pressure Drilling Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
