San Francisco, 24
September 2018: 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.
Access
Research Report of MPD Services Market@ www.grandviewresearch.com/industry-analysis/managed-pressure-drilling-mpd-services-market
Further key findings from the report 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.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/conventional-energy
Grand View Research has segmented the global
managed pressure drilling (MPD) services market on the basis of technology and
application,
Global Managed Pressure Drilling (MPD)
Services Technology Outlook (Revenue, USD Million, 2014 - 2024)
·
Mud cap drilling (MCD)
·
Constant bore hole pressure (CBHP)
·
Dual gradient drilling (DGD)
·
Reverse flow control drilling (RFCD)
Global Managed Pressure Drilling (MPD)
Services Application Outlook (Revenue, USD Million, 2014 - 2024)
·
Offshore
·
Onshore
Global Managed Pressure Drilling (MPD)
Services Regional Outlook (Revenue, USD Million, 2014- 2024)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Norway
o
UK
o
Russia
·
Asia Pacific
o
China
o
Australia
o
India
·
Central & South America
o
Argentina
o
Brazil
·
Middle East
o
Saudi Arabia
o
UAE
o
Kuwait
·
Africa
o
Nigeria
o
Angola
o Algeria
Access Press Release of
MPD Services Market@ www.grandviewresearch.com/press-release/global-managed-pressure-drilling-mpd-services-market
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.
