The global managed pressure drilling market is poised to benefit from the increasing depth of oil wells and the growing exploration and production activities in the oil and gas sector during the forecast period.
The TechSci Research report “Managed Pressure Drilling Market– Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028,” the global managed pressure drilling market is expected to witness significant growth from 2024 to 2028. The market expansion during this period is forecasted to be driven by sustained demand for fossil fuels and declining onshore oil and gas output. Managed drilling services play a crucial role in monitoring and managing wellbore pressures, contributing to their increasing adoption. Moreover, the success rate of managed drilling services compared to traditional methods is expected to further fuel market growth.
Many nations have implemented regulatory measures to support the development and production of natural gas from conventional and unconventional sources, such as shale and tight gas. This support is expected to lead to increased utilization of controlled pressure drilling techniques, including managed pressure drilling, in the future. Additionally, growing government investments in new oil and gas deposits are creating new growth opportunities in the drilling sector, driving up the demand for global managed pressure drilling services.
Managed Pressure Drilling (MPD) involves the use of specialized equipment, including rotary controls, auxiliary choke manifolds, and drill string check valves, to control the pressure of a well being drilled. These tools are strategically positioned both below the rig floor in the drill string and above the deck, contributing to the prevention of catastrophic well control accidents.
A crucial component of controlled pressure drilling is the rotation control device (RCD), which enables the establishment of a closed pressurization system. This ensures the application of constant downhole pressure, facilitating better control of fluid flow in and out of the wellbore. Volume control, along with maintaining constant well pressure, plays a vital role in effective well management.
Managed Pressure Drilling solutions are applicable across various rig types, including land-based rigs, jack-up rigs, tender rigs, semi-submersibles (DP/Moored), and dynamically positioned drill ships.
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The Global Managed Pressure Drilling Market is categorized by technology and application. In terms of application, it is divided into offshore and onshore sectors. The market is segmented by technology into constant bottom hole pressure, mud cap drilling, dual gradient drilling, and return flow control drilling.
Constant Bottom Hole Pressure (CBHP) is projected to lead the market during the forecast period. It’s a widely employed managed pressure drilling (MPD) technique, particularly suitable for large offshore oilfields with high production capacity. CBHP ensures a constant pressure to maintain reservoir permeability. Its demand is anticipated to rise in regions like the Gulf of Mexico, West Africa offshore (Niger Delta), Brazil offshore, the Middle East, and Southeast Asia. This technology addresses various operational challenges, including unproductive downtime due to circulation loss or gas influx in high-pressure processes and formations.
The offshore segment is expected to dominate the market in the forecast period under application categories. Managed pressure drilling is extensively utilized in offshore drilling and exploration operations, driving the segment’s growth. The demand for drilling deeper wells and wells in challenging temperature and water conditions is anticipated to further boost the offshore segment’s growth.
Key market players in the Global Managed Pressure Drilling Market are: –
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“The surge in oil and gas demand, coupled with increasing exploration and production activities, is propelling the managed pressure drilling market. North America is poised to lead globally, benefitting from the significant oil and gas production capacities of the USA and Canada. The Gulf of Mexico, a major production hub in North America, further strengthens the region’s market share,” stated Mr. Karan Chechi, Research Director at TechSci Research.
The report “Managed Pressure Drilling Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028” categorizes the market by Technology (Constant Bottom Hole Pressure, Mud Cap Drilling, Dual Gradient Drilling, and Return Flow Control Drilling) and Application (Offshore & Onshore), across different regions. It assesses the future growth potential of the Global Managed Pressure Drilling Market, providing insights into market size, structure, and future growth trends. The report aims to offer advanced market intelligence to facilitate informed investment decisions and identifies emerging trends, key drivers, challenges, and opportunities in the Global Managed Pressure Drilling Market.
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