New York, March 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Managed Pressure Drilling Services Global Market Report 2023" - https://www.reportlinker.com/p06438997/?utm_source=GNW
, Beyond Energy Services & Technology, AFGlobal Corporation, Enhanced Drilling Services, Oilserv, Archer Well Services, Frontier International, ADS Services LLC, WellSpec and Aker Solutions.
The global managed pressure drilling services market grew from $3.7 billion in 2022 to $3.93 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The managed pressure drilling services market is expected to grow to $4.87 billion in 2027 at a CAGR of 5.5%.
The managed pressure drilling services market includes revenues earned by entities by providing services such as Halliburton, archer well services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Managed pressure drilling (MPD) is a drilling technique that uses a closed and pressurized circulating system to provide precise pressure control of the wellbore.They are carried out by lowering the flow conditions to maintain the pressure of the lower holes by the pressure of the pore model.
Managed pressure drilling is used to control annular pressure while drilling the working surface and adjusting the entry-level and mud weight during the drilling process.
North America was the largest region in the managed pressure drilling services market in 2022. The regions covered in the managed pressure drilling services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main managed pressure drilling services technologies include constant bottom hole pressure (CBHP), mud cap drilling (MCD), dual gradient drilling (DGD) and return flow control drilling (RFCD).Constant bottom hole pressure manages bottom hole pressures required in drilling under high-pressure conditions.
The tools used are rotating control device (RCD), non-return valves (NRV) and choke manifold systems. The applications of managed pressure drilling services include onshore and offshore.
Growing energy demand is expected to significantly contribute to the growth of the managed pressure drilling services market.An increase in energy demand due to increasing industrial activity and advances in both developing and developed countries will result in increased extraction and drilling activities, thereby driving the market.
For instance, according to the 2021 International Energy Agency (IEA) report, global energy consumption increased by 4.6% in 2021, which was higher than in 2019 and 2020 across the world. Therefore, growing energy demand drives the growth of the managed pressure drilling services market going forward.
Technological advancements have emerged as a key trend gaining popularity in the managed pressure drilling services market.Major companies operating in the drilling services sector are focused on developing new technological solutions such as FlexJoint technology in drilling activities to strengthen their position in the market.
For instance, in May 2022, OIL STATES INDUSTRIES, a US-based company providing integrated energy systems and solutions, introduced new Managed Pressure Drilling and Riser Gas Handling (“MPD” and “RGH”) System, which integrates managed pressure drilling and riser gas handling into the deepwater drilling riser in order to unlock greater speed, economy, performance and safety. The system also promotes long bearing life with FlexJoint technology to further decrease maintenance requirements and includes key features that remove workers from the red zone to significantly and thereby increase safety.
In October 2020, Chevron Corporation, a US-based oil and natural gas exploration and production company, acquired Noble Energy for an undisclosed amount.This acquisition would provide Chevron Corporation with low-cost, proven gas reserves and desirable undeveloped oil and natural gas resources.
Moreover, this acquisition will also strengthen Chevron’s position in the Eastern Mediterranean region and the United States. Noble Energy is a US-based energy company engaged in hydrocarbon exploration.
The countries covered in the managed pressure drilling services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The managed pressure drilling services market research report is one of a series of new reports that provides managed pressure drilling services market statistics, including managed pressure drilling services industry global market size, regional shares, competitors with a managed pressure drilling services market share, detailed managed pressure drilling services market segments, market trends and opportunities, and any further data you may need to thrive in the managed pressure drilling services industry. This managed pressure drilling services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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