The global managed pressure drilling services market is likely to cross $4.6 billion over the next five years with a compound annual growth rate (CAGR) of 3.8 per cent during the period, according to an expert.

Growing energy demand coupled with declining production in onshore fields would drive the demand for new drillings, particularly in the offshore region, stated MarketsandMarkets, a leading business research firm, in its report “Managed Pressure Drilling Services Market by Technology - Global Trends and Forecasts to 2021.”

Apart from this, the success of managed pressure drilling in fields that were earlier considered uneconomical to drill would increase the demand for managed pressure drilling services, said the report.

The report identifies the driving and restraining factors for the managed pressure drilling services market, with an analysis of trends, opportunities, burning issues, and winning imperatives.

It covers both applications (onshore and offshore), technologies (constant bottom hole pressure (CBHP), dual gradient drilling (DGD), Mud Cap Drilling (MCD), and return flow control drilling (RFCD), and regional trends.

It defines and segments the managed pressure drilling services market with analysis and forecast of the global E&P revenue and applications.

Major market players such as Schlumberger (US), Halliburton (US), Archer Well Services (UK), Weatherford International (Ireland), and Baker Hughes (US) together occupy more than three-fourth of the managed pressure drilling services market, stated the report.

The global managed pressure drilling services market has been analysed based on type, application, and region. The report covers regions including North America, Asia-Pacific, Europe, the Middle East, Latin America, and Africa.

Managed pressure drilling is mainly used in offshore drilling because of high-cost associated with it. Meanwhile, increasing exploration activities in deep-water and ultra-deep-water regions, mainly in Europe and Africa, where recent oil and gas discoveries have been in offshore are contributing to the growth of the managed pressure drilling services market.

The CBHP method is mainly used for drilling wells with high uncertainties on the pressure limits and a narrow mud weight window with kicks/losses. CBHP technology is used extensively in the North American continent for drilling offshore wells in the Gulf of Mexico, where drilling conditions are tough, said the report.

North America is projected to be the largest market for managed pressure drilling services till 2021. Within North America, the US is the hot favourite, accounting for the maximum share.

Canada is also expected to show reasonable growth, given its development of unconventional sources, such as tar sands and tight oil, it stated.

According to the report, Africa is the fastest growing within the managed pressure drilling services market, due to the recent discoveries occurring offshore in countries such as Angola, Tanzania, and Mozambique, among others.

In addition, offshore developments in the Red Sea region by countries such as Saudi Arabia, Qatar, and UAE is expected to drive the growth of the Middle East managed pressure drilling services market, it added. – TradeArabia News Service