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.
View
summary of this report @ http://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: http://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
·
U.S.
·
Canada
·
Mexico
·
Europe
·
Norway
·
UK
·
Russia
·
Asia Pacific
·
China
·
Australia
·
India
·
Central & South America
·
Argentina
·
Brazil
·
Middle East
·
Saudi Arabia
·
UAE
·
Kuwait
·
Africa
·
Nigeria
·
Angola
·
Algeria
Access press release of this report - http://www.grandviewresearch.com/press-release/global-managed-pressure-drilling-mpd-services-market
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