PUNE, India, April 20, 2016 /PRNewswire/ --
The report "Managed Pressure Drilling Services Market by Technology (Constant Bottom Hole Pressure, Dual Gradient Drilling, Mud Cap Drilling, Return Flow Control Drilling, by Application (Onshore & Offshore) and by Region - Global Trends and Forecasts to 2021" published by MarketsandMarkets, The Managed Pressure Drilling Services Market is expected to cross USD 4.60 Billion by 2021, and is projected to grow at a CAGR of 3.8% during the forecast period.
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Browse 65 market data Tables and 55 Figures spread through 183 Pages and in-depth TOC on "Managed Pressure Drilling Services Market"
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Growing energy demand coupled with declining production in onshore fields would drive the demand for new drillings, particularly in the offshore region. 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. The global Managed Pressure Drilling Services Market has been analyzed based on type, application, and region. The report covers regions including North America, Asia-Pacific, Europe, the Middle East, Latin America, and Africa.
Offshore segment is expected to lead the market
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 & gas discoveries have been in offshore are contributing to the growth of the Managed Pressure Drilling Services Market.
Constant bottom hole pressure is the most used technology of managed pressure drilling
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. Drilling in the fractured carbonate formations of the Gulf of Mexico typically poses many challenges as significant nonproductive-time is wasted by lost circulation and/or gas influxes in the high-pressure formations, and a host of related problems. CBHP technique enhances well site safety by controlling the annular pressure while drilling and detecting kicks and fluid losses early.
North America: the largest market for managed pressure drilling services
North America is projected to be the largest market for managed pressure drilling services till 2021. Within North America, the U.S. is the largest market, accounting for the maximum share. Meanwhile, Canada is also expected to show reasonable growth, given its development of unconventional sources, such as tar sands and tight oil. Meanwhile, 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.
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The report covers major market players such as Schlumberger Limited. (U.S.), Halliburton (U.S.), Archer Well Services (U.K.), Weatherford International (Ireland), and Baker Hughes (U.S.) among others. These companies together occupy more than three-fourth of the Managed Pressure Drilling Services Market.
The report covers both applications (onshore & 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. It also identifies driving and restraining factors for the Managed Pressure Drilling Services Market, with an analysis of trends, opportunities, burning issues, and winning imperatives.
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