Global Managed
Pressure drilling Market - Competitive Analysis
Characterized by the presence of several
well-established and small players, the Global Managed
Pressure Drilling Market appears to be highly competitive. Well established
players incorporate acquisition, collaboration, partnership, expansion, and
product launch in order to gain competitive advantage in this market and to
maintain their market position. These key players compete based upon pricing,
and services. Vendors operating in the market strive to deliver the best
quality services based on innovative technologies, and best practices. These
Key Players make a substantial investment for R&D and to secure a
guaranteed resource for the customers. Managed pressure drilling market
demonstrates a high growth potential which is likely to attract many entrants
to the market resulting in to intensified competition further.
Industry News
In
June 2017, Noble Corporation plc has awarded AFGlobal a
contract for the provision of an integrated deepwater managed pressure drilling
(MPD) system. The contract include the supply and installation of a completely
integrated, next-generation MPD system.
In
July 2016, AFGlobal Corp. has agreed to acquire Managed
Pressure Operations (MPO), a subsidiary of MHWirth. This acquisition helps the
company to solidify their position as a specialized original equipment
manufacturer (OEM).
EFC Group, has developed a long-term relationship
with Weatherford, leading to multiple contract awards for Managed Pressure
Drilling equipment supply to support the Weatherford Secure Drilling services
business. These contract include the design and supply of direct hydraulic
controls, hydraulic power units, choke, flow metering and buffer manifolds as
well as integrated reelers, umbilicals, hoses & stab plates.
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Global Managed
Pressure Drilling Market - Overview
Managed pressure
drilling (MPD) is a drilling technique that uses enclosed and pressurized
circulation system to provide precise wellbore control. MPD is applicable in
severe conditions, such as fluid loss, tight pore pressure, high-pressure,
high-temperature drilling, differential sticking, unknown pore pressure, and
various other conditions.
According to a recent
study report published by the Market Research Future, The global market of Managed
Pressure drilling is booming and expected to gain prominence over the forecast
period. The global Managed Pressure drilling market is forecasted to
demonstrate an exponential growth by 2023, surpassing its previous growth
records in terms of value with a whooping, CAGR during the estimated period
(2017 – 2023).
Global increasing
demand for energy has resulted in rapid increase in the offshore drilling
activities to meet the increasing demand, which ultimately has provided
significant boost to the Managed Pressure drilling market. Moreover, new oil
reserve discoveries increase the drilling and exploration activities in coming
years which upsurge the demand for the market. Additionally, increasing
deepwater drilling activities in Africa and Latin America is also expected to
boost the demand for managed pressure drilling services during the forecast
period. However, environmental risks and strict government regulations for drilling as well as increasing focus on
renewable energy may hinder the market growth of the market.
Managed
Pressure drilling
Market - Segmentation
Global Managed Pressure drilling Market is segmented
in to two key dynamics for an easy grasp and enhanced understanding.
Segmentation:
Based on Technology,
the market has been segmented into Mudcap Drilling, Constant Bottom Hole
Pressure and Return Flow control Drilling. Constant Bottom Hole Pressure
dominates the technology segment of the market and is expected to grow at
highest CAGR during the forecast period. CBHP technique provides site safety by
monitoring the annular pressure while detecting kicks and fluid losses early
and drilling. This technology is used extensively in the North American
continent for drilling offshore wells in the Gulf of Mexico, where drilling
conditions are tough.
Based on Well Type,
the market has been segmented land and offshore. The offshore
segment held the largest share in the managed pressure drilling market and is expected to grow at highest CAGR
during the forecast period. The growth
is attributed to the frequent use of managed pressure drilling in High Pressure
High Temperature (HPHT) wells and deepwater resources.
Segmentation by Regions: Comprises Geographical regions - North
America, Europe, Asia Pacific, Middle East & Africa and South America.
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Global Managed Pressure drilling Market - Regional
Analysis
North America dominates the Managed
Pressure drilling market. The U.S. accounts for the largest market share in the
North American region. The advancements in unconventional drilling
technologies, which have attracted capital for oil and gas drilling projects.
Additionally, vast hydrocarbon resources in the U.S. Shale basins and
continuous offshore drilling in the Gulf of Mexico region, are driving the
demand of the market.
Africa is other major market for
the Managed Pressure drilling. Increasing offshore discoveries in countries
such as Nigeria, Angola, and Tanzania driving the growth of the market in the
region. Asia Pacific and Europe are also an important market for the Managed
Pressure drilling. Increasing demand for
energy due to urbanization & industrialization from the countries such as
India, China, and Indonesia among others driving the demand of the market in
Asia Pacific region. The Europe Managed Pressure drilling market is expected to
be dominated by countries such as U.K, Norway and Russia. The development of
unconventional oil and gas exploration activities such as shale, is driving the
market in the region. It is expected to contribute significantly during the
forecast period.
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