The managed pressure drilling market is expected to grow from US$ 4,298.97 million in 2021 to US$ 6,004.50 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021–2028.
Managed pressure drilling process involves controlling the annular pressure levels throughout the wellbore. The process helps save cost, time, and money, and brings greater safety into drilling operations. This process enables drilling the challenging, complex extended-reach deep-gas deep water wells. Onshore and offshore drilling activities are increasing continuously across the world, which is one of the major factors driving the managed pressure drilling market. The onshore drilling activities are expected to increase from 46,000 wells drilled in 2020 to ~51,700 wells in 2021, recording a 12% rise. Further, the offshore drilling activities are expected to surge at a 10% year-on-year rate in 2021 and 2022. As a result, the number of offshore wells drilled is expected to reach ~2,500 in 2021, compared to less than 2,300 in 2020. In January 2020, Total SA announced that it is preparing to drill a new offshore well at a record water depth of 3,628 m off the coast of Angola, surpassing its Raya-1 well drilled at 3,400 m water depth in Uruguay. Thus, with the increase in such activities, the demand for pressure drilling equipment and services is increasing.
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Managed Pressure Drilling Market: Strategic Insights
Market Size Value in US$ 4,298.97 million in 2021 Market Size Value by US$ 6,004.50 million by 2028 Growth rate CAGR of 4.9% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Managed Pressure Drilling Market: Strategic Insights
| Market Size Value in | US$ 4,298.97 million in 2021 |
| Market Size Value by | US$ 6,004.50 million by 2028 |
| Growth rate | CAGR of 4.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Managed Pressure Drilling Market
The COVID-19 pandemic has shaken several industries across the world. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has adversely affected economies and countless industries in various countries. The lockdown imposition has also reduced the production of commodities, goods, and services.
In 2020, the COVID-19 pandemic negatively influenced the oil industry owing to the considerable disruptions in the supply chain activities in the industry coupled with the restrictions on international trade by several countries in the wake of the pandemic. Furthermore, the global oil prices plummeted significantly owing to the limited demand and continuous production by the oil producing countries added to the considerable decline in production activities among the major oil producing countries. Consequently, the discontinuation of oil extraction activities virtually disrupted the demand for managed pressure drilling market. As a result, during the early months of 2020, several countries witnessed a reduction in the demand for managed pressure drilling due to the implementation of lockdown in several countries because of the COVID-19 pandemic, which hindered the global managed pressure drilling market growth.
In 2021, with the uplifting of lockdown and vaccination processes, the manufacturing and construction companies have started working again. Therefore, oil production and the demand for managed pressure drilling equipment and machinery are growing, which would propel the growth of the global managed pressure drilling market in the coming years.
Lucrative Regions for Managed Pressure Drilling Providers
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Managed Pressure Drilling Market Insights
Significant Investments in Oil and Gas Projects
Several significant investments have been observed in oil and gas projects across the world, and the resultant availability of funds for procuring modern technologies is boosting the demand for managed pressure drilling. A few of these investments are mentioned below:
- According to the Brazilian National Agency of Petroleum (ANP—Agência Nacional do Petróleo), the oil & gas sector in the country is expected to receive an investment of US$ 13.00 billion in the exploration and production (E&P) activities in 2021. Of the total, ~US$ 4.00 billion (reais ~16 billion) will be available for the drilling sector.
- According to the Oxford Energy data in December 2019, the Brazilian Petroleum, Gas and Biofuels Institute (IBP), an industry association representing oil and natural gas producers, US$ 135 billion would be invested in exploration, drilling, and production till 2030, with a peak of ~US$ 19 billion in 2024–25.
- According to NES Fircroft data in January 2020, the Alaska LNG liquefaction plant project has been in the pipeline for several years, with several invested parties operating as a consortium under the name Alaska LNG. This includes ExxonMobil, ConocoPhillips Alaska, and Alaska Gasline Development Corporation with35%, 20%, and 25% shares, respectively. Further, BP plc held a 20% share but, in August 2019, it agreed to sell all their Alaskan interests to Hilcorp Alaska for US$ 5.6 billion.
Thus, with significant investments in oil and gas projects, the drilling operations are likely to increase in the coming years, thereby fueling the demand for managed pressure drilling equipment and services.
Technology - Based Market Insights
Based on technology, the managed pressure drilling market is segmented into constant bottom hole pressure (CBHP), mud cap drilling (MCD), dual gradient drilling (DGD), and return flow control drilling (RFCD). In 2020, the constant bottom hole pressure (CBHP) segment led the market, accounting for the largest market share.
Managed Pressure Drilling Market, by Technology, 2020 and 2028 (%)
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Application-Based Market Insights
Based on application, the managed pressure drilling market is bifurcated into onshore and offshore. In 2020, the offshore segment accounted for a larger market share.
The players operating in the managed pressure drilling market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In August 2021, ADS Services, LLC, a provider of drilling and pressure control technologies and solutions, reorganized its product and service portfolio and increased its management team.
- In October 2018, Archer successfully transitioned over four new and nine existing operations to the “Drilling Services Fixed Platforms” contract with Equinor previously awarded on April 3rd, 2018. Archer now provides integrated drilling, engineering, rentals, and well services on 13 of the 20 Equinor production drilling and quarters (PDQ) platforms on the Norwegian Continental Shelf.
The global managed pressure drilling market has been segmented as mentioned below:
By Technology
- Constant Bottom Hole Pressure (CBHP)
- Mud Cap Drilling (MCD)
- Dual Gradient Drilling (DGD)
- Return Flow Control Drilling (RFCD)
By Application
- Onshore
- Offshore
By Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- Ensign Energy Services
- Archer
- Blade Energy Partners
- Nabors Industries Ltd.
- Air Drilling Associates, Inc.
- ADS Services, LLC
- Halliburton Energy Services, Inc.
- Schlumberger Limited
- Weatherford International plc
- NOV Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Continuous rise in onshore and offshore drilling activities and significant investments in oil and gas projects are driving the growth of the managed pressure drilling market. These factors are propelling the adoption of managed pressure drilling equipment and machinery in oil industries.
The market opportunity lies in developing countries. Developing countries have become a hub of opportunity for various markets, including managed pressure drilling market. Thus, the growing use of modern drilling equipment for high-pressure, high-temperature wells are presenting significant potential for the future growth of the managed pressure drilling market players.
The global managed pressure drilling market was dominated by the constant bottom hole pressure (CBHP) segment with market share of more than 40% in 2020.
In 2020, North America led the market with a substantial revenue share, followed by APAC and Europe. North America is a prospective market for managed pressure drilling manufacturers.
The major companies in managed pressure drilling includes Schlumberger Limited; NOV Inc.; Weatherford International plc; Ensign Energy Services; and Halliburton Energy Services, Inc.
The global managed pressure drilling market was dominated by the offshore segment with market share ~ 70% in 2020.
The List of Companies - Managed Pressure Drilling Market
- Ensign Energy Services
- Archer
- Blade Energy Partners
- Nabors Industries Ltd.
- Air Drilling Associates, Inc.
- ADS Services, LLC
- Halliburton Energy Services, Inc.
- Schlumberger Limited
- Weatherford International plc
- NOV Inc.
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Below is the breakup of our primary respondents by company, designation, and region:
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- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
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We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
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