The managed pressure drilling market in North America is expected to grow from US$ 1,621.99 million in 2021 to US$ 2,260.35 million by 2028; it is estimated to grow at a CAGR of 4.9% from 2021 to 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 region, 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. Thus, with the increase in such activities, the demand for pressure drilling equipment and services is increasing thereby driving the North America managed pressure drilling market growth.The North American market suffered considerable economic losses in the first two quarters of 2020, owing to the high count of COVID-19 cases, especially in the US. The economic growth was slowed, which directly impacted various manufacturing & construction activities across the region. This pandemic has disrupted the construction activities in the oil sector and subsequently impacted the demand for managed pressure drilling during the early months of 2020 due to the stoppage of oil extraction activities. Moreover, the considerable decline in the overall global oil prices further restricted the oil-related projects and other activities that negatively influenced the region's demand for managed pressure drilling. A similar trend was also witnessed in other North American countries, i.e., Canada and Mexico. However, in 2021, with the relaxation of lockdown measures and resumption of manufacturing of MPD equipment & machinery started, the managed pressure drilling market in North America is likely to grow.
North America Managed Pressure Drilling Market Revenue and Forecast to 2028 (US$ Million)
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North America Managed Pressure Drilling Market Segmentation
North America Managed Pressure Drilling Market By Technology
- Constant Bottom Hole Pressure (CBHP)
- Mud Cap Drilling (MCD)
- Dual Gradient Drilling (DGD)
- Return Flow Control Drilling (RFCD)
North America Managed Pressure Drilling Market By Application
- Onshore
- Offshore
North America Managed Pressure Drilling Market By Country
- US
- Canada
- Mexico
North America Managed Pressure Drilling Market-Companies Mentioned
- ADS Services, LLC
- Air Drilling Associates, Inc.
- Archer
- Blade Energy Partners
- Ensign Energy Services
- Halliburton Energy Services, Inc
- Nabors Industries Ltd
- NOV Inc
- Schlumberger Limited
- Weatherford International plc
North America Managed Pressure Drilling Report Scope
Report Attribute | Details |
---|---|
Market size in 2021 | US$ 1,621.99 Million |
Market Size by 2028 | US$ 2,260.35 Million |
Global CAGR (2021 - 2028) | 4.9% |
Historical Data | 2019-2020 |
Forecast period | 2022-2028 |
Segments Covered |
By Technology
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
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2. Air Drilling Associates, Inc.
3. Archer
4. Blade Energy Partners
5. Ensign Energy Services
6. Halliburton Energy Services, Inc
7. Nabors Industries Ltd
8. NOV Inc
9. Schlumberger Limited
10. Weatherford International plc


