Managed Pressure Drilling Services Market Size, Share & Trends Analysis Report By Technology (MCD, CBHP, DGD, RFCD), By Application (Onshore, Offshore), By Region, And Segment Forecasts, 2024 - 2030

Managed Pressure Drilling Services Market Size, Share & Trends Analysis Report By Technology (MCD, CBHP, DGD, RFCD), By Application (Onshore, Offshore), By Region, And Segment Forecasts, 2024 - 2030

Managed Pressure Drilling Services Market Growth & Trends

The global managed pressure drilling services market size is expected to reach USD 4.97 billion by 2030, expanding at a CAGR of 3.0% from 2024 to 2030, 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.

Managed Pressure Drilling Services Market Report Highlights

• Offshore dominated the market and accounted for a share of 60.9% in 2023.
• The U.S. held a 72.2% revenue share of the North American market in 2023 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 MPD services market in 2023. 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.
• Key market players include operating in the global managed pressure drilling services market include Baker Hughes Company, SABIC, Halliburton, SLB, Weatherford,ADC Services.

Please note The report will be delivered in 4-8 business days upon order notification.