Global Managed Pressure Drilling Services Market Size, Trends & Growth Opportunity, By Technology (Constant Bottom Hole Pressure, Mud Cup Drilling, Dual Gradient Drilling, and Return Flow Control Drilling), By Tool (Rotating Control Device, Non-Return Val

Global Managed Pressure Drilling Services Market Size, Trends & Growth Opportunity, By Technology (Constant Bottom Hole Pressure, Mud Cup Drilling, Dual Gradient Drilling, and Return Flow Control Drilling), By Tool (Rotating Control Device, Non-Return Valves, and Choke Manifold Systems), By Application (Onshore, and Offshore), By Region and Forecast till 2027.

Global Managed Pressure Drilling Services Market

Global Managed Pressure Drilling Services Market was valued at USD 3.51 billion in 2022 and is slated to reach at USD 4.62 billion by 2027 at a CAGR of 4.89% from 2022-2027.

Managed pressure drilling services is a type drilling process which uses enclosed and pressurized circulation system to provide precise wellbore control. Managed pressure drilling provides a closed loop circulation system in which pore pressure, bottom hole pressure, and formation fracture pressure in wellbore are balanced and managed.

Market Drivers

Increase in government initiatives for exploration and production of natural gas for conventional as well as unconventional sources like shale and tight gas is considered as key driving factor which is expected to boost the global managed pressure drilling services market. Furthermore, increase in success rate of managed pressure drilling services over other conventional techniques will positively contribute the market growth during this forecast period. Moreover, managed pressure drilling is a type of highly precise technology which is used to control wellbore pressure and enhance stability as well which ensures flawless production of oil and gas at an economical cost.

Market Restraints

However, high cost of managed pressure drilling equipment is challenging factor which is expected to hinder the global managed pressure drilling services market growth. Also, limited planning & executing expertise for managed pressure drilling will affect the market growth during this analysis period.

Impact of COVID-19

The COVID-19 pandemic had a detrimental impact on the oil business in 2020 because it caused significant interruptions to supply chain activity in the sector and numerous countries imposed trade restrictions as a result of the epidemic. Due to the low demand, ongoing production by oil-producing nations, and sharp reduction in production activities among the major oil-producing nations, the price of oil fell dramatically on a global scale. As a result, the market for controlled pressure drilling was essentially disrupted when oil extraction activities were stopped. As a result, during the first few months of 2020, numerous nations experienced a decline in the demand for managed pressure drilling as a result of the adoption of lockdown owing to the COVID-19 pandemic in various nations, which hampered the growth of the worldwide managed pressure drilling market.

Recent developments

For its Stena Forth drillship, Stena Drilling stated in February 2021 that it has ordered a managed pressure drilling (MPD) system. Stena Drilling's whole fleet of drillships may be MPD-operable after the installation of the Managed Pressure Drilling system on the Stena Forth.

In order to outfit its drillships travelling to Senegal with the EC-Drill controlled mud level system, the Norwegian drilling equipment company Enhanced Drill and the Australian oil and gas operator Woodside signed a contract in September 2020. For the Sangomar Field Development, a contract was negotiated for the creation and incorporation of Enhanced Drilling's EC-Drill technology as an efficiently managed pressure drilling (MPD) solution.

Market Segmentation

Global Managed Pressure Drilling Services Market is segmented into technology such as Constant Bottom Hole Pressure, Mud Cup Drilling, Dual Gradient Drilling, and Return Flow Control Drilling, by tool such as Rotating Control Device, Non-Return Valves, and Choke Manifold Systems. Further, market is segmented into application such as Onshore, and Offshore.

Regional Analysis

Also, Global Managed Pressure Drilling Services Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as Baker Hughes Inc., Halliburton Company, Weatherford International Limited, Schlumberger Limited, National Oilwell Varco, Archer Limited, Aker Solutions, Ensign Energy Services Inc., Strata Energy Services Inc., and Blade Energy Partners

Market Taxonomy

By Technology

• Constant Bottom Hole Pressure
• Mud Cup Drilling
• Dual Gradient Drilling
• Return Flow Control Drilling

• Rotating Control Device
• Non-Return Valves
• Choke Manifold Systems

• Onshore
• Offshore

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

• What are the Key Opportunities in Global Managed Pressure Drilling Services Market?
• What will be the growth rate from 2022 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?
• What are the strategies adopted by key players?