Managed Pressure Drilling Market Scrutinized in New Research
According to our latest market study on “Managed Pressure Drilling Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology and Application,” the 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% from 2021 to 2028.
The managed pressure drilling process is used for precisely controlling the annular pressure levels across the wellbore length to ensure that the downhole pressure environment limits and manages the annular hydraulic pressure accordingly. It started as an essential technique for drilling wells with narrow pore-pressure and fracture-gradient windows. Ranging from automated to intelligent, the managed pressure drilling operations help enhance safety, lower well-construction costs, reduce well-control risks, and increase production. The major application of managed pressure drilling is in the deep offshore gas and oil wells. The process of oil & gas extraction requires cautionary measures as these substances are highly volatile.
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Continuous rise in onshore and offshore drilling activities and significant investments in oil & gas projects are contributing to the managed pressure drilling market growth. However, volatility of crude oil prices is restraining the market growth. Moreover, the growing use of modern drilling methods in high-pressure, high-temperature wells, and proliferation of the industry 4.0 would contributing the managed pressure drilling market growth in the coming years.
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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; and NOV Inc. are among the major companies operating in the managed pressure drilling market.
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