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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Managed Pressure Drilling Market
Request Now !The managed pressure drilling market is witnessing significant growth and is anticipated to grow steadily throughout the forecast period. The oil and gas industry is one of the most important contributing factors in the formation of modern world. Oil and gas products are extensively used to fuel vehicles and industries. Furthermore, the by-products of oil refining industry are used for manufacturing products such as asphalt and tar. Thus, the necessity of oil and gas in modern world fuels the demand for processes such as managed pressure drilling. Managed pressure drilling is cost-effective and reduces losses. The managed pressure drilling processes, such as mud cap drilling, is especially suitable for use in drilling highly depleted and naturally fractured formations. Thus, managed pressure drilling techniques can be used for drilling difficult and previously un-drillable wells. Major players in the industry are focusing on extensive research to further enhance the effectiveness and cost-efficiency of managed pressure drilling.
Description
Managed pressure drilling (MPD) is an adaptive drilling technique that is used to precisely control downhaul of an annular pressure profile. The primary objective of this process is to ascertain the downhaul pressure under environment limits and manage the annular hydraulic pressure profile according to the surrounding conditions. Managed pressure drilling creates a closed-loop circulation system in which pore pressure, formation fracture pressure, and bottom hole pressure are efficiently managed. Water is commonly used as a drilling fluid in managed pressure drilling.
Report Metric | Details |
Market Size Available for Years | 2020–2030 |
Base Year Considered | 2020 |
Forecast Period | 2021–2030 |
Forecast Unit | Value (USD) |
Segments Covered | Technology, Application, End-user Industry, Business Type, and Region |
Companies Covered | Halliburton, Nabors Industries Ltd., Schlumberger, Weatherford, Oilserv, Salos Sunesis Limited, ADS Services, LLC., NOV Inc., Stena Drilling Ltd., Enhanced Drilling |
COVID-19 Impact analysis
Top Impacting Factors
Increase in number of vehicles and industries fuels the demand for various oil and gas products. To meet this rise in demand, many governments are increasing their expenditure on exploration of new oil and gas fields. For instance, the U.S. emerged as a leading producer of petroleum and natural gas in recent years, and the developing countries such as India and China have sustainably increased their expenditure on oil refining projects. Thus, increased exploration results in drilling of new wells, thereby boosting the managed pressure drilling market. Furthermore, managed pressure drilling reduces wastage and is a cost-effective process, which increases its use. However, frequent fluctuations in the prices of hydrocarbons and increase in environmental concerns are some of the restraints on the growth of managed pressure drilling industry. According to International Energy Agency (IEA), by 2024, the global oil consumption is expected to reach 104.1 mb/d, which will be an increase of 4.4 mb/d as compared to 2019 levels. Increase in oil demand will result in increased extraction activities, thereby providing lucrative growth opportunities for the market.
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