Managed Pressure Drilling Market to Hit USD 4.16 Billion by 2029; Stena Drilling Buys Fourth System for Stena Forth

The global managed pressure drilling market size stood at USD 2.72 billion in 2021. The market value is slated to rise from USD 2.95 billion in 2022 to USD 4.16 billion by 2029 at a CAGR of 5.0% during 2022-2029. The rise is being driven by the escalating demand for advanced drilling across various regions. The technology is being deployed for the management of wellbore stability, improving drilling efficiency, and enhancing kick detection and management.

Fortune Business Insights™ presents this information in its report, titled “Managed Pressure Drilling Market Size, Share & COVID-19 Impact Analysis, By Technology (Constant Bottom-Hole Pressure (CBHP), Pressurized Mud-Cap Drilling (PMCD), Dual Gradient (DG)), By Application (Onshore, Offshore), and Regional Forecast, 2022-2029”.

Market Expansion Impacted on Account of Disruption in Crude Production Amid COVID-19 Pandemic

The COVID-19 crisis considerably impacted the oil and gas industry. The pandemic resulted in a considerable drop in product demand propelled by the disrupted nature of financial and commodity markets. Lockdown restrictions across various countries led to the shutdown of several exploration projects. The industry expansion was further hindered by the Saudi-Russian oil price war that led to reduced production and financial losses.

Stena Drilling Purchased Fourth Managed Pressure Drilling System for Stena Forth

In February 2021, Stena Drilling ordered a fourth managed pressure drilling system for Stena Forth. The purchase indicated that Stena Forth would link the Stena Drillmax, Stena Carron, and Stena Icemax as MPD operational. The system was anticipated to be received during the third or fourth quarter of 2021.

The purchase and installation of the system would make Stena’s drillship fleet completely MPD capable. The deal also showcased Stena Drilling’s dedication to this stirring and advanced technology.

Market Share to Rise Driven by Increasing Investment in Offshore Sector

One of the major factors impelling the managed pressure drilling market growth comprise the surging investment in the offshore sector. This is on account of the development of new techniques for the extraction and production of oil and gas. This is propelling the demand for drilling services across various regions.

However, numerous organizations and governments are emphasizing on renewable energy production targets for limiting carbon emissions. This could hinder market growth to a considerable extent.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/managed-pressure-drilling-market-101366

Major Players Strike Partnership Deals to Strengthen Industry Position

Prominent participants in the industry are focused on the adoption of several strategic steps for consolidating their position. These include partnership deals, collaborations, mergers, and acquisitions. Some of the additional steps taken by leading industry players include an increased interest in research activities.

Besides, several companies are developing and launching new products to secure a competitive edge.

Key Players Considered in the Report

• Beyond Energy Services & Technology Corporation (Canada)


• Enhanced Drilling (Norway)


• Stena Drilling Ltd (U.K.)


• Nabors Industries Ltd (U.S.)


• OilSERV (UAE)


• Ensign Energy Services (Canada)


• ADS Services, LLC (U.S.)


• Salos Sunesis Limited (U.K.)


• MAERSK DRILLING (Denmark)


• Aker Solutions (Norway)


• Schlumberger (U.S.)


• Halliburton (U.S.)


• Weatherford (U.S.)

Key Industry Development

• July 2020 – Ensign Energy Services shared plans to buy Halliburton’s 40% stake in Trinidad Drilling International. The USD 33.4 million deal would expand Ensign’s platform in the Middle East region. 

Further Report Findings

• On the basis of geography, the market has been segmented into five regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.


• The North America managed pressure drilling market share is poised to record commendable growth throughout the forecast period. The rise is being driven by the escalating demand for drilling services and surging investment initiatives in the region.


• The Asia Pacific region is anticipated to register lucrative expansion over the study period driven by the presence of undiscovered reserves.


• On the basis of technology, the market is fragmented into Constant Bottom-Hole Pressure (CBHP), Pressurized Mud-Cap Plug Drilling (PMCD), and Dual Gradient (DG). The CBHP segment is slated to record appreciable growth over the estimated period.

Table of Segmentation