Report : Asia Pacific Managed Pressure Drilling Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology [Constant Bottom Hole Pressure (CBHP), Mud Cap Drilling (MCD), Dual Gradient Drilling (DGD), and Return Flow Control Drilling (RFCD)] and Application (Onshore and Offshore)
Offshore Segment to Dominate Asia-Pacific Managed Pressure Drilling Market during 2019–2028
According to a new market research study on “Asia-Pacific Managed Pressure Drilling Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Application,” is expected to reach US$ 1,403.89 million by 2028 from US$ 953.90 million in 2021. The market is estimated to grow at a CAGR of 5.7% from 2021 to 2028. Continuous growth in onshore and offshore drilling activities is the major factor driving the growth of the Asia-Pacific managed pressure drilling market. However, volatility of crude oil prices may hinder the growth of Asia-Pacific managed pressure drilling market. The report provides trends prevailing in the Asia-Pacific managed pressure drilling market along with the drivers and restraints pertaining to the market growth.
In Asia-Pacific, India is the worst-hit country by the COVID-19 outbreak. Asia-Pacific experienced a notable decline in several economic activities as the government authorities imposed strict lockdowns, travel bans, and business shutdowns. Many countries in Asia are in a developing state. Owing to layoffs and salary cuts, buying capacity of the majority of consumers was affected drastically. Expenditure on nonessentials was avoided as much as possible. Reduced purchasing power resulted in weak demand from various sectors, including the oil industry. The Asia-Pacific region constitutes the world's two most populated countries as well as prominent oil-producing countries. China imposed strict lockdown and social isolation, which stopped manufacturing activities, resulting in shrinking the country's demand for oil and other energy commodities. Thus, the oil construction activities across China plummeted significantly and resulted in weak demand for managed pressure drilling equipment.
The Asia-Pacific managed pressure drilling market is segmented into technology, application, and country. Based on technology, the managed pressure drilling market is segmented into constant bottom hole pressure (CBHP), mud cap drilling (MCD), dual gradient drilling (DGD) and return flow control drilling (RFCD). Return Flow Control Drilling (RFCD) is expected to the fastest growing segment over the forecast period. Based on application, the managed pressure drilling market is bifurcated into onshore and offshore. The offshore segment accounts for largest market share in the 2020. Similarly, based on country, the market is segmented into China, Japan, India, South Korea, Australia, and rest of Asia-Pacific. China contributed a substantial share in 2020.
Air Drilling Associates, Inc.; Archer; Blade Energy Partners; Ensign Energy Services; Halliburton Energy Services, Inc; Nabors Industries Ltd; NOV Inc; Schlumberger Limited; and Weatherford International plc are among the leading companies in the Asia-Pacific Managed pressure drilling market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, NOV launches Boomerang reamer for improved drilling efficiency in Asia-Pacific region.
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