Report : Europe 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 Europe Managed Pressure Drilling Market during 2019–2028
According to a new market research study on “Europe Managed Pressure Drilling Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Application,” is expected to reach US$ 958.62 million by 2028 from US$ 728.60 million in 2021. The market is estimated to grow at a CAGR of 4.0% from 2021 to 2028. Proliferation of industry 4.0 is the major factor driving the growth of the Europe managed pressure drilling market. However, fickleness of crude oil prices may hinder the growth of Europe managed pressure drilling market. The report provides trends prevailing in the Europe managed pressure drilling market along with the drivers and restraints pertaining to the market growth.
Russia, France, Italy, Germany, Spain, and the UK are some of the worst-hit countries in Europe, considering the count of COVID-19 cases. The region witnessed a significant decline in revenue from several industries as the government authorities imposed stringent containment measures. Owing to travel restrictions, the movement of people from one place to another was reduced drastically. In 2020, several countries in Europe suffered an economic hit due to the decline in business activities across the oil sector because of lowering oil prices in the first quarter of 2020. Many of these member states have implemented drastic measures on imports & exports and shipment of goods, including partially closing their borders, which negatively impacted the oil demand. This is further anticipated to impact the Europe managed pressure drilling market, following the COVID-19 pandemic. The impact of COVID-19 varied from country to country across the European region as selected countries witnessed a surge in the number of confirmed cases and subsequently attracted stringent and more extended lockdown periods or social isolation resulting in disruption of business in the construction industry verticals and subsequently the demand for oil commodities. The lockdown is expected to continue negatively impacting the managed pressure drilling market in Europe due to disruption in the oil sector across selected countries. However, in 2021, with the relaxation of lockdown measures and resumption of manufacturing of MPD equipment & machinery, the managed pressure drilling market in Europe is expected to grow.
The Europe 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 France, Germany, UK, Italy, Russia, and rest of Europe. The UK contributed a substantial share in 2020.
Archer; Blade Energy Partners; Halliburton Energy Services, Inc; Nabors Industries Ltd; NOV Inc; Schlumberger Limited; and Weatherford International plc are among the leading companies in the Europe 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 and Schlumberger announce collaboration to accelerate adoption of automated drilling solutions.
Contact Person: Sameer Joshi
Email Id: firstname.lastname@example.org