Report : Middle East and Africa 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)
Constant Bottom Hole Pressure (CBHP) Segment to Dominate Middle East & Africa Managed Pressure Drilling Market during 2019–2028
According to a new market research study on “Middle East & Africa Managed Pressure Drilling Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Application,” is expected to reach US$ 849.76 million by 2028 from US$ 621.33 million in 2021. The market is estimated to grow at a CAGR of 4.6% from 2021 to 2028. Continuous surge in onshore and offshore drilling activities is the major factor driving the growth of the Middle East & Africa managed pressure drilling market. However, volatility of crude oil prices may hinder the growth of Middle East & Africa managed pressure drilling market. The report provides trends prevailing in the Middle East & Africa managed pressure drilling market along with the drivers and restraints pertaining to the market growth.
The Middle East & Africa comprises South Africa, the UAE, Saudi Arabia, and other countries. South Africa recorded the highest number of COVID-19 cases in the Middle East & Africa region, followed by Saudi Arabia and the UAE. Further, the Middle East & Africa region, especially the Gulf Cooperation Council (GCC) countries, witnessed a notable decline in their oil sector, owing to a sharp decline in demand for oil from major end-user countries across Asia, Europe, and North America. As a result, the countries registered a lowered volume of oil production and construction of oil-related projects, which subsequently decreased the demand for managed pressure drilling. Countries such as Saudi Arabia, the UAE, Qatar, and selected other members of the Organization of the Petroleum Exporting Countries (OPEC) also observed similar trends during the early months of the outbreak. Hence, the region also witnessed a significant decline in demand for managed pressure drillings during the first quarter of 2020. However, in 2021, with the relaxation of lockdown measures and resumption of MPD equipment & machinery manufacturing, the managed pressure drilling market in the Middle East & Africa region is anticipated to grow.
The Middle East & Africa 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 Saudi Arabia, UAE, South Africa, and rest of Middle East & Africa. Saudi Arabia 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 Middle East & Africa 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, Schlumberger Launches PeriScope Edge Multilayer Mapping-While-Drilling Service.
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