Report : North America 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 North America Managed Pressure Drilling Market during 2019–2028
According to a new market research study on “North America Managed Pressure Drilling Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Application,” is expected to reach US$ 2,260.35 million by 2028 from US$ 1,621.99 million in 2021. The market is estimated to grow at a CAGR of 4.9% from 2021 to 2028. Continuous rise in onshore and offshore drilling activities is the major factor driving the growth of the North America managed pressure drilling market. However, volatility of crude oil prices may hinder the growth of North America managed pressure drilling market. The report provides trends prevailing in the North America managed pressure drilling market along with the drivers and restraints pertaining to the market growth.
The North American market suffered considerable economic losses in the first two quarters of 2020, owing to the high count of COVID-19 cases, especially in the US. The economic growth was slowed, which directly impacted various manufacturing & construction activities across the region. This pandemic has disrupted the construction activities in the oil sector and subsequently impacted the demand for managed pressure drilling during the early months of 2020 due to the stoppage of oil extraction activities. Moreover, the considerable decline in the overall global oil prices further restricted the oil-related projects and other activities that negatively influenced the region's demand for managed pressure drilling. A similar trend was also witnessed in other North American countries, i.e., Canada and Mexico. However, in 2021, with the relaxation of lockdown measures and resumption of manufacturing of MPD equipment & machinery started, the managed pressure drilling market in North America is likely to grow.
The North America 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 US, Canada, and Mexico. The US contributed a substantial share in 2020.
ADS Services, LLC; 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 North America 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 and NOV have established a partnership to help oil and gas operators and drilling contractors adopt automated drilling technologies faster. Customers will be able to use Schlumberger surface and downhole drilling automation solutions in conjunction with NOV's rig automation platform to achieve better well construction results. This comprehensive solution automates manual procedures in drilling operations, enhancing safety, decision-making, consistency, and efficiency.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com