Report : South 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 South America Managed Pressure Drilling Market during 2019–2028
According to a new market research study on “South America Managed Pressure Drilling Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Application,” is expected to reach US$ 531.87 million by 2028 from US$ 373.16 million in 2021. The market is estimated to grow at a CAGR of 5.2% from 2021 to 2028. Continuous rise in onshore and offshore drilling activities is the major factor driving the growth of the South America managed pressure drilling market. However, volatility of crude oil prices may hinder the growth of South America managed pressure drilling market. The report provides trends prevailing in the South America managed pressure drilling market along with the drivers and restraints pertaining to the market growth.
In South America, Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina. Among all South American countries, Brazil continues to occupy a dominant position in the region’s overall oil-producing capabilities. The country also witnessed a major decline in its oil-related activities following the massive decline in oil prices and subsequent limited construction activities, which affected the MPD equipment and machinery manufacturing. Thus, the country also registered a sharp decline in the demand for managed pressure drilling, owing to the COVID-19 outbreak across the South America region and subsequent lower business activities in the oil sector. However, in 2021, with the relaxation of lockdown measures and resumption of MPD equipment & machinery manufacturing, the managed pressure drilling market in South America is expected to grow.
The South 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 Brazil, Argentina, and rest of SAM. Brazil contributed a substantial share in 2020.
Air Drilling Associates, Inc.; Archer; 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 South 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, NOV and Schlumberger announce collaboration to accelerate adoption of automated drilling solutions.
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