Asia Pacific Managed Pressure Drilling Market

The managed pressure drilling market in Asia-Pacific is expected to grow from US$ 953.90 million in 2021 to US$ 1,403.89 million by 2028; it is estimated to grow at a CAGR of 5.7% from 2021 to 2028. Managed pressure drilling process involves controlling the annular pressure levels throughout the wellbore. The process helps save cost, time, and money, and brings greater safety into drilling operations. This process enables drilling the challenging, complex extended-reach deep-gas deep water wells. Onshore and offshore drilling activities are increasing continuously across the region, which is one of the major factors driving the managed pressure drilling market. The onshore drilling activities are expected to increase from 46,000 wells drilled in 2020 to ~51,700 wells in 2021, recording a 12% rise. Further, the offshore drilling activities are expected to surge at a 10% year-on-year rate in 2021 and 2022. As a result, the number of offshore wells drilled is expected to reach ~2,500 in 2021, compared to less than 2,300 in 2020. In January 2020, Thus, with the increase in such activities, the demand for pressure drilling equipment and services is increasing thereby driving the Asia-Pacific managed pressure drilling 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. Asia-Pacific Managed Pressure Drilling Market Revenue and Forecast to 2028 (US$ Million) Asia-Pacific Managed Pressure Drilling Market Segmentation Asia-Pacific Managed Pressure Drilling Market By Technology - Constant Bottom Hole Pressure (CBHP) - Mud Cap Drilling (MCD) - Dual Gradient Drilling (DGD) - Return Flow Control Drilling (RFCD) Asia-Pacific Managed Pressure Drilling Market By Application - Onshore - Offshore Asia-Pacific Managed Pressure Drilling Market By Country - China - Japan - India - South Korea - Australia - Rest of Asia-Pacific Asia-Pacific Managed Pressure Drilling Market-Companies Mentioned - Archer - Blade Energy Partners - Halliburton Energy Services, Inc - Nabors Industries Ltd - NOV Inc - Schlumberger Limited - Weatherford International plc

Asia Pacific Managed Pressure Drilling Market Strategic Insights

Asia Pacific Managed Pressure Drilling Market Segmentation Analysis

Asia Pacific Managed Pressure Drilling Market Report Highlights

Asia Pacific Managed Pressure Drilling Report Scope

Asia Pacific Managed Pressure Drilling Market Country and Regional Insights