The global managed pressure drilling market at a CAGR of almost 5% during the forecast period
NEW YORK, July 23, 2019 /PRNewswire/ --
Global Managed Pressure Drilling Market: About this market
Managed pressure drilling is a drilling technique that is employed to precisely control the wellbore pressure using a pressurized and closed circulating system. This managed pressure drilling market analysis considers sales from both onshore and offshore segments. Our analysis also considers the sales of managed pressure drilling in APAC, Europe, MEA, North America, and South America. In 2018, the onshore segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as low operational cost will play a significant role in the onshore segment to maintain its market position. Also, our global managed pressure drilling report also looks at factors such as rise in unconventional drilling activities, rebound in active ring count owing to recovery of oil price, and growing consumption of oil and gas. However, the risk associated with drilling activities, volatility in crude oil price, and growing adoption of renewable energy may hamper the growth of the managed pressure drilling industry over the forecast period.
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Global Managed Pressure Drilling Market: Overview
Rebound in active rig count owing to recovery of oil price
The increased drilling activities, including managed pressure drilling, is due to the gradual recovery of crude oil price across the world. The companies are significantly investing in oil and gas projects to increase their profitability, thus increasing rebound in active rig count. The increase in drilling activities will lead to the expansion of the global managed pressure drilling market at a CAGR of almost 5% during the forecast period.
Increase in production efficiency of oil fields using big data analytics
The increasing use of big data analytics by major industries has led to the adoption of this technology by oil and gas production companies. Big data analytics provide insights to track operations and predict errors, thus increasing production efficiency. This development is expected to have a positive impact on the overall market growth.
Competitive Landscape
With the presence of several major players, the global managed pressure drilling market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading managed pressure drilling manufacturers, that include Halliburton Co., Nabors Industries Ltd., National Oilwell Varco Inc., Schlumberger Ltd., and Weatherford International Plc.
Also, the managed pressure drilling market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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