Managed Pressure Drilling Market

Managed pressure drilling is the process for deep offshore oil and gas wells in safer, more controlled, and more efficient way. As oil and gas exploration is a complicated process, it requires maximum supervision to avoid any collapse in casing and cementing. The main objective behind managed pressure drilling is to develop simulations in a controlled environment and draw appropriate conclusions.

Globally, half of the offshore projects are un-drillable due to the technical constraints. Moreover, drilling-related problems raise the issue of loss of circulation, stuck pipe, twisting off, kick/loss scenarios, which increase the cost of drilling in various projects. Managed pressure drilling (MPD) can decrease the possibility of these problems and help reduce nonproductive time. MPD involves several benefits such as drilling with narrow pressure window, avoid kick loss, reduced number of casing, improved rate of penetration, reduced nonproductive time, accurately managed mud programs, early identification of wellbore ballooning, and improved drilling efficiency. The market of MPD is growing because of the high technical advancement. For instance, Noble Corporation plc has awarded AFGlobal Corporation, a contract for integrated Deepwater MPD systems. The addition of MPS systems help provide competitive advantage with higher level of safety and performance in rigs.

The Managed pressure drilling market is anticipated to progress at 3.92% CAGR during the forecast period and is expected to touch the market size of USD 4,750.1 million by 2023. North America accounts for the largest market share of 47.50% and is very closely followed by Asia-Pacific with 27.65% and Europe with 16.10%.

The global market for managed pressure drilling is segmented on the basis of technology, tool, application, and regions. Based on the technology, the market is further classified into constant bottom hole pressure, mud cap drilling, dual gradient drilling, and return flow control drilling. On the basis of tool, global managed pressure drilling market is segmented into Rotating Control Device (RCD), Non-return Valves (NRV), and Choke Manifold Systems. On the basis of application, the segments taken into account are onshore and offshore.