07 November 2019
Managed Pressure Drilling Market Report 2020-2030: Forecasts by Tool (Non-return valves, Rotating control device, Choke manifold systems), Application (Onshore, Offshore), Technology (Dual gradient drilling, Mud cap drilling, Constant bottom hole pressure, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and analysis of leading companies operating in this industry.
Managed pressure drilling is a drilling technique that uses a pressurized and closed circulation device to precisely regulate the wellbore pressure. This controlled market analysis of stress drilling takes revenue from both onshore and offshore markets into consideration. The research also takes into account the sales in APAC, Asia, MEA, North America, and South America of controlled pressure drilling. The onshore segment had a significant market share in 2018 and it is predicted that this trend will continue over the forecast period. In order to maintain its market position, factors such as low operating costs must play a significant role in the onshore sector.
The Global Managed Exploration Report also looks at factors such as the rise in unconventional exploration, the turnaround in active ring counts due to oil price recovery and increased oil and gas consumption. Nonetheless, the risk associated with drilling operations, crude oil price volatility, and rising renewable energy adoption may hamper the growth of the regulated pressure drilling industry over the forecast period.
The rise in drilling operations, including controlled pressure drilling, is attributed to the gradual recovery of the price of crude oil worldwide. To order to increase their profitability, the companies are investing substantially to oil and gas ventures, thereby increasing the turnaround in active rig count. The rise in drilling activities during the forecast period would result in the expansion of the global market for controlled pressure drilling at a CAGR of nearly 5 percent.
The growing use of large-scale data analytics by major industries has led to oil and gas production companies embracing this technology. Big data analytics offer tools for monitoring operations and predicting failures, thus increasing the efficiency of output. It is predicted that this innovation will have a positive impact on overall market growth.
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