Kenneth Research, in its repository of market research reports, have recently added a report on the Global Managed Pressure Drilling Services Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Managed Pressure Drilling Services Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Global Managed Pressure Drilling Services Market products.
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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
Global Managed Pressure Drilling Services Market is valued approximately at USD 2.19 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.20% over the forecast period 2020-2027. Managed pressure drilling is referred as a drilling process which is used to efficiently control the annual pressure profile all over the wellbore. It provides closed-loop circulation system which manages and balanced pore pressure, formation fracture pressure and a bottom hole pressure in the wellbore. Due to such features of managed pressure drilling services, the market is expected to grow over the forecast years with rapid growth in oil & gas industries. For instance: According to International Energy Agency, the global crude oil production accounted for 80,622,000 barrel per day (b/d) in the year 2019. United states was also the leading producer of crude oil among both developed and developing nations. According to International Energy Agency, the crude oil production accounted for about 10.99 million barrel per day (b/d) in the year 2018 which rose to around 12.33 million barrel per day (b/d) in the year 2019 registering a growth of about 11%. Managed pressure drilling is gaining application in oil & gas extraction plants to improve wellbore stability, improve rate of penetration while drilling and reducing influx & looses. In addition, need for optimized drilling operation is expected to propel the growth of market. However, high cost of managed pressure drilling services is the factor hampering the market growth.
The regional analysis of global Managed Pressure Drilling Services Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rapid growth in production of crude oil in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing number of mature wells would create lucrative growth prospects for the Managed Pressure Drilling Services Market across Asia-Pacific region.
Major market player included in this report are:
Weatherford International Limited
Baker Hughes Inc.
National Oilwell Varco
Ensign Energy Services Inc.
Eds Group as
Strata Energy Services Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Technology Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Technology Type:
Lithium Ion (Li-ion) Batteries
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
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Target Audience of the Global Managed Pressure Drilling Services Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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