COVID-19 Pandemic Impact on Underbalanced Drilling Market 2020: Global Trends, Top Manufacturers like Air Drilling Associates, Beyond Energy, Schlumberger Limited, Halliburton, Weatherford International, National Oilwell Varco, Ensign Energy Services etc.

Underbalanced Drilling Market Analysis:

The global underbalanced drilling market is projected to grow at 5.24% CAGR from 2019 to 2024. The increase in energy demand globally is causing the depletion of conventional hydrocarbon resources, which is driving the exploration and production industry to invest in advanced technologies, especially in the areas of drilling, production, and reservoir engineering to enhance hydrocarbon production. The rising need to extract crude oil from low-pressure reservoirs and the growing discovery of naturally fractured reservoirs are leading to the development of new drilling techniques including underbalanced drilling.

Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/8085

Top Manufacturers:

The key players operating in the global underbalanced drilling market are STRATA Energy Services (Australia), Air Drilling Associates, Inc. (US), Beyond Energy (Canada), Kinley Exploration LLC (US), Schlumberger Limited (US), Halliburton Inc. (US), Weatherford International (US), National Oilwell Varco (US), Ensign Energy Services (Canada), and Precision Air Drilling Services Inc. (US).

Industry Segmentation

The global underbalanced drilling market has been segmented based on technique and application.

On the basis of technique, the global market lightweight drilling fluids, gas injection, and foam injection. The foam injection segment is expected to dominate the global market as it provides efficiency during the well hole cleaning process. Due to this, it is considered as the most preferred underbalanced drilling technique.

On the basis of application, the global market is divided into onshore and offshore segments. The offshore segment is expected to grow with the highest CAGR during the forecast period due to increasing exploration activities in deep and ultra-deep-sea regions.

Regional Analysis

The global underbalanced drilling market has been segmented into five regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America.

According to IEA, offshore oil production is estimated to reach 27.4 million barrels of oil equivalent per day (mboe) by 2040 from 26.4 mboe in 2016. North America held a significant share in the total oil production in 2016. This oil production result in an increasing demand for underbalanced drilling as it is an important part of a well drilling process. Digitalization in the oil & gas industry, shale gas exploration in the US, and supportive government plans for upstream oil & gas sector are expected to drive the market for underbalanced drilling in this region.

The market in Asia-Pacific is expected to be the second largest market for underbalanced drilling, owing to the increase in exploration activities in the region. In Asia-Pacific, underbalanced operations for two wells, SED-3 and SED-4, have been planned to achieve the main goals of improving reservoir productivity, enabling fracture identification, avoiding reservoir damage, and making testing while drilling possible. Moreover, the oil & gas industry in Asia-Pacific is witnessing a rebound phase due to the rising demand for crude oil from various industries.

Browse in-depth research report @ https://www.marketresearchfuture.com/reports/underbalanced-drilling-market-8085

Table Of Contents

1 Executive Summary

2 Market Introduction

2.1 Market Definition

2.2 Scope Of The Study

2.3 Market Structure

3 Research Methodology

3.1 Primary Research

3.2 Secondary Research

3.3 Market Size Estimation

3.4 Forecast Model

3.5 List Of Assumptions

3.6 Limitations Of The Study

4 Market Insights

5 Market Dynamics

5.1 Introduction

5.2 Market Drivers

5.3 Market Restraints

5.4 Market Opportunities

5.5 Porter’s Five Forces Analysis

5.5.1 Threat Of New Entrants

5.5.2 Bargaining Power Of Buyers

5.5.3 Bargaining Power Of Suppliers

5.5.4 Threat Of Substitutes

5.5.5 Intensity Of Rivalry

5.6 Value Chain/Supply Chain Analysis

Continued……

List Of Tables

Table 1 Global Underbalanced Drilling Market, By Region, 2017–2024 (USD Million)

Table 2 North America Underbalanced Drilling Market, By Country, 2017–2024 (USD Million)

Table 3 Europe Underbalanced Drilling Market, By Country, 2017–2024 (USD Million)

Table 4 Asia-Pacific Underbalanced Drilling Market, By Country, 2017–2024 (USD Million)

Table 5 Middle East & Africa Underbalanced Drilling Market, By Country, 2017–2024 (USD Million)

Continued…

Contact:

Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

This release was published on openPR.