Managed Pressure Drilling Services Market Size, Strategies and Opportunities Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the market value of the Managed Pressure Drilling Services market size is expected to be valued at USD 3,438.2 million in 2022 which is expected to grow at a CAGR of 5.6% over 2022-2028. The primary factors that drive the market are increasing deep water and ultra-deep-water investigation and drilling processes, growing technological advancements for drilling high-pressure, high-temperature (HPHT) wells, and rising shale manufacture.

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Constant Bottom Hole Pressure to Dominate the Managed Pressure Drilling Services Market:
Based on technology type, constant bottom hole pressure holds the highest market share. The major factor for this segment's rise is its widespread usage in wells having high ambiguity on the pressure limits. Constant bottom hole pressure techniques regulate the annular pressure by sensing losses of fluid and shakes while drilling with improved protection. These factors can drive the global managed pressure drilling services market growth. Apart from this, this method is widely used in North America and the Gulf of Mexico which can also drive the growth of the market.

Asia Pacific Managed Pressure Drilling Services Market:
Asia Pacific region is expected to grow significantly in the global managed pressure drilling services market size over the forecast period. The Asia Pacific region is expanding as a result consumption of hydrocarbon is gradually increasing because of great demand from population growth, infrastructure, and the growth of the shipping aviation businesses. Apart from this, to fulfill the increasing demand for oil and gas, India and China are capitalizing profoundly on the detection of new reserves. Additionally, year-on-year growth in drilling to achieve the growing demand for hydrocarbons are some of the reasons for the potential development of the market in these regions.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global managed pressure drilling services market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In May 2022, Oil States Industries, Inc. announced its new Managed Pressure Drilling and Riser Gas Handling ("MPD" and "RGH") System. In April 2022, ONGC announced the completion of the drilling of three gas wells using new MPD technology in Tripura.

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The managed pressure drilling services market is segmented based on, technology, application, and region.
Based on the technology type, the market is segmented into the following:
• Mud Cap Drilling
• Constant Borehole Pressure
• Dual Gradient Drilling
• Return Flow Control Drilling

Based on the application type, the market is segmented into the following:
• Onshore
• Offshore

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the managed pressure drilling services market report are Schlumberger Limited, Air Drilling Associates Inc., Beyond Energy, Weatherford International, Nabors Industries Ltd., Ensign Energy Services, AFGlobal, Halliburton Inc., Enhanced Drilling Services, National Oilwell Varco, and Oilserv.

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