Managed Pressure Drilling Services Market Witnessing High Growth

  • Deepwater drilling in Africa and Latin America is expected to boost the demand for managed pressure drilling services.
  • Five major companies together occupy more than three-fourth of the managed pressure drilling services market.
  • North America is projected to be the largest market for managed pressure drilling services.

The global managed pressure drilling services market is projected to witness high growth on account of growing need for optimized drilling processes and safe & effective operational aspects of managed pressure drilling. The global market is estimated to be $3.81 billion in 2016, and is projected to reach $4.6 billion by 2021, at a CAGR of 3.8% from 2016 to 2021. Deepwater drilling in Africa and Latin America is expected to boost the demand for managed pressure drilling services during the forecast period.

The report covers major market players such as Schlumberger Limited. (U.S.), Halliburton (U.S.), Archer Well Services (U.K.), Weatherford International (Ireland), and Baker Hughes (U.S.) among others. These companies together occupy more than three-fourth of the managed pressure drilling services market.

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North America: the largest market for managed pressure drilling services

North America is projected to be the largest market for managed pressure drilling services till 2021. Within North America, the U.S. is the largest market, accounting for the maximum share. Meanwhile, Canada is also expected to show reasonable growth, given its development of unconventional sources, such as tar sands and tight oil. Meanwhile, Africa is the fastest growing within the managed pressure drilling services market, due to the recent discoveries occurring offshore in countries such as Angola, Tanzania, and Mozambique, among others. In addition, offshore developments in the Red Sea region by countries such as Saudi Arabia, Qatar, and UAE is expected to drive the growth of the Middle East managed pressure drilling services market.

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Akshay Mehta

Energy and Power Consultant

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