Market Size of Managed Pressure Drilling Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.33 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Managed Pressure Drilling Services Market Analysis
The managed pressure drilling services market was valued at USD 3.09 billion in 2020 and is expected to reach USD 4.33 billion by 2027, at a CAGR of 5.33% during the forecast period of 2022-2027. Due to the COVID-19 pandemic, the oil and gas industry witnessed a significant decline due to the various lockdowns and restrictions, which resulted in decreased demand for managed pressure drilling services. Factors, such as increasing depths of wells being drilled combined with increasing offshore exploration and production activities, are expected to increase the demand for managed pressure drilling services during the forecast period. However, the high volatility of oil and gas prices is expected to act as a restraint to the managed pressure drilling services market during the forecast period.
- The constant bottom hole pressure is expected to be the largest market for managed pressure drilling services during the forecast period.
- Technological developments in managed pressure drilling techniques coupled with the adoption of industry 4.0 is expected to create new opportunities for the market players in the near future.
- North America is expected to dominate the managed pressure drilling services market owing to the shale gas boom and increasing production activities.
