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Market Leaders: Managed Pressure Drilling Services Market
The global managed pressure drilling services market is projected to grow at a CAGR of 3.8% from 2016 to 2021. In terms of market size, by value, the U.S. accounted for the largest market in 2015, followed by Russia in the same year. This is attributed to technological advancements and increased usage of managed pressure drilling for unconventional reserves in the country.
This report provides an overview of the prevailing competitive scenario within the managed pressure drilling services market. As part of this, a market share analysis has been carried out on the basis of revenue generated by key players from various business segments in the overall managed pressure drilling services market.
The managed pressure drilling services market is served by the presence of a large number of regional as well as some leading global players. The market has several international players such as Weatherford International (U.S.), Schlumberger (U.S.), Baker Hughes (U.S.), Halliburton (U.S.), Aker Solutions (Norway), and National Oilwell Varco (U.S.), among others. Recent developments in the managed pressure drilling services market provide an insight into the strategies adopted by these companies to gain market share. Many companies are opting for new product launch as their key strategy to capture market share. Expansion of service facilities and establishment of new regional offices are the other strategies that were adopted by major players to increase their market presence.
Weatherford International, headquartered at Dublin, Ireland is one of the largest providers of products and services catering to drilling, evaluation & completion, and intervention cycles of oil & gas wells. The company is a leading player in the managed pressure drilling services market and has launched new products & services to retain its leading position. The company launched its first American Petroleum Institute (API) certified Rotating Control Device (RCD) to improve safety and drilling productivity, especially in challenging geological zones. The company is giving more attention to its core business, and divesting its non-core businesses such as drilling, fluids, wellhead, pipelines & specialty services, and well testing.
Halliburton (U.S.) is also one of the major players in the managed pressure drilling services market, and one of the largest suppliers of products & services to the energy industry. Halliburtonís Sperry Drillingís techniques and tools such as MWD, LWD, directional drilling and surveying equipment, multilateral wellbores, and long-reach horizontal wellbores have resulted in increased oil recovery in mature fields through sidetracks and infill drilling. The company is expanding and upgrading its product portfolio in Australia, Argentina, China, and Saudi Arabia to increase its global market outreach, especially in unconventional resource development.
Managed Pressure Drilling Services Market by Technology (Constant Bottom Hole Pressure, Dual Gradient Drilling, Mud Cap Drilling, Return Flow Control Drilling, by Application (Onshore & Offshore) and by Region - Global Trends and Forecasts to 2021
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