9:09 AM Managed Pressure Drilling Services Market Size to experience an impressive growth of 4.0% |
Managed Pressure Drilling Services Market is likely to witness an impressive CAGR of 4.0% during the forecast period. The major factor contributing to the growth of the market is the growing need for safe & effective operational aspects along with optimized drilling processes of managed pressure drilling. Further, deepwater drilling in the regions of Latin America and Africa is estimated to strengthen the demand for managed pressure drilling services during the forecast period.
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By Technology Type: Based on the technology type, the managed pressure drilling services market is segmented as constant bottom hole pressure, dual gradient drilling, mud cap drilling, and return flow control drilling. The constant bottom hole pressure segment, which is mainly preferred in North America for drilling offshore wells, is estimated to lead the market during the forecast period. By Application Type: Based on the application type, the market is segmented as offshore and onshore. The offshore segment dominated the market in 2019, and is expected to register a faster growth during the forecast period. The growth is attributed to the increasing investments that are being made in subsea oil & gas activities. In addition, the escalating exploration activities in deep-water and ultra deep-water in Europe, on account of recent discoveries in offshore, are contributing to the growth of the managed drilling services market. By Region: In terms of regions, North America is estimated to dominate the managed pressure drilling services market during the forecast period. The USA is likely to lead the North American market by capturing the maximum share. On the other hand, RoW is expected to grow at the fastest rate during the forecast period, owing to the recent discoveries shaping up in offshore in countries, such as Angola, Tanzania, and Mozambique.
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