Europe Managed Pressure Drilling Market
Market Introduction
The managed pressure drilling market in Europe is further segmented into the UK, Germany, Italy, France, Russia, and the Rest of Europe. Rise in the onshore and onshore drilling activities for oil extraction is a major factor magnifying the demand for managed pressure drilling in Europe. According to Breakbulk Europe data, clean and sustainable power generation is likely to meet only 32% of the energy targets of European Union (EU) by 2030; sources such as oil & gas can be utilized to fulfil the remaining (68%) demand. Further, European countries are likely to source ~97% of the oil production from the onshore fields by 2025. The most extractable resources will be found in shallow water, contributing 929,000 barrels per day (B/D) to the production volumes from 2025 onwards. Deepwater and ultra-deepwater oil sources would account for 515 and 1 mb/d, respectively. In 2020, onshore projects ramped up in key locales such as the Baltics, the North Sea, and the Mediterranean. Greece and Cyprus are aiming the construction of 1,900-km subsea gas pipeline. With FEED work presently underway, the pipeline project worth US$ 6 billion is anticipated to kick off in 2025. ~81 projects, including offshore and onshore, are in the pipeline in Europe, which are anticipated to commence by 2025. Thus, with the growing onshore and onshore projects, the need for managed pressure drilling operations is also increasing in the region.
Russia, France, Italy, Germany, Spain, and the UK are some of the worst-hit countries in Europe, considering the count of COVID-19 cases. The region witnessed a significant decline in revenue from several industries as the government authorities imposed stringent containment measures. Owing to travel restrictions, the movement of people from one place to another was reduced drastically. In 2020, several countries in Europe suffered an economic hit due to the decline in business activities across the oil sector because of lowering oil prices in the first quarter of 2020. Many of these member states have implemented drastic measures on imports & exports and shipment of goods, including partially closing their borders, which negatively impacted the oil demand. This is further anticipated to impact the Europe managed pressure drilling market, following the COVID-19 pandemic. The impact of COVID-19 varied from country to country across the European region as selected countries witnessed a surge in the number of confirmed cases and subsequently attracted stringent and more extended lockdown periods or social isolation resulting in disruption of business in the construction industry verticals and subsequently the demand for oil commodities. The lockdown is expected to continue negatively impacting the managed pressure drilling market in Europe due to disruption in the oil sector across selected countries. However, in 2021, with the relaxation of lockdown measures and resumption of manufacturing of MPD equipment & machinery, the managed pressure drilling market in Europe is expected to grow.
Market Overview and Dynamics
The managed pressure drilling market in Europe is expected to grow from US$ 728.60 million in 2021 to US$ 958.62 million by 2028; it is estimated to grow at a CAGR of 4.0% from 2021 to 2028. Rising use of modern drilling equipment for high-pressure, high-temperature wells; elevation of use of modern technology for high-pressure, high-temperature (HPHT) wells drilling is creating an opportunity for using managed pressure drilling equipment. The drilling activities associates with many problems, including loss of circulation, stuck pipe, twisting off, kick, or loss scenarios. Thus, the advanced drilling equipment are used for safer drilling environment. Further, the number of high-pressure, high-temperature (HPHT) wells has been rising year on year, and many more are planned for the near future. Extreme conditions in these wells trigger the potential for disaster and further minimize the margin of error. Managed pressure drilling is usually used in the HPHT well drilling activities as the equipment helps resolve these issues by improving penetration rate, avoiding kick or loss, narrowing passage window drilling, managing mud programs, allowing early identification of wellbore ballooning, ensuring high efficiency, and reducing non-productive time. Thus, the suitability of managed pressure drilling technique for high-pressure, high-temperature (HPHT) well drilling is providing significant growth opportunities for the managed pressure drilling equipment providers, which in turn driving the Europe managed pressure drilling market.
Key Market Segments
Europe managed pressure drilling market is segmented into technology, application, and country. Based on technology, the managed pressure drilling market is segmented into constant bottom hole pressure (CBHP), mud cap drilling (MCD), dual gradient drilling (DGD), and return flow control drilling (RFCD). Return Flow Control Drilling (RFCD) is expected to the fastest growing segment over the forecast period. Based on application, the managed pressure drilling market is bifurcated into onshore and offshore. The offshore segment accounts for largest market share in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the managed pressure drilling market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Archer; Blade Energy Partners; Halliburton Energy Services, Inc; Nabors Industries Ltd; NOV Inc; Schlumberger Limited; and Weatherford International plc among others.
Reasons to buy report
EUROPE MANAGED PRESSURE DRILLING MARKET SEGMENTATION
By Country
Company Profiles
Strategic insights for the Europe Managed Pressure Drilling provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 728.60 Million |
| Market Size by 2028 | US$ 958.62 Million |
| Global CAGR (2021 - 2028) | 4.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe Managed Pressure Drilling refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Europe Managed Pressure Drilling Market is valued at US$ 728.60 Million in 2021, it is projected to reach US$ 958.62 Million by 2028.
As per our report Europe Managed Pressure Drilling Market, the market size is valued at US$ 728.60 Million in 2021, projecting it to reach US$ 958.62 Million by 2028. This translates to a CAGR of approximately 4.0% during the forecast period.
The Europe Managed Pressure Drilling Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Managed Pressure Drilling Market report:
The Europe Managed Pressure Drilling Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Managed Pressure Drilling Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Managed Pressure Drilling Market value chain can benefit from the information contained in a comprehensive market report.
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