Middle East and Africa Managed Pressure Drilling Market
Market Introduction
The managed pressure drilling market in the Middle East & Africa is further segmented into South Africa, the UAE, Saudi Arabia, and the rest of Middle East & Africa. The region is projected to have a rapid rise in urbanization and industrialization, which would further drive the growth of the regional economy. Gulf countries are economically advanced, while the African countries are yet to match their economic status. Similarly, the boost in per capita income, recovering economic conditions, and government spending on infrastructure development are among the factors contributing to the demand for managed pressure drilling operations. Oil & gas production is one of the prominent businesses in the region. Saudi Arabia, Libya, Iran, the UAE, and Qatar are a few countries that have seen growth in the oil business. Despite the slowdown in economic growth and substantial macroeconomic imbalances from lower oil prices in the last few years, oil & gas producing countries in the Middle East & Africa are focusing on achieving greater oil & gas production by partnering with foreign firms to scale-up their activities at huge offshore and onshore oil & gas fields. The oil & gas sector contributes a substantial share to the gross domestic product (GDP) of these countries. A few of the key managed pressure drilling manufacturers present in the Middle East & Africa are Blade Energy Partners, Ltd.; Nabors Industries Ltd.; Schlumberger Limited; and Weatherford International plc. These manufacturers provide managed pressure drillings products and services for several applications, including offshore and onshore operations.
The Middle East & Africa comprises South Africa, the UAE, Saudi Arabia, and other countries. South Africa recorded the highest number of COVID-19 cases in the Middle East & Africa region, followed by Saudi Arabia and the UAE.
Further, the Middle East & Africa region, especially the Gulf Cooperation Council (GCC) countries, witnessed a notable decline in their oil sector, owing to a sharp decline in demand for oil from major end-user countries across Asia, Europe, and North America. As a result, the countries registered a lowered volume of oil production and construction of oil-related projects, which subsequently decreased the demand for managed pressure drilling. Countries such as Saudi Arabia, the UAE, Qatar, and selected other members of the Organization of the Petroleum Exporting Countries (OPEC) also observed similar trends during the early months of the outbreak. Hence, the region also witnessed a significant decline in demand for managed pressure drillings during the first quarter of 2020. However, in 2021, with the relaxation of lockdown measures and resumption of MPD equipment & machinery manufacturing, the managed pressure drilling market in the Middle East & Africa region is anticipated to grow.
Market Overview and Dynamics
The managed pressure drilling market in Middle East & Africa is expected to grow from US$ 621.33 million in 2021 to US$ 849.76 million by 2028; it is estimated to grow at a CAGR of 4.6% 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 Middle East & Africa managed pressure drilling market.
Key Market Segments
Middle East & Africa 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 Middle East & Africa are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Air Drilling Associates, Inc.; Archer; Blade Energy Partners; Ensign Energy Services; Halliburton Energy Services, Inc; Nabors Industries Ltd; NOV Inc; Schlumberger Limited; and Weatherford International plc among others.
Reasons to buy report
MIDDLE EAST & AFRICA MANAGED PRESSURE DRILLING MARKET SEGMENTATION
By Country
Company Profiles
Strategic insights for the Middle East and Africa 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$ 621.33 Million |
| Market Size by 2028 | US$ 849.76 Million |
| Global CAGR (2021 - 2028) | 4.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa 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 Middle East and Africa Managed Pressure Drilling Market is valued at US$ 621.33 Million in 2021, it is projected to reach US$ 849.76 Million by 2028.
As per our report Middle East and Africa Managed Pressure Drilling Market, the market size is valued at US$ 621.33 Million in 2021, projecting it to reach US$ 849.76 Million by 2028. This translates to a CAGR of approximately 4.6% during the forecast period.
The Middle East and Africa 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 Middle East and Africa Managed Pressure Drilling Market report:
The Middle East and Africa Managed Pressure Drilling Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa Managed Pressure Drilling Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa Managed Pressure Drilling Market value chain can benefit from the information contained in a comprehensive market report.
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