North America Managed Pressure Drilling Market
Market Introduction
The US, Canada, and Mexico are among the major economies contributing to the managed pressure drilling market in North America. The region is known for adoption of modern technologies, elevated standards of living, and well-developed infrastructure, among others. According to Statista data, oil production in North America accounted for 23.5 million barrels per day in 2020, and the figures increased by ~9.3 thousand barrels per day during 1998–2020. Oil production includes the production of crude oil, shale oil, oil sands, and natural gas liquids (NGLs, i.e., the liquid content of natural gas, which is recovered separately). It excludes liquid fuels from other sources such as biomass and coal derivatives. North America had crude oil reserves of ~36 billion metric tons in 2020. Canada accounted for 75% of these oil reserves, including its oil sands deposits. The US and Canada are witnessing exceptional growth in the production of shale reserves, fossil fuel, oil sands, and tight oil. According to the US Energy Information Administration data, the US exported ~8.51 million barrels per day MMb/d of petroleum in 2020. It produced ~18.40 MMb/d of petroleum while consumed ~18.12 MMb/d in this year. According to the International Trade Administration data of 2021, Mexico is one of the world’s largest oil producers; it produced 1.9 million barrels daily in 2020; further, it is the third-largest oil producer in North America, after the US and Canada. In 2020, Mexico ranked 21st in terms of crude oil reserves, 13th in terms of crude oil production, 16th in terms of refined capacity, and 5th in terms of logistics infrastructure, in the world. Through new bidding plans issued in the Gulf Coast of the United States, the Gulf of Mexico, Nova Scotia in Canada, Southeastern Newfoundland, coast of Alaska, the Pacific and Atlantic Region on the list, the region is presenting promising new opportunities for several international oil companies. Therefore, with increasing oil & gas production, and onshore and offshore drilling projects, the use of managed pressure drilling equipment is also on rise in North American countries.
The North American market suffered considerable economic losses in the first two quarters of 2020, owing to the high count of COVID-19 cases, especially in the US. The economic growth was slowed, which directly impacted various manufacturing & construction activities across the region. This pandemic has disrupted the construction activities in the oil sector and subsequently impacted the demand for managed pressure drilling during the early months of 2020 due to the stoppage of oil extraction activities. Moreover, the considerable decline in the overall global oil prices further restricted the oil-related projects and other activities that negatively influenced the region's demand for managed pressure drilling. A similar trend was also witnessed in other North American countries, i.e., Canada and Mexico. However, in 2021, with the relaxation of lockdown measures and resumption of manufacturing of MPD equipment & machinery started, the managed pressure drilling market in North America is likely to grow.
Market Overview and Dynamics
The managed pressure drilling market in North America is expected to grow from US$ 1,621.99 million in 2021 to US$ 2,260.35 million by 2028; it is estimated to grow at a CAGR of 4.9% from 2021 to 2028. Proliferation of industry 4.0; digital transformation initiatives, involving technologies such as artificial intelligence (AI), the Internet of Things (IoT), and robotics and advanced analytics, drive the 4th wave of the industrial revolution, Industry 4.0. As a result, spending on advanced infrastructure has significantly increased. Digital transformation is fueling several industry initiatives, and a progressive shift to actual-time data access and intelligence is transforming the way enterprises conduct business. The previous decade experienced massive upgrades in technologies employed in various sectors, including the oil and gas sector. The overall oil and gas operations, especially the volatile and risky work conditions, have led companies to adopt the Industry 4.0 technologies to ensure safe and efficient operations, cut costs, and optimize manual processes. Moreover, automated drilling technologies are expected to reduce drilling time and cost by 30–35%, compared with a conventional drilling rig, thus making wells economically feasible, enabling drilling of smaller targets, and adding a higher number of infill production wells. Therefore, the Industry 4.0 would introduce new trends such as fully automated drilling operations, thereby bolstering the growth of the North America managed pressure drilling market in the coming years.
Key Market Segments
North America 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 North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ADS Services, LLC; 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
NORTH AMERICA MANAGED PRESSURE DRILLING MARKET SEGMENTATION
By Country
Company Profiles
Strategic insights for the North America 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$ 1,621.99 Million |
| Market Size by 2028 | US$ 2,260.35 Million |
| Global CAGR (2021 - 2028) | 4.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 North America Managed Pressure Drilling Market is valued at US$ 1,621.99 Million in 2021, it is projected to reach US$ 2,260.35 Million by 2028.
As per our report North America Managed Pressure Drilling Market, the market size is valued at US$ 1,621.99 Million in 2021, projecting it to reach US$ 2,260.35 Million by 2028. This translates to a CAGR of approximately 4.9% during the forecast period.
The North America 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 North America Managed Pressure Drilling Market report:
The North America Managed Pressure Drilling Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Managed Pressure Drilling Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Managed Pressure Drilling Market value chain can benefit from the information contained in a comprehensive market report.
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