South America Managed Pressure Drilling Market
Market Introduction
The managed pressure drilling market in South America is further segmented into Brazil, Argentina, and the rest of South America. Brazil, Venezuela, and Argentina are the leading oil producers in the region. Brazil accounts for oil production of ~2.5 million barrels per day (B/D), and it is the tenth-largest oil-producing country in the world. According to the Energy Information Administration 2019 data, a surplus of 90% of the Brazil's oil production is extracted from deepwater oil fields located onshore. In addition, Brazil has ~13 billion barrels in proven oil reserves, which is the second-largest in South America, after Venezuela. According to the latest OPEC data, Venezuela produced 557,000 barrels per day (B/D) of oil, in 2020, indicating 45% decrease from 1.013 million barrels per day (B/D) in 2019. Further, according to Statista data, the oil production in Argentina reached 600 thousand barrels per day in 2020. As per the International Energy Agency, expenditure on upstream activities in South America is expected to increase due to high investment by Brazil, Argentina, and Colombia. Petrobras, a Brazilian state-owned oil company, plans to invest US$ 75.7 billion over the next 5 years to boost oil production. In June 2019, Total, a France-based refining company, along with its partner, took an investment decision for the second phase of the Mero deep onshore project, located 180-kilometer off the coast of Rio de Janeiro, Brazil. Mero to floating production storage and discharge (FPSO) has a liquid treatment capacity of 180,000 barrels per day (B/D). The project, which will start in 2022, is expected to launch a new milestone to enhance the oil resources of the Mero field in Brazil, with the estimated production of 3 to 4 billion barrels. Therefore, with the rising oil and gas sector, and significant investment and on-going projects in the sector, the use of managed pressure drilling equipment is increasing in South America.
In South America, Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina. Among all South American countries, Brazil continues to occupy a dominant position in the region’s overall oil-producing capabilities. The country also witnessed a major decline in its oil-related activities following the massive decline in oil prices and subsequent limited construction activities, which affected the MPD equipment and machinery manufacturing. Thus, the country also registered a sharp decline in the demand for managed pressure drilling, owing to the COVID-19 outbreak across the South America region and subsequent lower business activities in the oil sector. However, in 2021, with the relaxation of lockdown measures and resumption of MPD equipment & machinery manufacturing, the managed pressure drilling market in South America is expected to grow.
Market Overview and Dynamics
The managed pressure drilling market in South America is expected to grow from US$ 373.16 million in 2021 to US$ 531.87 million by 2028; it is estimated to grow at a CAGR of 5.2% 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 South America managed pressure drilling market in the coming years.
Key Market Segments
South 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 South America 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; Ensign Energy Services; Halliburton Energy Services, Inc; Nabors Industries Ltd; NOV Inc; Schlumberger Limited; and Weatherford International plc among others.
Reasons to buy report
SOUTH AMERICA MANAGED PRESSURE DRILLING MARKET SEGMENTATION
By Country
Company Profiles
Strategic insights for the South 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$ 373.16 Million |
| Market Size by 2028 | US$ 531.87 Million |
| Global CAGR (2021 - 2028) | 5.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
The geographic scope of the South 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 South America Managed Pressure Drilling Market is valued at US$ 373.16 Million in 2021, it is projected to reach US$ 531.87 Million by 2028.
As per our report South America Managed Pressure Drilling Market, the market size is valued at US$ 373.16 Million in 2021, projecting it to reach US$ 531.87 Million by 2028. This translates to a CAGR of approximately 5.2% during the forecast period.
The South 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 South America Managed Pressure Drilling Market report:
The South 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 South America Managed Pressure Drilling Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Managed Pressure Drilling Market value chain can benefit from the information contained in a comprehensive market report.
Office No. 1011, First floor, Farena Corporate Park, Magarpatta-Mundhwa road, Pune - 411028, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For South America Managed Pressure Drilling Market
