A key factor driving the growth of the market is the rebound in active rig count owing to recovery of oil price. The gradual recovery of the global crude oil price has resulted in an increase in the number of active rigs in both onshore and offshore drilling. This is expected to increase drilling activities, including managed pressure drilling, which will drive the demand for managed pressure drilling equipment and services and contribute to the growth of the market during the forecast period. Moreover, the increase in deepwater and ultra-deepwater drilling project activities, has also encouraged oil and gas companies to invest in oil and gas projects to improve their profitability.
As per Technavio, the increase in production efficiency of oil fields using big data analytics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global managed pressure drilling market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Managed Pressure Drilling Market: Increase in Production Efficiency of Oil Fields Using Big Data Analytics
The oil and gas industry is facing various issues such as drying up of oil wells and lack of information related to new drilling locations. The industry is also focusing on minimizing pollution and reducing the carbon footprint. To overcome such issues, the industry requires new technologies and skilled manpower. The oil and gas industry leverages multiple technologies for efficient functioning which also results in the generation of a large amount of data. This data has the potential to transform the industry in terms of production efficiency when effectively utilized. Big data analytics can help upstream companies receive real-time information along with the analysis of historical data and previous trends to forecast future predictions. Therefore, the insights received from big data analytics will allow companies to track operation, predict error, and access the potential effects of malfunctioning. Thus, the advent of big data analytics will lead to a significant increase in drilling operations owing to its advantages. The increase in drilling activities will further propel the growth of the global managed pressure drilling market during the forecast period.
“Apart from the increase in production efficiency using big data analytics, automation in managed pressure drilling process will further boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Managed Pressure Drilling Market: Segmentation Analysis
This market research report segments the global managed pressure drilling market by application (onshore and offshore) and geographical regions (North America, APAC, Europe, MEA, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the high energy needs, particularly in developing economies.
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