USD 4.97 billion by 2026, exhibiting a
CAGR of 4.6% during the forecast period. Rising demand for oil & gas worldwide will propel the market in the coming years, according to the new Fortune Business Insights™ report, titled Managed Pressure Drilling Market Size, Share and Industry Analysis, By Technology (Constant Bottom Hole Pressure, Pressurized Mud Cap Drilling, and Dual Gradient), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026 . The International Energy Agency (IEA) forecasts that the world demand for natural gas will grow by 1.6% annually till 2022, bolstered by the strong economic growth of the Asian economies of China and India. In case of oil, the IEA data reveals that in 2019 the global oil demand increased by 1.1 million barrels per day, more than doubling from the levels seen in the second quarter of the same year. Such steadily climbing demand for oil & gas and other hydrocarbons is set to stoke the adoption of efficient drilling techniques
Ilan Noy, Nguyen Doan, Benno Ferrarini, Donghyun Park
With the exception of some flashpoints in Northern and Southern Africa, the continent has been largely spared from the direct health effect of the Covid-19 pandemic. However, the African economy has been significantly hurt by the economic consequences of Covid-19, which piled on other ongoing calamities such as the locust crisis devasting crops across the continent (Evenett and Baldwin 2021). Economies in the continent are heavily dependent on commodity exports (Arezki and Fan 2020), foreign direct investment, remittances, aid as well as tourism – a sector which has been devastated by the pandemic and is unlikely to recover quickly (Djankov 2020).