Saudi Arabia Oilfield Catwalks Market to Register an exceptional CAGR through 2028
Increase in demand for oil
and gas is a significant factor driving the growth of the Saudi Arabia Oilfield
Catwalks Market in the forecast period of 2023-2028.
According to the TechSci Research
report, " Saudi Arabia Oilfield
Catwalks Market – By Region Competition Forecast and Opportunities, 2018-2028F," the Saudi Arabia Oilfield Catwalks Market is
anticipated to expand during the forecast period.
With one-fourth of the world's known oil
reserves, or more than 260 billion barrels, Saudi Arabia is the largest
exporter and producer of oil globally. The majority are in the Eastern
Province, along with the largest onshore field in Ghawar and the largest
offshore field in the Arabian Gulf at Safaniya.
Around 8 million barrels of oil are
produced by Saudi refineries each day, and there are plans to raise that number
to about 12 million. Saudi Arabia, as the world's largest producer and exporter
of oil, shows an exclusive position in the energy industry.
The advancement of oil exploration has a
substantial impact on reducing drilling costs, increasing oil production time,
and improving worker safety. With the advancement in technologies, automatic
catwalk has been used to improve and speed up the performance of line
management activities, improving the efficiency of the drilling operation and
implementing the concept of safety, health, and environmental protection. With the
rapid development of automated drilling technologies, the development trend of
automatic catwalks can be predicted. Fixed automatic catwalks are only suitable
for small drilling floors with a height of less than 2000 meter. High levels of
automation are prevalent in the automatic mechanical arm processing, but it is
not suitable for frequent disassembly and transportation, and is expensive and
difficult to install. The automatic lifting catwalk machine, on the other hand,
is widely used, but its lifting process is irregular, and it has a large and
heavy structure, with the weight structure accounting for roughly 70–90% of the
machine's overall weight.
For decades, the oil & gas industry
has helped fast-track the countries' economic development and transformed
people's socioeconomic status. However, with the volatile oil prices and energy
transition, it has become extremely important for the oil & gas companies
to adopt digital technologies to enhance their operational efficiencies, thus
augmenting their profit margins by providing access to real-time information
and assisting the companies in prompt decision making. Such technologies are
becoming vital for the oil & gas industries to survive the uncertainty
about the oil demand/supply disparity caused by situations such as the pandemic
and the global inclination toward cleaner energy alternatives.
Some of the statistics are:
- In Oct 2022, Saudi Arabia Crude Oil Production was reported at 10,838.000 Barrel/Day
- Saudi Arabia launched a reform programme with Vision 2030, which forms a long-term strategy to strengthen the country’s fiscal position and diversify its economy to reduce dependence on oil industry.
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the "Saudi Arabia Oilfield Catwalks Market."
The Saudi Arabia
Oilfield Catwalks Market is
segmented on the basis of type, application, location, region, and competitive
landscape.
Based on type, the market is
fragmented into mechanized, hydraulic, and automated. A mechanized catwalk system is expected to
have a significant revenue during the forecast period. These catwalks accelerate
and streamline pipe handling from the pipe rack to the drill floor. By rising
them to the drill floor, the pipes can be taken quickly by an elevator. This
eliminates the need for time-consuming interim storage. Workers can operate the
oilfield catwalk system from the drill floor using a remote control panel,
which eliminates safety risks. The oilfield catwalk system can be transported
easily by separating it into elevator units and main units.
Major market players operating in the Saudi Arabia Oilfield Catwalks Market are:
- Forum Energy Technologies - Valve Solutions
- Bentec GmbH Drilling & Oilfield Systems
- National Oilwell Varco
- Schlumberger - Saudi Arabia
- Weatherford Energy Services Saudi Arabia Co. Ltd
- Ja-Co Welding & Consulting Ltd.
- Oilfields Supply Company
- Sinopec Oilfield Equipment Corporation
Some of the recent developments by key players are:
In June 2018, Saudi Aramco and NOV formed a joint venture partnership to establish an onshore rig and equipment manufacturing and aftermarket facility in Ras Al-Khair in Saudi Arabia.
In April 2019, Saudi Arabia Industrialization and Energy Services Company (TAQA) acquired Schlumberger’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq, and Pakistan for $415 million. The transaction transforms ADC into a regional drilling leader with largest rig fleets, client portfolios and geographic footprints in the Middle East.
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"Saudi Arabia Oilfield Catwalks
Market is expected to thrive as oil and gas demand has continued to rise with
energy demand. According to a World Bank blog, oil demand increased in 2021 Q3
when lockdown measures were lifted. The oilfield services (OFS) industry
provides the assets, technology, labor, and project management that enable
exploration, drilling, and development of oil and gas fields by exploration and
production (E&P) operators. Therefore, such high demand is expected to fuel
the Saudi Arabia Oilfield Catwalks Market." said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
"Oilfield
Catwalks Market– Saudi Arabia Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028, Segmented By Type (Mechanized, Hydraulic, Automated), By
Application (Rod Handling, Productivity, Cycle Time, Rapid Rig-Up, Wireless
Control System), By Location, (Onshore, Offshore), By Region, By Competition” has evaluated the future growth
potential of Saudi Arabia Oilfield Catwalks Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Saudi Arabia Oilfield Catwalks Market.
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