Saudi Arabia Oil Field Service Market to Grow at Impressive Rate During Through 2028
Increase in natural gas production
and focused plan to begin production from unconventional reserves in the country is expected to drive the Saudi
Arabia Oil Field Service Market.
According to
TechSci Research report, “Saudi Arabia Oil Field
Service Market - By Region, Competition, Forecast & Opportunities, 2028”, Saudi Arabia Oil Field Service Market has
historically dominated the Middle East in terms of oilfield services, and it is
anticipated that it will do so again during the projected period. The increase
is linked to rising domestic oil demand, which continues to represent the most lucrative
market for global oilfield services providers.
Based on service type, drilling
services is the dominant segment in Saudi Arabia Oil Field Service
Market as the majority of the Middle Eastern drilling services market is
contributed to by Saudi Arabia. In the coming years, the demand for drilling
services is anticipated to increase significantly due to the expansion of
E&P activities in the offshore region. Directional drilling, coiled tubing
and reentry, measurement and logging while drilling, reservoir navigation
services, casing/liner drilling systems, surface logging services, coring
services, and hole enlargement are all included in the list of drilling
services. The drilling services industry primarily provides E&P firms with
contractual services. Every stage of the project's lifespan, including the
exploration, production, field development, and study phases, need the service. Drilling
services market is driven by the expansion of mature assets
in the area and greater enhanced oil recovery (EOR). Additionally, the region's
abundant oil and gas resources, many of which still need to be found and used,
provide a sizable market for Saudi Arabia's drilling service providers.
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Based on location of deployment,
onshore is the dominant segment in Saudi Arabia Oil Field Service
Market as, onshore drilling has lower operational costs than offshore drilling,
the number of onshore rigs has been progressively rising as oil prices have
stabilized. Onshore drilling experiences the benefits of the recovery in oil
prices initially because its operational costs are lower than offshore
drilling.
On the basis of region, the Saudi
Arabia Oil Field Service Market is segmented into Eastern, Northern & Central,
Western, and Southern region. The Eastern region is dominant as most of the
rigs are present there and one of the largest company Saudi Aramco is situated
here. Eastern Region is expected to show larger and more sustained growth in
drilling activity than any other region during the projection period as a
result of increased investment in upstream activities and new oilfield finds.
Consequently, it is anticipated that during the forecast period, these
activities will fuel the market for oilfield services.
Services for processing and
separation are essential to the OFS (Oil Field Service) sector. Due to the
extensive scope of oil, water, and gas treatment across the industry to boost
recovery and reduce the environmental impact of hydrocarbon production, these
services are expected to grow significantly in the projected time. Water
treatment, oil treatment, gas treatment, solids treatment, and other services
are the main services included in this section.
Key market
players in the Saudi Arabia Oil Field Service Market include:
- Saud Consult
- M.S. Al-Suwaidi Holding Co. Ltd.
- SHOAIBI GROUP
- Saudi Aramco
- AFI Alaa Industrial Equipment Factory
- Al Buaimi Trading & Cont Est
- Al Enaizi Enterprises
- Al Qahtani & Al Yami
- AlMansoori Petroleum Services
- Arabian Chevron Inc
The main drivers
of the expansion of the global market are the decreasing cost of oilfield
services and the rise in production output. Additionally, the operators save up
to millions of dollars thanks to the variety of tailored packages provided by
major upstream service providers. The need for these services is anticipated to
rise as shale gas extraction through hydraulic fracturing and other stimulation
techniques increases. During the projection period, the oilfield service sector
will be driven by the increased demand for oil and gas from offshore regions.
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“The Saudi Arabia
Oil Field Service Market is expected to expand during the projected period.
Factors such as the well completion market is anticipated to be driven by
increasing drilling activity, particularly offshore, and technological
advancements, while the production service market is expected to be driven by
rising investments in production services from some of the major oil-producing
nations in the region, including Saudi Arabia and the UAE are expected to drive
the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Saudi Arabia Oil Field Service Market – Segmented by
Service Type (Drilling Services,
Completion Services, Production and Intervention Services, and Other Services),
By Location of Deployment (Onshore and Offshore), By Region, Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, has evaluated the future growth potential of Saudi Arabia Oil Field
Service Market and provides statistics and information on market structure,
size, share, and future growth. The report is intended 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 present in the Saudi Arabia
Oil Field Service Market.
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