Saudi Arabia Oilfield Equipment Market to Grow Due to Increasing Oil Exploration
Increasing Consumption of oil and gas
in Saudi Arabia and the redevelopment of developed oil fields in the
country is
expected to drive the Saudi Arabia Oilfield Equipment Market.
According to
TechSci Research report, “Saudi Arabia Oilfield
Equipment Market - By Region, Competition, Forecast & Opportunities, 2028”, Saudi Arabia Oilfield Equipment Market Oilfield equipment market growth is driven by an increase
in the redevelopment of old oil wells, a rebound in oil prices, and an increase
in oil exploration and drilling activities globally. Additionally, increased
use of oilfield equipment increases demand for oilfield equipment due to the
increased economic competitiveness of the oil exploration, drilling, and
service sectors. However, currency changes continue to have an impact on profit
margins and rising raw material costs are predicted to impede the expansion of
the oilfield equipment industry.
Based on type, the Saudi
Arabia Oilfield Equipment Market is segmented into drilling equipment, field
production machinery, pumps and valves, and others. Drilling equipment segment is
expected to be the highest contributor to the market. Cables, drill bits,
derricks, pipes, and other drilling equipment are required to extract oil and
gas from the Earth's surface. The drilling equipment is used to identify
geologic reservoirs and drill holes for the extraction of oil or natural gas.
Additionally, the development of oil drilling technology and methods fuels the
market's expansion. For instance, in order to lower the total cost of ownership
for oil and gas operators, Diamond Off-shore Drilling, Inc. introduced blockchain
drilling service in the off-shore drilling sector in June 2018. Additionally,
during the projection period, market participants will have significant growth
prospects owing to the discovery of new oil and gas fields around the world.
Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Saudi Arabia Oilfield Equipment Market”
Based on application, the Saudi
Arabia oilfield equipment market is segmented into two segments— on-shore and off-shore.
The onshore segment is expected to be the highest contributor to the market. The
market for onshore oilfield equipment is benefiting from the discovery of new
oil and gas resources. In order to meet the increased demand, oil and gas
corporations are also concentrating on finding new oil and gas resources. The
oilfield machinery is essential for oil and gas drilling. As a result, they are
set up at the gas or oil drilling hole. For pressure sealing of the whole
casing utilized in the relevant activity, oilfield equipment is frequently used
in onshore applications. Additionally, the expanding market growth potential
provided by offshore oil and gas exploration and production activities are
quite lucrative.
In terms of regional
analysis, the Saudi Arabia Oilfield Equipment Market is segmented into Eastern
Region, Northern & Central Region, Western Region, and Southern Region. The
Eastern Region is dominant as most of the rigs are present here and one of the
largest company, Saudi Aramco, is also situated here.
The digitization of oil and
gas refineries, pipelines, exploration sites, and infrastructure is made
possible by cutting-edge technology such as artificial intelligence, the Internet
of Things, and analytics. This aspect makes it possible for oil and gas firms
to compile all relevant data on a single platform. Additionally, oil and gas
businesses are investing more in developing technology to boost production and
lower risks and expenses.
Key market
players in the Saudi Arabia Oilfield Equipment Market include:
- Superior Energy
Services Saudi Arabia Company Ltd.
- Star Light International
- Petroleum and
Energy Trading Services Co. (PETSE)
- Rezayat Trading Co.
Ltd.
- Shuaa Al KauneOilfield
Supplies and Services Company
- Al AbdulKarim Holding
- Shelf Drilling
Holdings Ltd.
- FMC TECHNOLOGIES
SAUDI ARABIA
- Weatherford
International Public Limited Company
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
Saudi Arabia projected that by spending USD 24 billion in new greenfield
projects at the Zuluf, Marjan, and Berri, it would produce approximately USD 9.8
billion, Similar to this, Qatar intended to boost its LNG output to 110 million
to withstand fierce competition and take over as the world's top LNG producer.
The project is expected to cost more than USD 30 billion, according to Rystad
Energy, an independent energy research and business intelligence firm, making
it one of the largest in the area over the past ten years.
“The Saudi Arabia
Oilfield Equipment Market is expected to expand during the forecast period.
Factors such as the main drivers of the market's expansion are the rising redevelopment of old oil wells, expanding oil
exploration and drilling activities, and the recovery of the oil price.
Additionally, the market growth is being accelerated by increased economic
competition in the service and oil exploration and drilling sectors,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Saudi Arabia Oilfield Equipment Market– By Type (Drilling Equipment, Field Production
Machinery, Pumps and Valves, and Others), by
Application (Onshore, Offshore), By Region, Industry Size, Share, Trends, Opportunity, Forecast & Opportunities, 2028”, has evaluated the future growth potential of Saudi Arabia Oilfield
Equipment 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
Oilfield Equipment Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com