Press Release

Saudi Arabia Drilling Tools Market expected to Grow at High CAGR through 2028

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 Drilling Tools market.


According to TechSci Research report, “Saudi Arabia Drilling Tools Market - By Region, Competition, Forecast & Opportunities, 2028F, Saudi Arabia's rapid industrialization and urbanization have boosted fuel demand, which has also raised the market for oil & gas tools in the country.  Furthermore, the market for drilling tools in Saudi Arabia is being driven by big data and analytics. Due to the abundance of hydrocarbons and the fact that many oil rigs are located on land rather than in water, onshore tools are projected to predominate in the Saudi Arabian drilling tools market. In December 2021, Saudi Arabia's oil consumption was recorded at 3,595.427 barrels per day. Land rigs are the most popular drilling tool type in Saudi Arabia, as they are ideal for Onshore rigs and are often employed in the setup. Based on application, the Saudi Arabia oilfield equipment market is segmented into two segments— On-shore and Off-shore, where the market's largest contribution will be the onshore segment. The discovery of new oil and gas resources is helping the demand for onshore oilfield equipment. Oil and gas companies are focusing on exploring new oil and gas resources to meet the rising demand. Oil and gas drilling need oilfield equipment and hence, are therefore positioned at the gas or oil drilling hole. Oilfield equipment is widely utilized in onshore applications for pressure sealing of the whole casing employed in the relevant activity like it is used to line the hole. Additionally, offshore oil and gas exploration and production activities offer a growing market growth potential that has the subsequent potential to be very profitable.

In terms of regional analysis, the Saudi Arabia Drilling Tools 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, while Saudi Arabia's Vision 2030 aims to diversify the economy of the kingdom, reduce dependency on oil exports, increase the contribution of the private sector to economic growth, and increase Saudi Arabia's GDP. The government plan aims to synergize the oil sector through production levels and maintain a consistent market share and output in order to balance oil prices. This will strengthen the local economy by creating jobs for Saudis and safeguarding Saudi Aramco's earnings for its future IPO. As of 2020, Saudi Arabia had total proven reserves of 297.5 million barrels.

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Key market players in the Saudi Arabia Drilling Tools Market include:

  • Schlumberger Limited
  • Baker Hughes a GE Company
  • The Halliburton Company
  • National Oilwell Varco
  • Weatherford International PLC
  • Technip FMC
  • Precision Drilling Corporation
  • Parker Drilling Company
  • Gyrodata Incorporated
  • Dynomax Drilling Tools Inc.


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By completing feasibility studies that included modelling torque, drag, equivalent circulating density, standpipe pressure, and hydraulic lift, Schlumberger and Saudi Aramco were able to collect baseline data. To evaluate the relative effects of each choice and find the optimum answer to the problem, shock and vibration simulations on several BHA designs were also carried out.

Saudi Arabia is driving the demand for offshore drilling rigs as it seeks to enhance its production capacity over the next years, according to the most recent Offshore Oracle analysis from Evercore ISI. Saudi Aramco has placed orders for two newbuild jackups, raising the total number of jackups to five, by the end of the year. Additionally, three newbuilds were ordered in April. They consider all five newbuilds to be incremental, given that Saudi Aramco has stated its intention to double its offshore fleet to 90 vessels by 2024 as part of its push agenda to boost the country's production capacity from 1 MMb/d to 13 MMb/d by 2027.

The focus is shifting to unexplored reservoirs to keep up with the growing demand due to the rising demand for oil and gas around the world and the maturing of existing hydrocarbon resources. This is expected to positively impact the country's market for oil & gas drilling tools during the forecast period. Growing regulatory pressure and rising investments in the field of research and development are a couple of key factors that would boost the market.

“The Saudi Arabia Drilling Tools Market is expected to expand during the projected period. Factors such as rising redevelopment of existing oil wells, expanding oil exploration and drilling activities, and the recovery of oil prices are some of the primary factors driving the market's expansion. Additionally, growing economic competition in the service and oil exploration and drilling sectors is speeding up market expansion, driving the market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Saudi Arabia Drilling Tools Market By Type (Drill Bits, Drilling Tubulars, Mud Pumps, Reamers & Stabilizers, Drill Swivels, Drill Collars & Others), By Application (Onshore, Offshore), By Region, Competition, Forecast & Opportunities, 2028F”, has evaluated the future growth potential of Saudi Arabia Drilling Tools 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 Drilling Tools market.

Mr. Ken Mathews
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Saudi Arabia Drilling Tools Market By Type (Drill Bits, Drilling Tubulars, Mud Pumps, Reamers & Stabilizers, Drill Swivels, Drill Collars & Others), By Application (Onshore, Offshore), By Region, Competition Forecast and Opportunity, and Forecast, 2018-2028F

Oil and Gas | Feb, 2023

Increase in natural gas production and redevelopment of mature oil wells are factors to drive the growth in Saudi Arabia Drilling Tools market in the forecast period of 2024-2028.

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