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.
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