Saudi Arabia Drilling Rigs Market By Location (Onshore, Offshore), By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible), By Drilling Method (Cable Drilling, Rotary Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling, Directional Drilling), By Region, Competition Forecast and Opportunities, 2018-2028

  • Industry : Oil and Gas
  • Pages : 114
  • Published Date : February, 2023
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Summary

Report Description

Saudi Arabia Drilling Rigs Market stood at USD4074.03 million in 2022 and is expected to grow at a CAGR of 4.84% during 2023E-2028F on account of burgeoning demand for oil exploration activities as a result of rapid industrialization. The field has a potential reserve of almost 200 trillion cubic feet of wet gas and has a daily production capacity of 500,000 barrels of gas liquids and condensates and 130,000 barrels of ethane. Oil and gas drilling rig platforms are large buildings with equipment for extracting and processing petroleum and natural gas. Mud tanks and pumps, the derrick, the draw works, the rotary table, the drill string, power generation equipment, and ancillary equipment are some of the drilling rig's main parts. A fleet of high-end, premium rigs are owned, operated, and managed by a drilling rig contractor. They provide workover and production services in addition to onshore and offshore contract drilling.

Oilfield Services to Drive the Market

Exploration and production (E&P) operators can explore, drill, and develop oil and gas fields thanks to the resources, labour, technology, and project management provided by the oilfield services (OFS) sector. Additionally, the revenues from the oilfield services industry are essentially the capital outlays of E&P firms, whether they are NOCs, IOCs, or independents. The OFS sector has experienced a number of boom cycles, which suggests that the Saudi Arabia Drilling Rigs market will expand in the next years.

Augmented & Virtual Reality Driving Market Growth

Reality technology-based findings, can show real-time information regarding equipment, tools, and parts, increase efficiency and reduce errors in the oil and gas business. Exploration and production (E&P) companies use reality solutions for things like remote monitoring, downhole imaging, and virtual training. O&G startups further combine the real and virtual worlds to enable human-machine interactions through wearables and smartphone notifications. The solution promotes improvements to worker training and safety, as well as plant development and maintenance. To conduct plant walk-throughs, monitor plant operations or construction progress, and enable predictive maintenance, operations and maintenance staff use the startup's VR studio.

The Internet of Things

The oil and gas sector uses the Internet of Things (IoT) to gather, transmit, and analyze raw data in real time to gain a comprehensive understanding of facility activities, increase operational effectiveness, lower energy usage, and increase profitability. IoT solutions cover all key industry segments of oil and gas industry. Midstream operators improve fleet management as well as pipeline and storage maintenance, and downstream companies utilize IoT for better oil and gas processing and distribution and Upstream operators use it to improve drilling and extraction management and reduce non-productive time. The oil and gas industry has embraced IoT technologies over the past years to optimize operations across the stream, enhance workplace safety and control, and increase production. The capabilities of IoT for oil and gas are vast, ranging from decreasing manual maintenance to automating difficult jobs that are prone to errors, to lowering environmental impact and preventing risks.

Increasing Consumption of Oil & Gas in the Country Driving Market Growth

In December 2021, Saudi Arabia's oil consumption was recorded at 3,595.427 barrels per day. The previous value for December 2020 was 3,552.200 barrels/day, representing a rise from the previous year. The Kingdom, in addition to purchasing fuel oil from foreign nations, reportedly sourced 34.3 percent of its June imports from Egypt, 25.5 percent from the UAE, and 21.1 percent from Estonia. Future oil and gas consumption in Saudi Arabia will rise as a result of important variables such a healthy economy, population growth, and fuel economy. As the nation's infrastructure continues to significantly rely on petroleum-based products, the dependence on oil and gas is predicted to grow even more.


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Market Segmentation

The Saudi Arabia Drilling Rigs Market is divided into Location, Type, Drilling Method, region and competitive landscape. Based on Location, the market is divided into onshore, offshore. Based on Type, the market is segmented into Land Rigs, Jackup, Drill Ships, Semi-Submersible. Based on Drilling Method, the market is divided into Cable Drilling, Rotary Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling, and Directional Drilling.

Market Players

Major market players in the Saudi Arabia Drilling Rigs Market are Saudi Aramco Rowan Offshore Drilling, Saudi Aramco Nabors Drilling, Saipem Taqa Al Rushaid Fabricators Company Ltd., ZP Arabia Drilling Co. Ltd., ADES International Holding Plc., Noble Drilling Arabia Co. Ltd., Arabian Drilling Company, Shelf Drilling Ltd, Seadrill Limited, Egyptian Drilling Company

Recent Development:

  • The Dammam Redevelopment conventional oil development, which is located on Saudi Arabian territory, is managed by Saudi Arabian Oil Company. Dammam Redevelopment is situated in Saudi Aramco Concession Area. Commercial production is expected to start in 2024 while the project is still being built. 
  • Production at shared Neutral Zone fields between Saudi Arabia and Kuwait is about to increase. The two countries want to increase oil production in the region to between 400,000 and 500,000 bpd, thereby positively influencing the growth of the market.

Attribute

Details

Market Size in 2022

USD4074.03 Million

Market Size in 2028

USD5328.04 Million

Growth Rate

4.84%

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2023 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Location

Type

Drilling Method

Regional scope

Eastern Region, Northern & Central Region, Western Region

Key companies profiled

Saudi Aramco Rowan Offshore Drilling, Saudi Aramco Nabors Drilling, Saipem Taqa Al Rushaid Fabricators Company Ltd., ZP Arabia Drilling Co. Ltd., ADES International Holding Plc., Noble Drilling Arabia Co. Ltd., Arabian Drilling Company, Shelf Drilling Ltd, Seadrill Limited, Egyptian Drilling Company

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the Saudi Arabia Drilling Rigs Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Saudi Arabia Drilling Rigs Market, By Location:

o   Onshore

o   Offshore

·         Saudi Arabia Drilling Rigs Market, By Type:

o   Land Rigs

o   Jackup

o   Drill Ships

o   Semi-Submersible

·         Saudi Arabia Drilling Rigs Market, By Drilling Method:

o   Cable Drilling

o   Rotary Drilling

o   Dual Wall Reverse – Circulating Drilling

o   Electro Drilling

o   Directional Drilling

·         Saudi Arabia Drilling Rigs Market, By Region:

o   Eastern Region

o   Northern & Central Region

o   Western Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Drilling Rigs Market.

Available Customizations:

 Tech Sci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of content

1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on Saudi Arabia Drilling Rigs Market

5.    Voice of Customer

5.1. Brand Awareness and Brand Recall

5.2. Factors Considered While Selecting Contractor

5.3. Contractor Satisfaction Level

5.4. Major Challenges/Issues Faced

6.    Saudi Arabia Energy Outlook

7.    Saudi Arabia Rig Count Outlook

8.    Saudi Arabia Drilling Rigs Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Location (Onshore, Offshore)

8.2.2. By Type (Land Rigs, Jackup, Semi-Submersible, Drill Ships)

8.2.3. By Drilling Method (Rotary Drilling, Dual Wall Reverse- Circulating Drilling, Cable Drilling, Directional Drilling, Electro Drilling)

8.2.4. By Region

8.2.5. By Company

8.3. Market Map (By Location, By Drilling Method, By Region)

9.    Eastern Saudi Arabia Drilling Rigs Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Location

9.2.2. By Type

9.2.3. By Drilling Method

10. Northern & Central Saudi Arabia Drilling Rigs Market Outlook

10.1.           Market Size & Forecast

10.1.1.                       By Value

10.2.           Market Share & Forecast

10.2.1.                       By Location

10.2.2.                       By Type

10.2.3.                       By Drilling Method

11. Western Saudi Arabia Drilling Rigs Market Outlook

11.1.           Market Size & Forecast

11.1.1.                       By Value

11.2.           Market Share & Forecast

11.2.1.                       By Location

11.2.2.                       By Type

11.2.3.                       By Drilling Method

12. Market Dynamics

12.1.           Drivers

12.2.           Challenges

13. Market Trends and Developments

14. Policy and Regulatory Landscape

15. Saudi Arabia Economic Profile

16. PORTER Analysis

17. Company Profiles

17.1.           Saudi Aramco Rowan Offshore Drilling

17.2.           Saudi Aramco Nabors Drilling

17.3.           Saipem Taqa Al Rushaid Fabricators Company Ltd.

17.4.           ZP Arabia Drilling Co. Ltd.

17.5.           ADES International Holding Plc.

17.6.           Noble Drilling Arabia Co. Ltd.

17.7.           Arabian Drilling Company

17.8.           Shelf Drilling Ltd

17.9.           Seadrill Limited

17.10.        Egyptian Drilling Company

18. Strategic Recommendations

19. About Us & Disclaimer

Figures and Tables

List of Figures

Figure 1: Saudi Arabia Primary Energy Consumption (Exajoules), 2018-2021
Figure 2: Saudi Arabia Primary Energy Consumption Per Capita (Gigajoule per capita), 2018-2021
Figure 3: Saudi Arabia Primary Energy Consumption by Fuel (%), 2020 & 2021
Figure 4: Saudi Arabia Oil Production (Thousands of Barrels per Day), 2018-2021
Figure 5: Saudi Arabia Oil Production (Million Tones), 2018-2021
Figure 6: Saudi Arabia Crude Oil and Condensate production (Thousands of Barrels per day) 2018-2021
Figure 7: Saudi Arabia Natural Gas Liquids Production (Thousands of Barrels per day) 2018-2021
Figure 8: Saudi Arabia Oil Consumption (Thousands of Barrels per day), 2018-2021
Figure 9: Saudi Arabia Oil Consumption (Million Tones), 2018-2021
Figure 10: Saudi Arabia Oil Consumption (Exa Joules), 2018-2021
Figure 11: Saudi Arabia Carbon dioxide Emissions from Energy (Million tons of carbon dioxide), 2018-2021
Figure 12: Saudi Arabia Oil: Refinery Throughput (Thousand barrels daily), 2018-2021
Figure 13: Saudi Arabia Oil: Refining Capacity (Thousand barrels daily), 2018-2021
Figure 14: Saudi Arabia Natural Gas Production (Billion Cubic Meters), 2018-2021
Figure 15: Saudi Arabia Natural Gas Production (Exajoules), 2018-2021
Figure 16: Saudi Arabia Onshore Rig Count, Jan 2018-Dec 2018
Figure 17: Saudi Arabia Offshore Rig Count, Jan 2018-Dec 2018
Figure 18: Saudi Arabia Onshore Rig Count, Jan 2019-Dec 2019
Figure 19: Saudi Arabia Offshore Rig Count, Jan 2019-Dec 2019
Figure 20: Saudi Arabia Onshore Rig Count, Jan 2020-Dec 2020
Figure 21: Saudi Arabia Offshore Rig Count, Jan 2020-Dec 2020
Figure 22: Saudi Arabia Onshore Rig Count, Jan 2021-Dec 2021
Figure 23: Saudi Arabia Offshore Rig Count, Jan 2021-Dec 2021
Figure 24: Saudi Arabia Onshore Rig Count, Jan 2022-Dec 2022
Figure 25: Saudi Arabia Offshore Rig Count, Jan 2022-Dec 2022
Figure 26: Saudi Arabia Drilling Rigs Market Size, By Value (USD Million), 2018-2028F
Figure 27: Saudi Arabia Drilling Rigs Market Share, By Location, By Value, 2018-2028F
Figure 28: Saudi Arabia Drilling Rigs Market Share, By Type, By Value, 2018-2028F
Figure 29: Saudi Arabia Drilling Rigs Market Share, By Drilling Method, By Value, 2018-2028F
Figure 30: Saudi Arabia Drilling Rigs Market Share, By Region, By Value, 2018-2028F
Figure 31: Saudi Arabia Drilling Rigs Market Share, By Company, By Value, 2022
Figure 32: Saudi Arabia Drilling Rigs Market Map, By Location, Market Size (USD Million) & Growth Rate (%), 2022
Figure 33: Saudi Arabia Drilling Rigs Market Map, By Drilling Method, Market Size (USD Million) & Growth Rate (%), 2022
Figure 34: Saudi Arabia Drilling Rigs Market Map, By Region, Market Size (USD Million) & Growth Rate (%), 2022
Figure 35: Eastern Saudi Arabia Drilling Rigs Market Size, By Value (USD Million), 2018-2028F
Figure 36: Eastern Saudi Arabia Drilling Rigs Market Share, By Location, By Value, 2018-2028F
Figure 37: Eastern Saudi Arabia Drilling Rigs Market Share, By Type, By Value, 2018-2028F
Figure 38: Eastern Saudi Arabia Drilling Rigs Market Share, By Drilling Method, By Value, 2018-2028F
Figure 39: Northern & Central Saudi Arabia Drilling Rigs Market Size, By Value (USD Million), 2018-2028F
Figure 40: Northern & Central Saudi Arabia Drilling Rigs Market Share, By Location, By Value, 2018-2028F
Figure 41: Northern & Central Saudi Arabia Drilling Rigs Market Share, By Type, By Value, 2018-2028F
Figure 42: Northern & Central Saudi Arabia Drilling Rigs Market Share, By Drilling Method, By Value, 2018-2028F
Figure 43: Western Saudi Arabia Drilling Rigs Market Size, By Value (USD Million), 2018-2028F
Figure 44: Western Saudi Arabia Drilling Rigs Market Share, By Location, By Value, 2018-2028F
Figure 45: Western Saudi Arabia Drilling Rigs Market Share, By Type, By Value, 2018-2028F
Figure 46: Western Saudi Arabia Drilling Rigs Market Share, By Drilling Method, By Value, 2018-2028F

Frequently asked questions

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Saudi Aramco Rowan Offshore Drilling, Saudi Aramco Nabors Drilling, Saipem Taqa Al Rushaid Fabricators Company Ltd., ZP Arabia Drilling Co. Ltd., ADES International Holding Plc., Noble Drilling Arabia Co. Ltd., Arabian Drilling Company, Shelf Drilling Ltd, Seadrill Limited, Egyptian Drilling Company are some of the major players in Saudi Arabia Drilling Rig Market

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The major segments in the Saudi Arabia Drilling Rigs Market are location, type, drillings method.

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The dominant region in Saudi Arabia Drilling Rigs Market is Eastern Region, which accounted for the largest share of 78.62% in 2022. This can be attributed to the region being a leader in the oil and gas rigs in the country.

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The main challenges faceds by theSaudi Arabia Drilling Rigs Market are adverse environmental impact, and reduction in oil & gas capex.

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Parvati Sharma

Account Manager BD
Press Release

Saudi Arabia Drilling Rigs Market expected to Register 4.84% CAGR through 2028

Feb, 2023

Increase in natural gas production and increased offshore drilling activities to drive Saudi Arabia Drillings Rigs Market in the forecast period, 2023-2028.

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