Saudi Arabia oil field
equipment rental market is anticipated to register growth with an impressive
CAGR in the forecast period, 2023-2027, on the account of increasing oilfield
explorations in the country. The country possesses over 17% of the world’s
proven petroleum reserves. The oil and gas industry accounts for over 50% of
the country’s GDP and about 70% of the export business from the country. The
ever expanding industry generates higher demands for the oil field equipment,
thereby driving the growth of the Saudi Arabia oil field equipment rental
market in the upcoming five years.
Growing Oil Industry Promises
Market Growth
Saudi Arabia oil industry is
ever expanding rapidly and accounts for over half of the country’s economy.
Growing demand for oil & petroleum products and growing globalization
around the world is a major factor driving the growth of the Saudi Arabia oil
field equipment rental market in the upcoming five years. With surge in the
demands, more excavation and oil extraction from the reserves are growing and
aiding the demands for the tools, equipment and machinery for the purposes
thereby supporting the growth of the Saudi Arabia oil field equipment rental
market in the next five years.
In 2020, the oil sector in
Saudi Arabia generated an estimated gross domestic product (GDP) of
approximately USD162 billion. Current consumption trend assures the active
reserves in the country may last over 200 years in future. Although more sites
for excavation, and oil extraction is researched rapidly. The growing
excavation demands technologically advanced equipment and tools and thus plays
a vital role in the growth of the Saudi Arabia oil field equipment rental
market in the future five years.
Technological Advancements
Drive Market Growth
Market players in the
industry are actively focused on research and technological advancements to the
oil field equipment that supports the growth of the Saudi Arabia oil field
equipment rental market in the upcoming five years. In the recent years the
active market players have strategically shifted their focus on unconventional
and deeper hydrocarbon sources. The oil extractions have shifted recently
toward shale gas, coal bed methane, tight gas, and heavy oil.
Involvement of the IT based
processes and IT integrated functioning of the equipment to monitor the
reservoirs, identify their capacities, and drilling processes establishes
further demands for the advanced oil field equipment, thereby substantiating
the growth of the Saudi Arabia oil field equipment rental market in the
forecast years. Advanced Radio Frequency Identification (RFID) technology is
utilized to assist in the drilling and oil-hole cleaning up procedures.
Advanced technologies like horizontal drilling and hydraulic fracturing, aid
in opening shale oil & gas formations. There has been a significant rise is
the horizontal component of the oil rig count that would further aid the growth
of the Saudi Arabia oil field equipment rental market in the next five years.
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Market Segmentation
The
Saudi Arabia oil field equipment rental market is segmented by type, location, competitional
landscape, and regional distribution. Based on type, the market is fragmented
into drilling equipment, pressure & flow control equipment, fishing equipment,
and others. Drilling equipment includes drill pipe, drill collars, drill bit,
and others. By location, the market is differentiated between onshore and
offshore. The market analysis also studies the regional segmentation to devise
regional market segmentation, divided among Northern & Central Region, Eastern
Region, Western Region, and the Southern Region.
Company Profile
Halliburton Company, Schlumberger
N.V. (Schlumberger Limited), Chesapeake Energy Corporation, Weatherford International
public limited company, Precision Drilling Corporation, Parker Drilling Company,
Superior Energy Services Inc., Oil State International Inc., Basic Energy
Services Inc., FMC Technologies, Inc., among others is a partial list of major market players of
the companies responsible for the growth of Saudi Arabia oil field equipment rental market.
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Attribute
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Details
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Base Year
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2021
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Historical Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027
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Report coverage
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Revenue forecast, company share, competitive landscape, growth
factors, and trends
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Segments covered
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·
Type
·
Location
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Regional scope
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Northern & Central Region, Eastern Region, Western Region,
and the Southern Region.
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Key companies profiled
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Halliburton Company, Schlumberger N.V. (Schlumberger
Limited), Chesapeake Energy Corporation, Weatherford International public
limited company, Precision Drilling Corporation, Parker Drilling Company,
Superior Energy Services Inc., Oil State International Inc., Basic Energy
Services Inc., FMC Technologies, Inc.
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Customization scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request)
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Report Scope:
In this report, Saudi Arabia oil field equipment rental market has been segmented into
following categories, in addition to the industry trends which have also been
detailed below:
- Saudi Arabia Oil Field Equipment
Rental Market, By Type:
- Drilling Equipment
- Drill Pipe
- Drill Collars
- Drill Bit
- Others
- Pressure & Flow Control
Equipment
- Fishing Equipment
- Others
- Saudi Arabia Oil Field Equipment
Rental Market, By Location:
- Saudi Arabia Oil Field Equipment
Rental Market, By Region:
o Northern & Central Region
o Eastern Region
o Southern Region
o Western Region
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Saudi Arabia oil field equipment rental market.
Available Customizations:
With the given market data, TechSci
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).
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