The TechSci report titled "Saudi Arabia Oil Drilling Market By Deployment (Offshore, Onshore), Service (Contract, Drilling, Logging While Drilling, Measurement While Drilling, Directional Drilling), Equipment Type (Drilling Equipment, Production Equipment, Pumps & Valves, Others), Region, Competition Forecast & Opportunities, 2027" reveals that the Saudi Arabia oil drilling market experienced significant growth in the past until 2019, and this growth is expected to continue throughout the forecast years of 2021 to 2027. The rising demand for fuel in the automotive and automobile industry is one of the factors that contributed to this growth. Additionally, the construction and vehicular transportation industries have also shown an increasing demand for oil, which could affect the market's growth in the next five years.
The chemical, beauty and health, and healthcare industries require oil for their production units and manufacturing sectors, leading to a surge in demand and further driving the growth of the Saudi Arabia oil drilling market. The market's growth in historical years was fueled by technologically advanced machinery and equipment, and this trend is expected to continue in the next five years.
While concerns have been raised about the environmental impact of oil spills and exhaustive extraction of oil from offshore sources, the market's growth is being sustained by the surging demand from the global platforms.
The Saudi Arabian oil drilling market is divided into several segments, including deployment, service, equipment type, regional distribution, and competitive landscape. The market is further segmented by service into contract drilling, drilling, logging while drilling, measurement while drilling, and directional drilling. It is expected that the contract drilling market segment will hold the largest share of the market in the next five years due to the increasing number of players in the sector. Additionally, directional drilling is anticipated to hold a significant amount of market share in the next five years due to rising demand. However, the continuous decline in oil prices over the past five years may lead to setbacks such as cold stacking of rigs and delayed delivery of new rigs.
The market is also bifurcated by deployment into offshore and onshore oil drilling, with onshore oil drilling expected to hold the larger share of the market and assert its dominance in the upcoming five years. This growth can be attributed to the advantages it has over offshore drilling, which is often accompanied by the threat of oil spills and long-term effects on the marine ecosystem. However, onshore drilling may lead to land pollution and require a large area for the setup of drilling equipment, which could slightly slow down the growth graph. Nevertheless, the rising demand for oil and gas will sustain the growth in the market in the upcoming five years.
Some of the major market players in the Saudi Arabian oil drilling market are Valaris plc, National-Oilwell Varco Inc., Noble Corporation plc, Saipem S.p.A., Arabian Drilling Company, ADES International Holding PLC, Shelf Drilling Holdings, Ltd., Saudi Arabian Oil Company, Weatherford Energy Services Saudi Arabia Co. Ltd, and Burgan Drilling Company. These market players hold a larger share of the market than new players. With the evolution of technology, effective research and development of technologically advanced equipment and services will support market growth and benefit both market players and consumers. New market players may focus on research and development to provide equipment that satisfies suppliers' demands while also building their brand value. Other competitive strategies include mergers and acquisitions and new product development.
“Saudi Arabia Oil Drilling Market is ever flourishing market seeing the historical changes. Though, recent situation of pandemic caused slight decrease in the demands of automotive and thereby decrease in the demand of automobiles and put a mild restraint on the market growth. With the advancement of vaccines and taking over the virus spread, the markets are reopened, and demands are surging again. The new market players are required to enter the market with technologically advanced equipment and techniques to establish their own market. The regulatory bodies and the schemes are specifically to manage and monitor the production, demand and supply the oil and by products which may aid to the market growth, but new market players must abide by the quality standards such that no harm comes to the environment,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Oil Drilling Market By Deployment (Offshore, Onshore) By Service (Contract, Drilling, Logging While Drilling, Measurement While Drilling, Directional Drilling) By Equipment Type (Drilling Equipment, Production Equipment, Pumps & Valves, Others) By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Saudi Arabia oil drilling market and provides statistics & information on market size, structure and future market growth. The report intends 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 in Saudi Arabia oil drilling market.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on "Saudi Arabia Oil Drilling Market"
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