Saudi Arabia Oil Drilling Market to Grow Due to Technological Advancement until 2026
Surge in demand of automotive are driving the growth of Saudi Arabia Oil Drilling Market, in the forecast period, 2022-2026.
According to TechSci report on, “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, 2026”, Saudi Arabia oil drilling market has shown promising growth in historical years until 2019 and is expected to continue its growth in upcoming forecast years 2021 to 2026. Saudi Arabia oil drilling market owes its growth to the factors like rising demand of fuel in the automotive and automobile industry. Moreover, various industries like construction and vehicular transportation have put for a surging demand for oil and the factor may affect the growth of the market in the upcoming five years. Industries like chemical industries, beauty & health ad even healthcare industry require oil for the feasible working of their production units and manufacturing sectors and their demand is highly motivating the growth of the Saudi Arabia oil drilling market. Furthermore, the technologically advanced machinery and equipment has led the market growth in historical years and is anticipated to drive the market in next five years. The oil spill accidents and effects of exhaustive extraction of oil from the offshore sources have created concerns among the environmentalists. Marine life, and environment are highly affected and create restraint over the market but the surging demand from the supply enroute from the global platforms is sustaining the growth of the market in upcoming five years.
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The Saudi Arabia oil drilling market is segmented by deployment, service, equipment type, regional distribution, and competitional landscape. Based on service, the market is further segmented into contract, drilling, logging while drilling, measurement while drilling, and directional drilling. Contract drilling market segment is anticipated to hold the largest shares of the market in the next five years on the account of rising number of market players in the sector. Directional drilling is also anticipated to hold significant amount of market shares in the next five years on the backbone of surge in the demand. Although, continuous decline in the oil prices in the past five years may put a setback in the next five years that may lead to cold stacking of the rigs and delay in the delivery of new rigs.
Based on deployment, the market is further bifurcated into offshore and onshore oil drilling. Onshore oil drilling market is anticipated to hold the larger share of the market and assert its dominance in the upcoming five years. The market segment growth can be understood by driving factors like advantages over the offshore drilling. The offshore drilling is often accompanied with the threats of oil spills, and thus the further causing long term effects on the oceanic environment. The marine ecosystem gets affected and marine pollution increases. Offshore oil drilling bypasses such concerns. Though excavation and drilling on the land may come with land pollution and requirement of large area for the setups of the drilling equipment that might slow down that growth graph a little. Though, the rising demand of oil and by producing gases would still sustain the growth in the market in upcoming five years.
A partial list of market player in the Saudi Arabia oil drilling market includes 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, Burgan Drilling Company, among others. These market players hold larger shares of the market than the new market players. With the evolving technology, it is appropriate to say that the effective research and development of the technologically advanced equipment, and services would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide equipment that satisfies the suppliers’ demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“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, 2026” 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.
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