Growing Onshore Activities to Fuel Saudi Arabia Oil & Gas Drilling Tools Market to $ 179 Million by 2023
Recovering crude oil prices, increasing oil & gas
exploration & production activities, and technological advancements
resulting in adoption of different types of drilling for oil & gas
extraction to drive Saudi Arabia oil & gas drilling tools market through 2023
According to TechSci Research report, “Saudi Arabia Oil & Gas Drilling Tools Market By Type, By Application, Competition Forecast
& Opportunities, 2013-2023’’, oil
& gas drilling tools market in Saudi Arabia is projected to cross $ 179 million by 2023, as operators are increasingly
focusing on offshore deepwater drilling activities. Growing onshore and
offshore oil well drilling activities and sanctions imposed on Iran are
boosting the demand for oil & gas all over the world. Moreover, increasing
exports of crude oil and petroleum products from Saudi Arabia to various countries
across the globe are expected to positively influence the country’s oil &
gas drilling tools market during the forecast period.
Browse 46
market data Figures and Tables spread through 91 Pages and an
in-depth TOC on "Saudi Arabia Oil & Gas Drilling Tools
Market"
https://www.techsciresearch.com/report/saudi-arabia-oil-gas-drilling-tools-market/3683.html
By
type, drill bits segment accounted for the largest share in Saudi Arabia oil
& gas drilling tools market in 2017, and the segment is expected to
maintain its dominance in the coming years as well, owing to high raw material and
manufacturing cost involved in the making of drilling bits. On the basis of
application, oil & gas drilling tools market in Saudi Arabia has been
segmented into onshore and offshore. Of these two categories, onshore segment
dominates the market due to growing investments in oil & gas activities and
increasing number of wells in the onshore region.
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“As
of 2017, owing to increasing demand for oil & gas around the globe and
maturing existing hydrocarbon resources, the focus is shifting towards
unexplored reservoirs in order to keep pace with the growing demand. Moreover, increasing
exploration of unconventional gas resources, growing number of new wells and
rising consumption of crude oil are anticipated to boost the demand for oil
& gas drilling tools in Saudi Arabia over the course of next five years.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Oil & Gas Drilling Tools Market By
Type, By Application, Competition Forecast & Opportunities, 2013-2023’’ has
evaluated the future growth potential of Saudi Arabia oil & gas drilling
tools market and provides statistics and information on market size, structure
and trends. 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 & gas drilling tools
market.
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