Saudi Arabia Oil Field Equipment Rental Market Expands With Growing Investments
Saudi
Arabia Oil Field Equipment Rental Market is anticipated to grow with increasing
oil excavations, in the forecast period, 2023-2027F.
According to TechSci report on, “Saudi
Arabia Oil
Field Equipment Rental Market - By
Region, Competition Forecast & Opportunities, 2027”. Saudi
Arabia oil field equipment rental market might register an impressive CAGR
during the forecast period, 2023-2027, to establish growth due to factors like rapidly
rising oil & petroleum product prices. The surge in the demand for the oil
is driving the oil extraction responsible companies and authorities to increase
their operations, and high cost of the original and latest technology drives
them to opt for the oil field equipment rental thus driving the growth of the
Saudi Arabia oil field equipment rental market in the upcoming five years. Overcoming
the recent pandemic, oil extraction processes have increased again and thus the
demands for the equipment too. The rig counts are also bound to increase in the
near future, although the market gets affected highly by fluctuating crude oil
prices, the demand for the oil field equipment would thus increase and further
aid the growth of the Saudi Arabia oil field equipment rental market in the
next five years.
Moreover,
economy of the country is highly dependent on the oil industry and its
expansion that influences the sales and rentals of the equipment, tools, and
machineries too. To decrease the cost of excavations considerably, the
companies and governmental authorities strategize with the simpler tax
incentives and equipment rentals that also substantiates the growth of the
Saudi Arabia oil field equipment rental market in the future five years. Increasing
exportation of the oil also influences the market growth. Saudi Arabia
satisfies 17% of the whole world petroleum product demands. Furthermore,
technological advancement, IT integrated machines and their utilization to
ensure secures oil drilling, and functioning of the other equipment also
facilitates the growth of the Saudi Arabia oil field equipment rental market in
the forecast period.
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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. Drilling equipment are anticipated to hold the
largest revenue shares of the market and dominate the market segment in the
upcoming five years on the grounds of increasing drilling activities to
increase crude oil production. Expanding end use sectors of oil, gas, and
petroleum products upsurge the demands for the crude oil and thus the demands
for the oil drilling increases, that supports the growth of the Saudi Arabia oil
field equipment rental market in the next five years. Among drill equipment,
drill pipes are expected to hold the largest revenue for most of the damage
during the oil extraction process is covered by the drill pipes that increases
its demands. Other drilling equipment are expensive and in high demands too and
support the segmental growth. Rapidly increasing drilling and new site
discoveries further facilitate the segmental growth along with the growth of
the Saudi Arabia oil field equipment rental market in the future five years.
By
location, the market is differentiated between onshore and offshore. Onshore
locations are expected to hold the largest revenue shares of the market and
dominate the location based market segment in the upcoming five years due to
increasing demands for the drilling equipment required in the onshore
locations. Large numbers of oil reservoirs in the country are located onshore,
that coupled with inclination of the market players investing in the onshore
location excavation also substantiate the growth of the Saudi Arabia il field
equipment rental market in the future five years.
A
partial list of major market players of the Saudi Arabia oil field equipment
rental market includes :
·
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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“Saudi Arabia oil industry regulates over 50% of the country’s GDP and
modulates the economy of the country. Majority of the imports of various
products are feasible due to oil export systems in the country. To compensate
for the high prices of the oil field equipment, rentals and hired services are
growing in the country and would continue as far as the oil sources are active
in the country,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“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), By Location (Onshore, Offshore), By Region,
Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Saudi
Arabia oil field equipment rental 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 field equipment rental market.
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