Saudi Arabia Drilling Rigs Market expected to Register 4.84% CAGR through 2028
Increase in natural gas
production and increased offshore drilling activities to drive Saudi
Arabia Drillings Rigs Market in the forecast period, 2023-2028
According to TechSci Research
report, “Saudi Arabia Drilling
Rigs Market - By Region, Competition Forecast & Opportunities, 2028”, Saudi
Arabia Drilling Rigs Market was valued USD 4074 million in 2022 and is
predicted to grow at CAGR of 4.84% through 2028 owing to rapid industrial
development and urbanization across the country, which have created increasing
demand for fuel. Onshore
rigs are likely to dominate in the rigs sector in Saudi Arabia due to major
availability of hydrocarbon, as many rigs are situated on land and not in sea. Saudi
Arabia oil consumption was reported at 3,595.427 Barrel/Day in Dec 2021. Based
on type, Saudi Arabia Drilling Rigs Market is dominated by land rigs with a
market share of 77.95% in 2022, as land rigs are perfect for the onshore rigs
and mostly used in the setup.
Based on Location, Onshore is the dominant segment
in Saudi Arabia Drilling Rigs Market as in Saudi Arabia, there are more land
rigs than offshore rigs, and for the years 2023E–2028F, the anticipated CAGR
for onshore rigs is 4.48%. The need for drilling rigs for onshore operations is
directly impacted by the rise in demand for fossil fuels as well as onshore
exploration and production activities. However, because there is other well
intervention techniques and technologies available, well intervention and
work-over activities have less of an impact on the demand for drilling rigs.
Based on Technology, rotary
drilling is the dominant segment in Saudi Arabia Drilling Rigs Market with 48.16%
market share in 2022 and is predicted to expand at a CAGR of 4.63% from 2023 to
2028. A dependable technology utilized in the offshore oil and gas sector is
rotary drilling. Drilling technology rotates the bit continuously in a circular
motion to fracture rocks. The market for rotary drilling is anticipated to
benefit significantly from the ability to collect oil and gas from deep-water
and ultra-deepwater locations.
Browse over 46 market data Figures spread through 114 Pages and an in-depth TOC on "Saudi Arabia Drilling Rigs Market.”
In terms of regional analysis, the Saudi
Arabia Drilling Rigs Market is segmented into Eastern Region, Northern &
Central Region, and Western Region. The Eastern Region is dominant as most of
the rigs are present there and one of the largest company Saudi Aramco is
situated there. The development of the economy has been significantly
influenced by the Eastern Province of Saudi Arabia. The sea of "black
gold," under the Eastern Province, has one-fourth of the world's oil
reserves. Because it contains some of the largest gas and crude oil reserves in
the world, the Eastern Province serves as the foundation of the Saudi economy.
The
goals of Saudi Arabia's Vision 2030 are to diversify the country's economy,
lessen reliance on oil exports, boost the private sector's role in economic
growth, and expand Saudi Arabia's economy. In order to balance oil prices, the
government strategy strives to synergize the oil sector through production
levels and maintain a constant market share and output. In addition to
preserving Saudi Aramco's earnings for its upcoming IPO, this will boost the
local economy by giving Saudis work. The Saudi Arabia has total 297.5 thousand
million barrels, total proved reserves as
of 2020.
Key market
players in the Saudi Arabia Drilling Rigs Market include:
- Saudi Aramco Rowan Offshore
Drilling
- Saudi Aramco Nabors Drilling
- Saipem Taqa Al Rushaid
Fabricators Company Ltd.
- ZP Arabia Drilling Co. Ltd.
- ADES International Holding
Plc.
- Noble Drilling Arabia Co.
Ltd.
- Arabian Drilling Company
- Shelf Drilling Ltd
- Seadrill Limited
- Egyptian Drilling Company
According to Evercore ISI's most recent Offshore Oracle research, Saudi
Arabia is pushing demand for offshore drilling rigs as it looks to increase its
production capacity over the coming years. Two newbuild jackups were ordered by
Saudi Aramco over the past month, bringing the total to five jackups that will
be delivered by the end of the year. Three newbuilds were also ordered in
April. As Saudi Aramco has announced it intends to double its offshore fleet to
90 vessels by 2024 as part of its drive to increase the kingdom's production
capacity by 1 MMb/d to 13 MMb/d by 2027, they believe that all five newbuilds
are incremental.
Leading
businesses are concentrating on increasing their product ranges to preserve
long-term market growth. Many companies in the Saudi Arabia Drilling Rigs
Market are represented in the country through distributors or contractor teams.
The featured
companies have been substantially working towards reducing carbon emissions. The
companies recognize that the oil and gas industry is a carbon-intensive one. To
achieve SDG 13 (the climate change target), they have integrated a low-carbon
plan into their business roadmap based on COP21 of the United Nations Framework
Convention on Climate Change (UNFCCC).
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“Due to increased
exploration and production costs and anticipated increases in energy
consumption, the market is healthy and is trend-analyzed. Additionally, the
Saudi Arabia Drilling Rigs Market is expected to develop due to rising need for
power and heat during the forecast period and many more factors will drive the
market,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Saudi Arabia Oil & Gas
Rigs Market By Location (Offshore and Onshore), By Type (Land Rigs, Jackup,
Drill Ships, Semi-Submersible), By Drilling Method (Cable Drilling, Rotary
Drilling, Dual Wall Reverse- Circulating Drilling, Electro Drilling, and
Directional Drilling), By Region, Competition Forecast & Opportunities,
2028,” has evaluated the future growth potential of Saudi Arabia
Drilling Rigs Market and provides statistics and information on market
structure, size, share, and future growth. The report is intended 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 present in the Saudi
Arabia Drilling Rigs Market.
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