Press Release

Saudi Arabia Oilfield Equipment Market to Grow Due to Increasing Oil Exploration

Increasing Consumption of oil and gas in Saudi Arabia and the redevelopment of developed oil fields in the country is expected to drive the Saudi Arabia Oilfield Equipment Market.


According to TechSci Research report, “Saudi Arabia Oilfield Equipment Market - By Region, Competition, Forecast & Opportunities, 2028, Saudi Arabia Oilfield Equipment Market Oilfield equipment market growth is driven by an increase in the redevelopment of old oil wells, a rebound in oil prices, and an increase in oil exploration and drilling activities globally. Additionally, increased use of oilfield equipment increases demand for oilfield equipment due to the increased economic competitiveness of the oil exploration, drilling, and service sectors. However, currency changes continue to have an impact on profit margins and rising raw material costs are predicted to impede the expansion of the oilfield equipment industry.

Based on type, the Saudi Arabia Oilfield Equipment Market is segmented into drilling equipment, field production machinery, pumps and valves, and others. Drilling equipment segment is expected to be the highest contributor to the market. Cables, drill bits, derricks, pipes, and other drilling equipment are required to extract oil and gas from the Earth's surface. The drilling equipment is used to identify geologic reservoirs and drill holes for the extraction of oil or natural gas. Additionally, the development of oil drilling technology and methods fuels the market's expansion. For instance, in order to lower the total cost of ownership for oil and gas operators, Diamond Off-shore Drilling, Inc. introduced blockchain drilling service in the off-shore drilling sector in June 2018. Additionally, during the projection period, market participants will have significant growth prospects owing to the discovery of new oil and gas fields around the world.


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Based on application, the Saudi Arabia oilfield equipment market is segmented into two segments— on-shore and off-shore. The onshore segment is expected to be the highest contributor to the market. The market for onshore oilfield equipment is benefiting from the discovery of new oil and gas resources. In order to meet the increased demand, oil and gas corporations are also concentrating on finding new oil and gas resources. The oilfield machinery is essential for oil and gas drilling. As a result, they are set up at the gas or oil drilling hole. For pressure sealing of the whole casing utilized in the relevant activity, oilfield equipment is frequently used in onshore applications. Additionally, the expanding market growth potential provided by offshore oil and gas exploration and production activities are quite lucrative.

In terms of regional analysis, the Saudi Arabia Oilfield Equipment Market is segmented into Eastern Region, Northern & Central Region, Western Region, and Southern Region. The Eastern Region is dominant as most of the rigs are present here and one of the largest company, Saudi Aramco, is also situated here.

The digitization of oil and gas refineries, pipelines, exploration sites, and infrastructure is made possible by cutting-edge technology such as artificial intelligence, the Internet of Things, and analytics. This aspect makes it possible for oil and gas firms to compile all relevant data on a single platform. Additionally, oil and gas businesses are investing more in developing technology to boost production and lower risks and expenses.

 

Key market players in the Saudi Arabia Oilfield Equipment Market include:

  • Superior Energy Services Saudi Arabia Company Ltd.
  • Star Light International
  • Petroleum and Energy Trading Services Co. (PETSE)
  • Rezayat Trading Co. Ltd.
  • Shuaa Al KauneOilfield Supplies and Services Company
  • Al AbdulKarim Holding
  • Shelf Drilling Holdings Ltd.
  • FMC TECHNOLOGIES SAUDI ARABIA
  • Weatherford International Public Limited Company

 

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Saudi Arabia projected that by spending USD 24 billion in new greenfield projects at the Zuluf, Marjan, and Berri, it would produce approximately USD 9.8 billion, Similar to this, Qatar intended to boost its LNG output to 110 million to withstand fierce competition and take over as the world's top LNG producer. The project is expected to cost more than USD 30 billion, according to Rystad Energy, an independent energy research and business intelligence firm, making it one of the largest in the area over the past ten years.

 

“The Saudi Arabia Oilfield Equipment Market is expected to expand during the forecast period. Factors such as the main drivers of the market's expansion are the rising redevelopment of old oil wells, expanding oil exploration and drilling activities, and the recovery of the oil price. Additionally, the market growth is being accelerated by increased economic competition in the service and oil exploration and drilling sectors,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

 

Saudi Arabia Oilfield Equipment Market By Type (Drilling Equipment, Field Production Machinery, Pumps and Valves, and Others), by Application (Onshore, Offshore), By Region, Industry Size, Share, Trends, Opportunity, Forecast & Opportunities, 2028, has evaluated the future growth potential of Saudi Arabia Oilfield Equipment 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 Oilfield Equipment Market.



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Saudi Arabia Oilfield Equipment Market – Segmented by Type (Drilling Equipment, Field Production Machinery, Pumps and Valves, and Others), by Application (Onshore, Offshore), By Region, Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Oil and Gas | Jan, 2023

Rise in exploration and drilling activities for oil and redevelopment of mature oil wells is expected to drive Saudi Arabia Oilfield Equipment Market in the forecast period of 2023-2028.

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