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Report
Saudi Arabia Drilling Tools Market By Type (Drill Bits, Drilling Tubulars, Mud Pumps, Reamers & Stabilizers, Drill Swivels, Drill Collars & Others), By Application (Onshore, Offshore), By Region, Competition Forecast and Opportunity, and Forecast, 2018-2028F
Market Report I 2023-09-05 I 90 Pages I TechSci Research
Saudi Arabia Drilling Tools market is anticipated to grow at a steady pace in the forecast period 2024-2028, owing to a rapidly increasing investment in the untapped hydrocarbon reserves in the country.
Rise in Exploration and Drilling Activities for Oil Around Saudi Arabia to Drive the Market
Oil exploration and drilling activities around Saudi Arabia have evolved greatly over the past century as a result of improvements in drilling technology, an increase in demand for fuel for cars, and other similar factors. Additionally, petroleum extraction is becoming more successful, which supports market expansion. When economic competition rises in the oil exploration, drilling, and servicing industries, more oilfield equipment is used, consequently raising its demand. Many oil businesses and governments are focusing on new oil and gas exploration and drilling activities to get a competitive edge over their rivals and meet the expanding worldwide demand for oil. In a similar vein, Saudi Aramco had step up global oil and gas exploration in February 2019. The company aspires to compete with main rivals like Royal Dutch Shell and Exxon Mobil in order to expand into global drilling.
Redevelopment of Mature Oil Wells To Drive the Market Growth
Mature fields are also referred to as brownfields. The oil production in the mature fields is currently decreasing. These fields have aged to a point where they are no longer useful. Although fresh developments and discoveries often capture the focus, these industries are regarded as the "backbone" of the industry. Furthermore, more than 60% of the daily oil production worldwide comes from mature fields. The idea of developing ageing oil fields has also become more and more enticing as a result of developments in oil well and reservoir engineering. Many companies are focusing on creative strategies for redeveloping oil fields due to financial concerns and to sustain existing oil production volumes. Construction of central processing facilities and related infrastructure is part of the renovation. The ability of DGI's CoViz 4D to integrate, visualise, and analyse all pertinent reservoir data, including seismic, geophysical, and petrophysical data as well as reservoir simulations, well logs, completions, and production, aids reservoir teams in jointly evaluating conditions, diagnosing issues, identifying bypassed oil, and starting to investigate and evaluate mature oil field stimulation options.
Technological Developments in Oilfield Equipment
Oil and gas production could rise as a result of new technology. The advancement of technology in oilfield equipment also offer benefits including improved safety, cost savings, speeded-up processes, and better efficiency. Modern technology like artificial intelligence, the Internet of Things, and analytics make it possible to digitize oil and gas refineries, pipelines, exploration sites, and infrastructure. This component enables oil and gas companies to compile all pertinent data on a single platform. Oil and gas companies are investing more in innovative technologies in order to increase production, reduce risks, and cut costs. For instance, in September 2019, Imperial and the Alberta Machine Intelligence Institute (Amii) collaborated to provide machine learning and artificial intelligence (AI) capabilities for the oil and gas industry to improve worker safety and mitigate any harmful environmental effects. Schlumberger and Dataiku Technology formed a similar partnership in December 2019 to develop and deploy artificial intelligence solutions for use in oil and gas operations.
Increasing Consumption of Oil & Gas in the Country Driving the Market Growth
Saudi Arabia's daily oil consumption was estimated at 3,595.427 barrels in December 2021. This is an increase from the previous number for December 2020 of 3,552.200 barrels/day. The Kingdom reportedly sourced 34.3 percent of its June imports from Egypt, 25.5 percent from the UAE, and 21.1 percent from Estonia, in addition to buying fuel oil from other countries. Future Saudi Arabian oil and gas consumption will increase due to significant factors such a thriving economy, expanding population, and fuel economy. The reliance on oil and gas is expected to increase further as the country's infrastructure continues to be heavily dependent on items made from petroleum.
Market Segmentation
The Saudi Arabia Drilling Tools Market is divided into Type, and Application. Based on Type, the market is divided into Drill Bits, Drilling Tubulars, Mud Pumps, Reamers & Stabilizers, Drill Swivels, Drill Collars & Others. Based on Application, the market is segmented into Onshore & Offshore.
Market Players
Major market players in the Saudi Arabia Drilling Tools Market are Schlumberger Limited, Baker Hughes, a GE Company, The Halliburton Company, National Oilwell Varco, Weatherford International PLC, Technip FMC, Precision Drilling Corporation, Parker Drilling Company, Gyrodata Incorporated, Dynomax Drilling Tools Inc.
Report Scope:
In this report, the Saudi Arabia Drilling Tools Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Saudi Arabia Drilling Tools Market, By Type:
o Drill Bits
o Drilling Tubulars
o Mud Pumps
o Reamers & Stabilizers
o Drill Swivels
o Drill Collars
o Others
- Saudi Arabia Drilling Tools Market, By Application:
o Onshore
o Offshore
- Saudi Arabia Drilling Tools Market, By Region:
o Eastern Region
o Northern & Central Region
o Western Region
o Southern Region
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Drilling Tools Market.
Available Customizations:
Saudi Arabia Drilling Tools Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. Product Overview
2. Research Methodology
3. Impact of COVID-19 on Saudi Arabia Drilling Tools Market
4. Executive Summary
5. Voice of Customers
6. Saudi Arabia Drilling Tools Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type (Drill Bits, Drilling Tubulars, Mud Pumps, Reamers & Stabilizers, Drill Swivels, Drill Collars & Others)
6.2.2. By Application (Onshore & Offshore)
6.2.3. By Region
6.3. By Company (2022)
6.4. Market Map
7. Northern & Central Region Drilling Tools Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Application
8. Western Region Drilling Tools Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Application
9. Eastern Region Drilling Tools Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Application
10. Southern Region Drilling Tools Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Type
10.2.2. By Application
11. Market Dynamics
11.1. Drivers
11.1.1. Increasing Consumption of Oil and Gas in Saudi Arabia
11.1.2. Redevelopment of Development Fields
11.1.3. Technological Advancement
11.2. Challenges
11.2.1. Depletion of Natural Hydrocarbon Reserves
11.2.2. Volatility in Crude Price
12. Market Trends & Developments
12.1. Increasing oil exploration
12.2. Technological Advancement
12.3. Oil price recovery
13. Policy & Regulatory Landscape
14. Saudi Arabia Economic Profile
15. Company Profiles
15.1. Schlumberger Limited
15.1.1. Business Overview
15.1.2. Key Revenue and Financials (If Available)
15.1.3. Recent Developments
15.1.4. Key Personnel
15.1.5. Key Product/Services
15.2. Baker Hughes a GE Company
15.2.1. Business Overview
15.2.2. Key Revenue and Financials (If Available)
15.2.3. Recent Developments
15.2.4. Key Personnel
15.2.5. Key Product/Services
15.3. The Halliburton Company
15.3.1. Business Overview
15.3.2. Key Revenue and Financials (If Available)
15.3.3. Recent Developments
15.3.4. Key Personnel
15.3.5. Key Product/Services
15.4. National Oilwell Varco
15.4.1. Business Overview
15.4.2. Key Revenue and Financials (If Available)
15.4.3. Recent Developments
15.4.4. Key Personnel
15.4.5. Key Product/Services
15.5. Weatherford International PLC
15.5.1. Business Overview
15.5.2. Key Revenue and Financials (If Available)
15.5.3. Recent Developments
15.5.4. Key Personnel
15.5.5. Key Product/Services
15.6. Technip FMC
15.6.1. Business Overview
15.6.2. Key Revenue and Financials (If Available)
15.6.3. Recent Developments
15.6.4. Key Personnel
15.6.5. Key Product/Services
15.7. Precision Drilling Corporation
15.7.1. Business Overview
15.7.2. Key Revenue and Financials (If Available)
15.7.3. Recent Developments
15.7.4. Key Personnel
15.7.5. Key Product/Services
15.8. Parker Drilling Company
15.8.1. Business Overview
15.8.2. Key Revenue and Financials (If Available)
15.8.3. Recent Developments
15.8.4. Key Personnel
15.8.5. Key Product/Services
15.9. Gyrodata Incorporated
15.9.1. Business Overview
15.9.2. Key Revenue and Financials (If Available)
15.9.3. Recent Developments
15.9.4. Key Personnel
15.9.5. Key Product/Services
15.10. Dynomax Drilling Tools Inc.
15.10.1. Business Overview
15.10.2. Key Revenue and Financials (If Available)
15.10.3. Recent Developments
15.10.4. Key Personnel
15.10.5. Key Product/Services
16. Strategic Recommendations
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