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”
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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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