MarkNtel Advisors recently published a detailed industry analysis of the Saudi Arabia Oilfield Equipment Rental Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Saudi Arabia Oilfield Equipment Rental Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2027
The Saudi Arabia Oilfield Equipment Rental Market is projected to witness 8% CAGR growth during the forecast period, i.e., 2022-27
Key Findings in Saudi Arabia Oilfield Equipment Rental Market:
- Historical Analysis: 2017–2020
- Base Year: 2021
- Forecast Period: 2022–2027
Leading Market Players- Baker Hughes Company, Parker Wellbore, Schlumberger Middle East, Superior Energy Services, Seadrill Ltd., Weatherford International PLC, Nabors Industries Ltd., Certified Oilfield Rentals LLC (COR Middle East), Great Valve General Contracting (GVGC), Others
Key Highlights of the Report
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
What are the major Driver the Saudi Arabia Oilfield Equipment Rental industry?
New Discoveries & Expansion of Oilfields in Saudi Arabia- Saudi Arabia Oilfield Equipment Rental market countersigned the prolific growth in the historical years, owing to the oil mines expansion activities in the region. As Saudi Arabia is blessed with a large number of oil reserves, both onshore & offshore, the country has been one of the largest oil exporters in the world, which continues to increase the demand for equipment rental services such as jack-ups & drillships.
Furthermore, the expansion of existing oil field reserves also decently contributed to the growth of the Saudi Arabia Oilfield Equipment Rental market. Additionally, Saudi Arabia has been fortunate enough to have several existing oilfields & technological advancements, which have led to the discovery of untapped reserves of oil & gas. In turn, this has positively affected the oilfield equipment rental market in the country.
- In 2020, the Ministry of Energy, Saudi Arabia, announced the discovery of four new oil & gas fields. The oil producer Aramco has discovered the oil reserve with the capacity of 3,850 barrels per day in the Al-Ajramiyah well, and other oilfields discovered in the Al-Reesh oil field, and at Al-Sahaba well.
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What segments define the Saudi Arabia Oilfield Equipment Rental Market from 2022 to 2027? How do these segments contribute to market dynamics and growth?
By Type
- Drilling Equipment
- Drill Pipe
- Drill Collars
- Others (Reamer, etc.)
- Pressure & Flow Control Equipment
- Fishing Equipment
- Others (Casing Clean-out, etc.)
According to report, Of them all, drilling equipment grasped a considerable share in the Saudi Arabia Oilfield Equipment Rental market.
By Location
- Onshore
- Offshore
According to report, Among the two, Onshore grabbed a considerable share in the Saudi Arabia Oilfield Equipment Rental market over the last few years due to the presence of a large number of onshore oil reserves in Saudi Arabia.
Explore the Complete Saudi Arabia Oilfield Equipment Rental Market Analysis Report – https://www.marknteladvisors.com/research-library/saudi-arabia-oilfield-equipment-rental-market.html
Saudi Arabia Oilfield Equipment Rental Market Recent Development:
- In 2021, Saudi Aramco announced to develop, the Jafurah unconventional gas field, which is one of the largest non-associated gas fields in Saudi Arabia. The company aims to invest an estimated USD10 billion in subsurface & engineering, procurement, and construction (EPC) contracts, with capital expenditure in the gas field to reach around USD68 billion over the next 10 years of development.
- In 2019, Saudi Arabia's Ministry of Energy and Mineral Resources announced the discovery of large quantities of gas in the Red Sea. After this announcement, Saudi Aramco aims to intensify its investments in oil & natural gas exploration in the coming years.
Key Questions Addressed in This Study
- What are the primary factors driving the growth of the Saudi Arabia Oilfield Equipment Rental Market?
- How is the Saudi Arabia Oilfield Equipment Rental Market expected to evolve over the next five years?
- What key insights can be drawn from current trends shaping the market?
- What is the current market size, and how is it forecasted to change in the coming years?
- What is the future outlook for the market in terms of technological innovation and geographic expansion?
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MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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