Saudi Arabia Oil Field Equipment Rental Market is anticipated to grow with increasing oil excavations, in the forecast period, 2023-2027F.
According to TechSci report on, “Saudi Arabia Oil Field Equipment Rental Market – By Region, Competition Forecast & Opportunities, 2027”. Saudi Arabia oil field equipment rental market might register an impressive CAGR during the forecast period, 2023-2027, to establish growth due to factors like rapidly rising oil & petroleum product prices. The surge in the demand for the oil is driving the oil extraction responsible companies and authorities to increase their operations, and high cost of the original and latest technology drives them to opt for the oil field equipment rental thus driving the growth of the Saudi Arabia oil field equipment rental market in the upcoming five years. Overcoming the recent pandemic, oil extraction processes have increased again and thus the demands for the equipment too. The rig counts are also bound to increase in the near future, although the market gets affected highly by fluctuating crude oil prices, the demand for the oil field equipment would thus increase and further aid the growth of the Saudi Arabia oil field equipment rental market in the next five years.
Moreover, economy of the country is highly dependent on the oil industry and its expansion that influences the sales and rentals of the equipment, tools, and machineries too. To decrease the cost of excavations considerably, the companies and governmental authorities strategize with the simpler tax incentives and equipment rentals that also substantiates the growth of the Saudi Arabia oil field equipment rental market in the future five years. Increasing exportation of the oil also influences the market growth. Saudi Arabia satisfies 17% of the whole world petroleum product demands. Furthermore, technological advancement, IT integrated machines and their utilization to ensure secures oil drilling, and functioning of the other equipment also facilitates the growth of the Saudi Arabia oil field equipment rental market in the forecast period.
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The Saudi Arabia oil field equipment rental market is segmented by type, location, competitional landscape, and regional distribution. Based on type, the market is fragmented into drilling equipment, pressure & flow control equipment, fishing equipment, and others. Drilling equipment includes drill pipe, drill collars, drill bit, and others. Drilling equipment are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of increasing drilling activities to increase crude oil production. Expanding end use sectors of oil, gas, and petroleum products upsurge the demands for the crude oil and thus the demands for the oil drilling increases, that supports the growth of the Saudi Arabia oil field equipment rental market in the next five years. Among drill equipment, drill pipes are expected to hold the largest revenue for most of the damage during the oil extraction process is covered by the drill pipes that increases its demands. Other drilling equipment are expensive and in high demands too and support the segmental growth. Rapidly increasing drilling and new site discoveries further facilitate the segmental growth along with the growth of the Saudi Arabia oil field equipment rental market in the future five years.
By location, the market is differentiated between onshore and offshore. Onshore locations are expected to hold the largest revenue shares of the market and dominate the location based market segment in the upcoming five years due to increasing demands for the drilling equipment required in the onshore locations. Large numbers of oil reservoirs in the country are located onshore, that coupled with inclination of the market players investing in the onshore location excavation also substantiate the growth of the Saudi Arabia il field equipment rental market in the future five years.
A partial list of major market players of the Saudi Arabia oil field equipment rental market includes :
- Halliburton Company
- Schlumberger N.V. (Schlumberger Limited)
- Chesapeake Energy Corporation
- Weatherford International public limited company
- Precision Drilling Corporation
- Parker Drilling Company
- Superior Energy Services Inc.
- Oil State International Inc.
- Basic Energy Services Inc.
- FMC Technologies, Inc.
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“Saudi Arabia oil industry regulates over 50% of the country’s GDP and modulates the economy of the country. Majority of the imports of various products are feasible due to oil export systems in the country. To compensate for the high prices of the oil field equipment, rentals and hired services are growing in the country and would continue as far as the oil sources are active in the country,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Oil Field Equipment Rental Market By Type (Drilling Equipment {Drill Pipe, Drill Collars, Drill Bit, Others}, Pressure & Flow Control Equipment, Fishing Equipment, Others), By Location (Onshore, Offshore), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Saudi Arabia oil field equipment rental market and provides statistics & information on market size, structure and future market growth. The report intends 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 in Saudi Arabia oil field equipment rental market.
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