Increase in demand for oil and gas is a significant factor driving the growth of the Saudi Arabia Oilfield Catwalks Market in the forecast period of 2023-2028.
According to the TechSci Research report, “ Saudi Arabia Oilfield Catwalks Market – By Region Competition Forecast and Opportunities, 2018-2028F,“ the Saudi Arabia Oilfield Catwalks Market is anticipated to expand during the forecast period.
With one-fourth of the world’s known oil reserves, or more than 260 billion barrels, Saudi Arabia is the largest exporter and producer of oil globally. The majority are in the Eastern Province, along with the largest onshore field in Ghawar and the largest offshore field in the Arabian Gulf at Safaniya.
Around 8 million barrels of oil are produced by Saudi refineries each day, and there are plans to raise that number to about 12 million. Saudi Arabia, as the world’s largest producer and exporter of oil, shows an exclusive position in the energy industry.
The advancement of oil exploration has a substantial impact on reducing drilling costs, increasing oil production time, and improving worker safety. With the advancement in technologies, automatic catwalk has been used to improve and speed up the performance of line management activities, improving the efficiency of the drilling operation and implementing the concept of safety, health, and environmental protection. With the rapid development of automated drilling technologies, the development trend of automatic catwalks can be predicted. Fixed automatic catwalks are only suitable for small drilling floors with a height of less than 2000 meter. High levels of automation are prevalent in the automatic mechanical arm processing, but it is not suitable for frequent disassembly and transportation, and is expensive and difficult to install. The automatic lifting catwalk machine, on the other hand, is widely used, but its lifting process is irregular, and it has a large and heavy structure, with the weight structure accounting for roughly 70–90% of the machine’s overall weight.
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For decades, the oil & gas industry has helped fast-track the countries’ economic development and transformed people’s socioeconomic status. However, with the volatile oil prices and energy transition, it has become extremely important for the oil & gas companies to adopt digital technologies to enhance their operational efficiencies, thus augmenting their profit margins by providing access to real-time information and assisting the companies in prompt decision making. Such technologies are becoming vital for the oil & gas industries to survive the uncertainty about the oil demand/supply disparity caused by situations such as the pandemic and the global inclination toward cleaner energy alternatives.
Some of the statistics are:
- In Oct 2022, Saudi Arabia Crude Oil Production was reported at 10,838.000 Barrel/Day
- Saudi Arabia launched a reform programme with Vision 2030, which forms a long-term strategy to strengthen the country’s fiscal position and diversify its economy to reduce dependence on oil industry.
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The Saudi Arabia Oilfield Catwalks Market is segmented on the basis of type, application, location, region, and competitive landscape.
Based on type, the market is fragmented into mechanized, hydraulic, and automated. A mechanized catwalk system is expected to have a significant revenue during the forecast period. These catwalks accelerate and streamline pipe handling from the pipe rack to the drill floor. By rising them to the drill floor, the pipes can be taken quickly by an elevator. This eliminates the need for time-consuming interim storage. Workers can operate the oilfield catwalk system from the drill floor using a remote control panel, which eliminates safety risks. The oilfield catwalk system can be transported easily by separating it into elevator units and main units.
Major market players operating in the Saudi Arabia Oilfield Catwalks Market are:
- Forum Energy Technologies – Valve Solutions
- Bentec GmbH Drilling & Oilfield Systems
- National Oilwell Varco
- Schlumberger – Saudi Arabia
- Weatherford Energy Services Saudi Arabia Co. Ltd
- Ja-Co Welding & Consulting Ltd.
- Oilfields Supply Company
- Sinopec Oilfield Equipment Corporation
Some of the recent developments by key players are:
In June 2018, Saudi Aramco and NOV formed a joint venture partnership to establish an onshore rig and equipment manufacturing and aftermarket facility in Ras Al-Khair in Saudi Arabia.
In April 2019, Saudi Arabia Industrialization and Energy Services Company (TAQA) acquired Schlumberger’s Middle East onshore drilling rigs business in Kuwait, Oman, Iraq, and Pakistan for $415 million. The transaction transforms ADC into a regional drilling leader with largest rig fleets, client portfolios and geographic footprints in the Middle East.
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“Saudi Arabia Oilfield Catwalks Market is expected to thrive as oil and gas demand has continued to rise with energy demand. According to a World Bank blog, oil demand increased in 2021 Q3 when lockdown measures were lifted. The oilfield services (OFS) industry provides the assets, technology, labor, and project management that enable exploration, drilling, and development of oil and gas fields by exploration and production (E&P) operators. Therefore, such high demand is expected to fuel the Saudi Arabia Oilfield Catwalks Market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Oilfield Catwalks Market– Saudi Arabia Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Mechanized, Hydraulic, Automated), By Application (Rod Handling, Productivity, Cycle Time, Rapid Rig-Up, Wireless Control System), By Location, (Onshore, Offshore), By Region, By Competition” has evaluated the future growth potential of Saudi Arabia Oilfield Catwalks 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 Oilfield Catwalks Market.
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