Saudi Arabia Oilfield Equipment Market Grow at CAGR of 8% by 2027

Saudi Arabia Oilfield Equipment Rental Market Research Report: Forecast (2022-27)

By Type (Drilling Equipment, Drill Pipe, Drill Collars, Others (Reamer, etc.), Pressure & Flow Control Equipment, Fishing Equipment, Others (Casing Clean-out, etc.)), By Location (Onshore, Offshore),... ... Onshore, Offshore), By Company (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) Read more

Energy
Mar 2022
Pages 106
Report Format: PDF, Excel, PPT

Market Definition

The oilfield equipment & services comprise all the products & services associated with mostly upstream energy industry, such as drilling, well logging, well intervention, well completion, etc. The services provided by the equipment rental players, such as repair, maintenance of tools & equipment, machine assembly, among others, have broadened the market scope. The oil & gas industry is moving towards technology adoption along with automation in drilling equipment, which has inclined oil & gas companies towards oilfield equipment on a rental basis to smoothen the processes, including horizontal drilling, deep drilling, and exploration of unconventional hydrocarbons.

In accordance with this arrangement, the exploration companies rent equipment on a contractual basis, which allows them to lower their costs. Therefore, the rapid oilfield exploration activities in Saudi Arabia, coupled with the rising interests of global oil & gas exploration players across the country, would flourish the demand for Oilfield Equipment Rental in the coming years.

Market Insights

Saudi Arabia Oilfield Equipment Rental market is projected to grow at a CAGR of around 8% during the forecast period, i.e., 2022-27. The rising expansion of existing oilfield reserves in Saudi Arabia has increased the production capacity of the country, resulting in an increased demand for oilfield equipment rental, such as drill pipes. Moreover, the rapid research & developments in the fields of the oil & gas industry would further explore the untapped oil field reserves in the near future.

Significantly, such discoveries, as well as expansion of existing oilfields, would create revenue opportunities for oilfield equipment rental providers in the forthcoming years, thereby driving the market of the Saudi Arabia Oilfield Equipment Rental. In addition, the further expansion of other existing oilfield reserves would upsurge the demand for oilfield equipment rental in the forecast years, 2022-27.

In 2019, a huge offshore oilfield, located in the Arabian Gulf, namely ‘Zuluf Field,’ expanded under the supervision of Saudi Arabia’s state-owned company Aramco. In addition, the expansion of Zuluf Field has improved the production from 800,000 barrels per day (BPD) to 1.4 million barrels per day (MBPD) of heavy crude oil, and the project has been closed as of 2020.
Additionally, in 2019, for the expansion of Berri oilfield, the consortium of Subsea 7 and L&T Hydrocarbon Engineering has secured the contract for engineering, procurement, installation & commissioning of subsea pipelines.

Report Coverage	Details
Study Period	Historical Data: 2017-20
	Base Year: 2021
	Forecast Period: 2022-27
CAGR (2022-2027)	8%
Key Companies Profiled	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
Unit Denominations	USD Million/Billion

Impact of Covid-19 on Saudi Arabia Oilfield Equipment Rental Market

The imposition of stringent mobility restrictions across the globe led to a notable decline in the oil demand during 2020. This further led to low crude oil exports to its regular crude oil consumers, including India, China, Japan, the US, among various others. According to British Petroleum (BP), in 2020, Saudi Arabia’s oil production stood at 11,039 barrels per day, which was a decline of nearly 7%, from 11,832 barrels per day in 2019.

Consequently, the country felt a noteworthy decline in the demand for oilfield equipment rental due to low oilfield exploration in the mid of 2020. However, the relaxation of lockdown measures in the latter part of 2020, led to the rebound of oil demand across the globe. Consequently, the demand for Oilfield Equipment Rental regained in 2021. As a result, in the coming years, the COVID-19 is expected to have an insignificant impact on Saudi Arabia Oilfield Equipment Rental market.

Introduction
1. Product Definition
2. Research Process
3. Market Segmentation
4. Assumptions
Executive Summary
Expert Verbatim
Impact of COVID-19 on Saudi Arabia Oilfield Equipment Rental Market
Saudi Arabia Oilfield Equipment Rental Market Trends & Insights
Saudi Arabia Oilfield Equipment Rental Market Dynamics
1. Impact Analysis
2. Drivers
3. Challenges
Saudi Arabia Oilfield Equipment Rental Market Hotspots & Opportunities
Saudi Arabia Oilfield Equipment Rental Market Outlook, 2017-2027
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type
    1. Drilling Equipment
      1. Drill Pipe
      2. Drill Collars
      3. Others (Reamer, etc.)
    2. Pressure & Flow Control Equipment
    3. Fishing Equipment
    4. Others (Casing Clean-out, etc.)
  2. By Location
    1. Onshore
    2. Offshore
  3. By Company
    1. Revenue Shares
    2. Competition Characteristics
Saudi Arabia Oilfield Equipment Rental Market Key Strategic Imperatives for Growth & Success
Competition Outlook
1. Competitor Wise Growth Strategies
  1. Product Portfolio
  2. Brand Specialization
  3. Target Markets
  4. Research & Development
  5. Strategic Alliances & Initiatives
2. Company Profiles
  1. Baker Hughes Company
  2. Parker Wellbore
  3. Schlumberger Middle East
  4. Superior Energy Services
  5. Seadrill Ltd.
  6. Weatherford International PLC
  7. Nabors Industries Ltd.
  8. Certified Oilfield Rentals LLC (COR Middle East)
  9. Great Valve General Contracting (GVGC)
  10. Rawabi Oil & Gas (ROG)
  11. Others
Disclaimer

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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