According to MarkNtel Advisors who is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently released a report on Saudi Arabia Oilfield Equipment Rental Market - Industry Trends and Forecast to 2027 and provides a comprehensive analysis of the current and future market conditions. The market research insights offered in this report enhance understanding of the market landscape, potential challenges, and strategies to establish a strong brand presence. With detailed market segmentation, in-depth analysis of key players, examination of consumer and supply chain trends, and exploration of new geographic markets, the insights presented in this report simplify the effective marketing of products and services.
Saudi Arabia Oilfield Equipment Rental Market Analysis and Size
Saudi Arabia Oilfield Equipment Rental market is projected to grow at a CAGR of around 8% during the forecast period, i.e., 2022-27.
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Some of the major players operating in the Saudi Arabia Oilfield Equipment Rental Market are 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.
Saudi Arabia Oilfield Equipment Rental Market Growth Driver:
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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Market Segment and Geographical Analysis
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
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