Saudi Arabia Drilling Rigs Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Saudi Arabia drilling rigs market is expected to witness a CAGR of more than 2% during the forecast period, 2022 - 2027. The COVID-19 outbreak in Q1 of 2020 had led to declining oil and gas products demand, which impacted the oil and gas exploration and production (E&P) activities, further leading to delays in drilling rigs activities. Factors such as the growing prominence of gas in power generation, increasing natural gas production, and surging investments in the sector are expected to drive the Saudi Arabia drilling rigs market during the forecast period. However, volatility in crude oil and natural gas prices, leading to a decrease in exploration and production activities, may restrain the growth of the market.
Key HighlightsThe Saudi Arabia drilling rigs market is moderately fragmented. The key players in the market include ARO Drilling, Saipem SpA, Arabian Drilling Company, ADES International Holding PLC, and Shelf Drilling Holdings Ltd.
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