Saudi Arabia Drilling Rigs Market, By Location (Onshore, Offshore), By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible, Others), By Drilling Method (Cable Drilling, Rotary Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling, Direct

Saudi Arabia Drilling Rigs Market, By Location (Onshore, Offshore), By Type (Land Rigs, Jackup, Drill Ships, Semi-Submersible, Others), By Drilling Method (Cable Drilling, Rotary Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling, Directional Drilling), By Region, Competition Forecast and Opportunities, 2018-2028

Saudi Arabia Drilling Rig Market is anticipated to grow at a steady pace in the forecast period, 2023-2028, due to a burgeoning demand for oil exploration activities as a result of rapid industrialization. A rig is a building situated over an oil well on land or in the water that is used to drill and extract oil from the ground. Land rigs, Jackups, drill ships, semi-submersibles, etc. are the main categories of rigs.

Growing Prominence of Gas in Power Generation to Drive the Market

Saudi Arabia intends to generate the bulk of its electricity from gas-fired power plants in response to an increasing emphasis on having a cleaner environment. Furthermore, the nation plans to build new natural gas power plants throughout the nation to meet the rising demand for electricity. The nation has made strategic plans to diversify its sources of revenue collection in addition to domestic consumption. In 2020, the crude oil industry was responsible for more than 23% of the nation's GDP. However, the nation intends to turn into a net exporter of natural gas by raising its natural gas production to 23 billion standard cubic feet per day (bscfd) by 2030. The Jafurah project, which is situated Southeast of the Ghawar oil field, is also anticipated to receive investments totalling USD 110 billion. The field has a potential reserve of almost 200 trillion cubic feet of wet gas and has a daily production capacity of 500,000 barrels of gas liquids and condensates and 130,000 barrels of ethane. It is projected that the gas recoverable will make Saudi Arabia a net exporter of natural gas and help the government increase domestic production to meet the rising domestic demand for gas for the production of electricity.

Augmented & Virtual Reality Driving Market Growth

Reality technology-based findings, can show real-time information regarding equipment, tools, and parts, increase efficiency and reduce errors in the oil and gas business. Exploration and production (E&P) companies use reality solutions for things like remote monitoring, downhole imaging, and virtual training. O&G startups further combine the real and virtual worlds to enable human-machine interactions through wearables and smartphone notifications. The solution promotes improvements to worker training and safety, as well as plant development and maintenance. To conduct plant walk-throughs, monitor plant operations or construction progress, and enable predictive maintenance, operations and maintenance staff use the startup's VR studio.

The Internet of Things

The oil and gas sector uses the Internet of Things (IoT) to gather, transmit, and analyse raw data in real time to gain a comprehensive understanding of facility activities, increase operational effectiveness, lower energy usage, and increase profitability. IoT solutions cover all key industry segments of oil and gas industry Midstream operators improve fleet management as well as pipeline and storage maintenance, and downstream companies utilise IoT for better oil and gas processing and distribution and Upstream operators use it to improve drilling and extraction management and reduce non-productive time. The oil and gas industry has embraced IoT technologies over the past years to optimise operations across the stream, enhance workplace safety and control, and increase production. The capabilities of IoT for oil and gas are vast, ranging from decreasing manual maintenance to automating difficult jobs that are prone to errors, to lowering environmental impact and preventing risks. The IoT team at ScienceSoft is glad to examine your unique requirements and present the best solution if you're interested in learning how your industry-specific firm might profit from IoT.

Increasing Consumption of Oil & Gas in the Country Driving Market Growth

In December 2021, Saudi Arabia's oil consumption was recorded at 3,595.427 barrels per day. The previous value for December 2020 was 3,552.200 barrels/day, representing a rise from previous year. The Kingdom, in addition to purchasing fuel oil from foreign nations, reportedly sourced 34.3 percent of its June imports from Egypt, 25.5 percent from the UAE, and 21.1 percent from Estonia. Future oil and gas consumption in Saudi Arabia will rise as a result of important variables such a healthy economy, population growth, and fuel economy. As the nation's infrastructure continues to significantly rely on petroleum-based products, the dependence on oil and gas is predicted to grow even more.

Market Segmentation

The Saudi Arabia Drilling Rig Market is divided into Location, Type, and Drilling Method. Based on Location, the market is divided into Onshore, offshore. Based on Type, the market is segmented into Land Rigs, Jackup, Drill Ships, Semi-Submersible, Others. Based on Drilling Method, the market is divided into Cable Drilling, Rotary Drilling, Dual Wall Reverse - Circulating Drilling, Electro Drilling, Directional Drilling.

Market Players

Major market players in the Saudi Arabia Drilling Rig Market are ARO Drilling, Sinopec Saudi Arabia, NOBLE DRILLING (ARABIA) LTD, Saipem Taqa AlRushaid Fabricators Company Ltd (STAR), Shelf Drilling Holdings Ltd, A. Al-Barrak & Sons Co., Abdulla Fouad Group, Seadrill Limited, Shelf Drilling Holdings Ltd, Arabian Drilling Company

Recent Development

• The Dammam Redevelopment conventional oil development, which is located on Saudi Arabian territory, is managed by Saudi Arabian Oil. Dammam Redevelopment is situated in Saudi Aramco Concession Area. Commercial production is expected to start in 2024 while the project is still being built.
• Production at shared Neutral Zone fields between Saudi Arabia and Kuwait is about to increase. The two countries want to increase oil production in the region to between 400,000 and 500,000 bpd, thereby positively influencing the growth of the market.

Report Scope:

In this report, the Saudi Arabia Drilling Rig Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Saudi Arabia Drilling Rig Market, By Location:
• Onshore
• Offshore
• Saudi Arabia Drilling Rig Market, By Type:
• Land Rigs
• Jackup
• Drill Ships
• Semi-Submersible
• Others
• Saudi Arabia Drilling Rig Market, By Drilling Method:
• Cable Drilling
• Rotary Drilling
• Dual Wall Reverse – Circulating Drilling
• Electro Drilling
• Saudi Arabia Drilling Rig Market, By Region:
• Eastern Region
• Northern & Central Region
• Western Region
• Southern Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Drilling Rig Market.

Saudi Arabia Drilling Rig Market report with the given market data, Tech Sci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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