Saudi Arabia Oil Field Equipment Rental Market By Type (Drilling Equipment {Drill Pipe, Drill Collars, Drill Bit, Others}, Pressure & Flow Control Equipment, Fishing Equipment, Others), By Location (Onshore, Offshore), By Region, Competition Forecast & Op

Saudi Arabia Oil Field Equipment Rental Market By Type (Drilling Equipment {Drill Pipe, Drill Collars, Drill Bit, Others}, Pressure & Flow Control Equipment, Fishing Equipment, Others), By Location (Onshore, Offshore), By Region, Competition Forecast & Opportunities, 2027

Saudi Arabia oil field equipment rental market is anticipated to register growth with an impressive CAGR in the forecast period, 2023-2027, on the account of increasing oilfield explorations in the country. The country possesses over 17% of the world’s proven petroleum reserves. The oil and gas industry accounts for over 50% of the country’s GDP and about 70% of the export business of the country. The ever-expanding industry generates higher demands for oil field equipment, thereby driving the growth of the Saudi Arabia oil field equipment rental market in the upcoming five years.

Growing Oil Industry Promises Market Growth

Saudi Arabia oil industry is ever-expanding rapidly and accounts for over half of the country’s economy. Growing demand for oil & petroleum products and growing globalization around the world is a major factors driving the growth of the Saudi Arabia oil field equipment rental market in the upcoming five years. With a surge in the demands, more excavation and oil extraction from the reserves are growing and aiding the demands for the tools, equipment, and machinery for the purposes thereby supporting the growth of the Saudi Arabia oil field equipment rental market in the next five years.

In 2020, the oil sector in Saudi Arabia generated an estimated gross domestic product (GDP) of approximately USD 162 billion. The current consumption trend assures the active reserves in the country may last over 200 years in the future. Although more sites for excavation, and oil extraction is researched rapidly. The growing excavation demands technologically advanced equipment and tools and thus plays a vital role in the growth of the Saudi Arabia oil field equipment rental market in the future five years.

Technological Advancements Drive Market Growth

Market players in the industry are actively focused on research and technological advancements to the oil field equipment that supports the growth of the Saudi Arabia oil field equipment rental market in the upcoming five years. In recent years the active market players have strategically shifted their focus to unconventional and deeper hydrocarbon sources. The oil extractions have shifted recently toward shale gas, coal bed methane, tight gas, and heavy oil.

The involvement of the IT-based processes and IT-integrated functioning of the equipment to monitor the reservoirs, identify their capacities, and drill processes establish further demands for advanced oil field equipment, thereby substantiating the growth of the Saudi Arabia oil field equipment rental market in the forecast years. Advanced Radio Frequency Identification (RFID) technology is utilized to assist in the drilling and oil-hole cleaning-up procedures. Advanced technologies like horizontal drilling and hydraulic fracturing, aid in opening shale oil & gas formations. There has been a significant rise in the horizontal component of the oil rig count that would further aid the growth of the Saudi Arabia oil field equipment rental market in the next five years.

Market Segmentation

The Saudi Arabia oil field equipment rental market is segmented by type, location, competitional landscape, and regional distribution. Based on type, the market is fragmented into drilling equipment, pressure & flow control equipment, fishing equipment, and others. Drilling equipment includes drill pipes, drill collars, drill bits, and others. By location, the market is differentiated between onshore and offshore. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among the Northern & Central Regions, Eastern Region, Western Region, and Southern Region.

Company Profile

Halliburton Company, Schlumberger N.V. (Schlumberger Limited), Chesapeake Energy Corporation, Weatherford International public limited company, Precision Drilling Corporation, Parker Drilling Company, Superior Energy Services Inc., Oil State International Inc., Basic Energy Services Inc., FMC Technologies, Inc., among others is a partial list of major market players of the companies responsible for the growth of Saudi Arabia oil field equipment rental market.

Report Scope:

In this report, Saudi Arabia oil field equipment rental market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Saudi Arabia Oil Field Equipment Rental Market, By Type:
• Drilling Equipment
• Drill Pipe
• Drill Collars
• Drill Bit
• Others
• Pressure & Flow Control Equipment
• Fishing Equipment
• Others
• Saudi Arabia Oil Field Equipment Rental Market, By Location:
• Onshore
• Offshore
• Saudi Arabia Oil Field Equipment Rental Market, By Region:
• Northern & Central Region
• Eastern Region
• Southern Region
• Western Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Saudi Arabia oil field equipment rental market.

Company Information

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

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