According to MarkNtel Advisors study the 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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Key Findings of the Study: Saudi Arabia Oilfield Equipment Rental market
Key Driver: New Discoveries & Expansion of Oilfields in Saudi Arabia
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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Scope of the Report and Saudi Arabia Oilfield Equipment Rental Market Segmentation:
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
Among the two, Onshore grabbed a considerable share in the Saudi Arabia Oilfield Equipment Rental market over the last few years due to the presence of a large number of onshore oil reserves in Saudi Arabia.
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