Market Size of Middle East and Africa Drilling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA Drilling Market Analysis
The Middle East and Africa Drilling market are expected to register a CAGR of more than 2% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the short term, the Middle East and African drilling markets are forecasted to grow due to the increasing oil demand at the international level and the rising interest of private companies to invest in the regional oil and gas upstream industry.
- On the other hand, the growing momentum toward renewable energy sources is expected to pose an uphill challenge for the market in the coming years.
- Nevertheless, the abundance of proven oil and gas reserves in the Middle East and Africa region creates ample opportunities for the drilling market. The region has also witnessed new offshore oil and gas discoveries in the current scenario.
- Saudi Arabia is expected to dominate the market in the near future due to massive oil and gas reserves in the country and the new upcoming exploration and production projects in the country.
