Market Size of Saudi Arabia Drilling Rigs Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.5 Billion |
| Market Size (2029) | USD 5.69 Billion |
| CAGR (2024 - 2029) | 4.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Drilling Rigs Market Analysis
The Saudi Arabia Drilling Rigs Market size in terms of Equal-4.80 is expected to grow from USD 4.5 billion in 2024 to USD 5.69 billion by 2029, at a CAGR of 4.80% during the forecast period (2024-2029).
- Over the long term, 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 Arabian drilling rigs market during the forecast period.
- On the other hand, volatility in crude oil and natural gas prices, leading to a decrease in exploration and production activities, may restrain the growth of the market studied.
- Nevertheless, the development of smart rig technology, like the advancements in automated drilling rigs, is expected to make oil and gas production more viable and may provide an opportunity for market players.
