Market Size of Saudi Arabia Drilling Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Drilling Services Market Analysis
The Saudi Arabian drilling services market is expected to register a CAGR of over 5% during the forecast period.
Covid-19 severely impacted the market, with several oil and gas upstream projects being delayed or canceled in response to the low-price environment and revised economics. Despite this, as the global demand for hydrocarbon recovers in the post-pandemic period, the market is expected to return to pre-pandemic levels during the forecast period.
- To boost crude oil production capacity to nearly 13 million barrels/day by 2027, Saudi Arabia is expected to make significant investments in the domestic upstream sector, which is expected to be a major factor driving the market during the forecast period.
- However, rising investments in renewable energy, coupled with emission reduction and other environmental targets, are expected to restrain the development of the market during the forecast period.
- The development and commercialization of the significant domestic non-associated natural gas reserves for domestic consumption and export remain a significant growth opportunity for the market during the forecast period.
- With massive investments in the Jaffurah Shale play, the largest unconventional natural gas field in the world, the unconventional segment of the market is expected to grow at the fastest pace during the forecast period.
