Rising investment in drilling technologies are propelling the market growth in the forecast period.
According to TechSci Research report, “Saudi Arabia Directional Drilling Market – By Region, Competition, Forecast & Opportunities, 2028”, Saudi Arabia Directional Drilling Market continue to grow in the forecast period due to growing utility installations and investments in shale gas extraction projects, as well as rising expenditure on various improvements throughout the telecom industry to provide high-speed connectivity. By 2025, 11,100 runs are anticipated to be required in KSA for directional drilling. By 2025, 20,700 runs are anticipated to be required for directional drilling throughout the GCC.
Drilling in a direction other than vertically to access a subsurface oil or petrol resource is known as directional drilling. Another name for directional drilling is directional boring. Directional drilling can reduce the environmental effect while improving the efficiency of oil and gas extraction.
The Saudi Arabia Directional Drilling Market is divided into type, component, service, technology, location, and region. Based on type, the market is segmented into conventional system and rotary steerable system. Based on component, the market is segmented into drilling tool rental, rig rental, OCTG rental, consumables, and others. Based on service, the market is divided into drilling, logging-while-drilling, and measurement-while-drilling & survey. Based on technology, the market is segmented into wellbore positioning, side tracking, well planning, and others. Based on location, the market is segmented into onshore and offshore. Based on region, the market is segmented into northern & central region, western region, eastern region, and southern region.
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Based on Location, over the forecast period, the offshore segment is anticipated to experience the highest growth, with a CAGR and a market share is approximately more than 55%. Exploration and production activities are expected to be carried out on a larger scale, in the near future due to the enormous untapped oil and gas resources. Also, the average breakeven price for all unapproved projects is falling, which lowers the cost of offshore oil production. Additionally, onshore projects are more economical than offshore horizontal directional drilling operations since they require less infrastructure and upkeep. The market projects are being significantly impacted by the volatility of crude oil prices. Moreover, horizontal and extended reach wells are frequently employed to develop offshore oil and gas reserves, primarily because they can reduce the number of platforms needed. Increasing investments in the industry and impending exploration and production operations in the offshore segment are projected to be the key drivers of the forecasted large growth in demand for directional drilling services in the offshore sector.
Based on type, the market is segmented into conventional system and rotary steerable system. Rotary Steerable System will dominate the market as the Rotary Steerable System (RSS) offers superior performance and more cost effectiveness. Several equipment, including whipstock, bent sub, directional bottom hole assemblies (BHA), traditional steerable motors, and rotary steerable systems, can be used to drill directional wells. Rotational Steering System(RSS) compared to the typical steerable motor provides a smoother borehole and reduced tortuosity. Indirect benefits from these conditions include a shorter installation time for casing and better logging data quality. In conclusion, the use of RSS in the Mavvar field provides both technical and financial benefits.
Major companies operating in the Saudi Arabia Directional Drilling Market are:
- Schlumberger Saudi Arabia Limited Company
- Weatherford Energy Services Saudi Arabia Co. Ltd
- Halliburton Company
- Baker Hughes Saudi Arabia Co
- Nabors Industries Ltd
- National Oilwell Varco Inc
- Valaris PLC
- Noble Corporation PLC
- Saipem SpA
- Arabian Drilling Company
It is reasonable to state that, given the rapidly changing nature of technology, effective research and development of cutting-edge products and services would foster market expansion and profit both customers and industry participants. New market players could concentrate on research and development to provide equipment that meets suppliers’ demands and helps the market players increase the value of their brand.
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“The rise of the Saudi Arabia oil drilling business will be fuelled by a boom in private and commercial automobiles around the world during the next five years. Also, due to domestic technology breakthroughs and their contribution to global technological advancements, the market will undoubtedly expand over the next five years. To manage and maintain the legal requirements for offshore and onshore oil drilling processes and production, as well as the distribution and supply of the oil and by-product gases, government authorities have regulatory bodies and schemes in place. This will help the market grow over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Saudi Arabia Directional Drilling Market Segmented By Type (Conventional System, Rotary Steerable System), By Component (Drilling Tool Rental, Rig Rental, OCTG Rental, Consumables, Others), By Service (Drilling, Logging-While-Drilling, Measurement-While-Drilling & Survey), By Technology (Wellbore Positioning, Side Tracking, Well Planning, Others), By Location (Offshore & Onshore), By Region, Competition Forecast and Opportunities, 2018-2028”, has evaluated the future growth potential of Saudi Arabia Directional Drilling Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Saudi Arabia Directional Drilling Market.