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Saudi Arabia Drilling Rigs Market Size, Share, Trends, Forecast: By Application: Onshore, Offshore; By Type: Jack-Up Rigs, Semi-Submersible, Drill Ships; By Water Depth: Shallow Water, Deepwater, Ultra-Deep Water; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2023-2028
Saudi Arabia Drilling Rigs Market Outlook
The Saudi Arabia drilling rigs market size reached approximately USD 4.17 billion in 2022. The market is projected to grow at a CAGR of 6.6% between 2023 and 2028, reaching a value of around USD 6.10 billion by 2028.
Key Trends in the Market
Drill rigs are large and complex pieces of machinery that are used to bore a hole into the earth’s surface. The machine is used to locate and extract resources such as oil, gas, and underground water. These machines are usually configured according to the environment they are used in.
- One of the major Saudi Arabia drilling rigs market trends is the growing popularity of advanced technologies such as IoT (Internet of Things) devices, artificial intelligence-assisted drilling, and remote monitoring systems. The drilling sector in Saudi Arabia, along with the global market, has been witnessing a technological revolution. The country has been moving towards adopting automation to enhance efficiency, reduce costs, and minimise the environmental impact of the drilling process.
- The commencement of megaprojects like NEOM, the Red Sea Project, and Qiddiya is likely to lead to a significant rise in the Saudi Arabia drilling rigs market demand in the coming years. These projects require extensive geotechnical studies, which drives the demand for drilling rigs. These projects fall under the economic transformation plan, known as Vision 2030, which aims to diversify the country's economy beyond oil and reduce its dependency on fossil fuels.
- A major factor enhancing the Saudi Arabia drilling rigs market growth is the increasing number of skilled workforce and training programmes to educate and nurture qualified personnel, which is boosting drilling activities in Saudi Arabia.
Market Analysis
Based on application, the market can be bifurcated into onshore and offshore. The Saudi Arabia drilling rigs market segmentation, based on type, includes jack-up rigs, semi-submersible, and drill ships. The market, based on water depth, includes shallow water, deepwater, and ultra-deep water.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Saudi Arabia drilling rigs market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- Saipem SpA
- ARO Drilling (Saudi Aramco Rowan Offshore Drilling Company)
- China Petrochemical Corporation (Sinopec)
- Arabian Drilling Company
- Shelf Drilling Holdings Ltd.
- KCA Deutag Group
- Schlumberger Limited
- Others
Market Share by Application
Offshore activities are likely to surge during the forecast period, accounting for a substantial portion of the Saudi Arabia drilling rigs market share. The country has been actively working on its Vision 2030 plan, which aims to diversify its economy beyond oil. Offshore drilling helps tap into new natural gas reserves, providing additional revenue streams and reducing dependence on traditional onshore reserves.
Market Share by Type
According to the Saudi Arabia drilling rigs market analysis, due to the increasing offshore drilling activities, drill ships are expected to witness a rise in demand in the coming years. A drill ship is a self-propelled vessel equipped with drilling equipment. It is capable of drilling in deep water and ultra-deep-water locations. Drill ships are versatile and can operate in a wide range of water depths.
Competitive Landscape
Shelf Drilling Holdings Ltd is a company engaged in offshore drilling operations. The company is headquartered in Dubai and operates in multiple regions with a focus on shallow-water drilling services. It puts great emphasis on providing safe, efficient, and reliable drilling services to its clients.
KCA Deutag Group is an international drilling, engineering, and technology company operating in the oil and gas field. Since its establishment in 1888, the company has developed expertise in various fields, including geothermal drilling, oilfield equipment manufacturing, offshore drilling, decarbonisation, and clean energy.
Schlumberger Limited is a multinational oilfield services company that is widely recognised as one of the largest and most influential players in the global energy sector. Founded in 1926, the company has its headquarters in Texas, the United States. The company specialises in various fields, including coiled tubing, drilling, artificial lift, perforating, well testing, and emissions management, among others.
Other Saudi Arabia drilling rigs market players include Saipem SpA, ARO Drilling (Saudi Aramco Rowan Offshore Drilling Company), China Petrochemical Corporation (Sinopec), and Arabian Drilling Company, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Application |
|
| Breakup by Type |
|
| Breakup by Water Depth |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Drilling Rigs Market Overview
8.1 Key Industry Highlights
8.2 Global Drilling Rigs Historical Market (2018-2022)
8.3 Global Drilling Rigs Market Forecast (2023-2028)
8.4 Global Drilling Rigs Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Saudi Arabia Drilling Rigs Market Overview
9.1 Key Industry Highlights
9.2 Saudi Arabia Drilling Rigs Historical Market (2018-2022)
9.3 Saudi Arabia Drilling Rigs Market Forecast (2023-2028)
10 Saudi Arabia Drilling Rigs Market by Application
10.1 Onshore
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Offshore
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
11 Saudi Arabia Drilling Rigs Market by Type
11.1 Jack-Up Rigs
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Semi-Submersible
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 Drill Ships
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
12 Saudi Arabia Drilling Rigs Market by Water Depth
12.1 Shallow Water
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Deepwater
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Ultra-Deep Water
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Saipem SpA
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 ARO Drilling (Saudi Aramco Rowan Offshore Drilling Company)
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 China Petrochemical Corporation (Sinopec)
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Arabian Drilling Company
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Shelf Drilling Holdings Ltd.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 KCA Deutag Group
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Schlumberger Limited
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Drilling Rigs Market: Key Industry Highlights, 2018 and 2028
2. Saudi Arabia Drilling Rigs Market: Key Industry Highlights, 2018 and 2028
3. Saudi Arabia Drilling Rigs Historical Market: Breakup by Application (USD Billion), 2018-2022
4. Saudi Arabia Drilling Rigs Market Forecast: Breakup by Application (USD Billion), 2023-2028
5. Saudi Arabia Drilling Rigs Historical Market: Breakup by Type (USD Billion), 2018-2022
6. Saudi Arabia Drilling Rigs Market Forecast: Breakup by Type (USD Billion), 2023-2028
7. Saudi Arabia Drilling Rigs Historical Market: Breakup by Water Depth (USD Billion), 2018-2022
8. Saudi Arabia Drilling Rigs Market Forecast: Breakup by Water Depth (USD Billion), 2023-2028
9. Saudi Arabia Drilling Rigs Market Structure
Key Questions Answered in the Report
In 2022, the market reached an approximate value of USD 4.17 billion.
The market is projected to grow at a CAGR of 6.6% between 2023 and 2028.
The market is estimated to witness healthy growth in the forecast period of 2023-2028 to reach a value of around USD 6.10 billion by 2028.
The market is driven by the increasing focus of Saudi Arabia on diversifying its energy dependency and the introduction of training programmes to produce a new skilled workforce.
The growing integration of advanced technologies for automation and the commencement of large infrastructural development plans are expected to guide the market in the forecast period.
The different types of drilling rigs considered in the market report are jack-up rigs, semi-submersible, and drillships.
The different applications of drill rigs include onshore and offshore.
The key players in the market include Saipem SpA, ARO Drilling (Saudi Aramco Rowan Offshore Drilling Company), China Petrochemical Corporation (Sinopec), Arabian Drilling Company, Shelf Drilling Holdings Ltd., KCA Deutag Group, and Schlumberger Limited, among others.
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