Saudi Arabia Completion Equipment And Services Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saudi Arabia Completion Equipment And Services Market Analysis
Saudi Arabia's completion equipment and services market is expected to register a CAGR of around 2.5% during the forecast period.
The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns and delays in ongoing and upcoming projects. Currently, the market has rebounded to pre-pandemic levels.
- Factors such as the development of shale gas reserves in Saudi Arabia are expected to drive the market.
- However, high volatility in crude oil prices is expected to hinder market growth during the study period.
- Increasing development work in the oil and gas offshore sector is expected to create opportunities for market players during the forecast period.
Saudi Arabia Completion Equipment And Services Market Trends
Onshore Expected to be a Significant Sector
- Onshore activities account for the largest market in oil field services in Saudi Arabia. During the period of downturn, the onshore rig count in the majority of oil and gas economies declined and negatively affected oil field services.
- However, Saudi Arabia continued its drilling program to maintain its position as one of the global leaders in oil production capacity. The fact that a number of oil and gas fields in Saudi Arabia have break-even prices less than USD 25 per barrel supported this. This resulted in Saudi Arabia being one of the most promising markets for well-cementing equipment and services during the study period.
- As of December 2022, there were nearly 41 rigs operating in the onshore region, and this number was expected to increase further with the Marjan oil field expansion and the Berri field expansion projects. The projects are scheduled to be commissioned in 2023.
- Further, a new wave in demand for oil field services in the country is expected to come from the development of its onshore shale reserve. The country approved drilling for shale gas in the Jafurah basin in January 2020. A rough estimate for the shale gas in Jafurah is 600 trillion cubic feet, which is expected to start production in 2024.
- Production of natural gas at Jafurah is expected to ramp up from 200 million standard cubic feet per day in 2025 to reach a sustainable rate of two billion standard cubic feet per day of sales gas by 2030, with 418 million standard cubic feet per day of ethane and around 630,000 barrels per day of gas liquids and condensates, which are essential feedstock for the growing petrochemical industry, thus making Saudi Arabia one of the world's largest natural gas producers.
- In February 2022, Schlumberger Limited opened its second local valve manufacturing facility in Saudi Arabia. The manufacturing center is expected to manufacture Cameron isolation valve technologies, including Grove valves and Orbit rising stem ball valves, to enhance the efficiency of oil and gas operations in the region.
- Hence, with such projects in hand, the sector is likely to act as a significant sector during the forecast period.
Increasing Development Work on the Oil & Gas Offshore Sector is Expected to Drive the Market
- Saudi Arabia is the second-largest oil producer in the world and is expected to maintain the rank with state-owned oil and gas company Saudi Aramco's commitment to boost production to around 12.55 million barrels per day by 2025 from its existing 10.95 million barrels per day in 2021.
- In March 2022, the state oil company Saudi Aramco announced it would boost its capital expenditure to USD 40 to 50 billion, which further bolstered the country's exploration and production activities.
- As of December 2022, Saudi Aramco was in initial talks with potential equity investors for its planned USD 110 billion Jafurah gas project in the Eastern Province of Saudi Arabia.
- In February 2023, Saudi Aramco announced that the company expects to award contracts for some 90 projects over the next three years as it presses ahead with major expansions of its upstream oil and gas production capacity.
- Hence, such a scenario is expected to provide favorable conditions for the market to drive during the study period.
Saudi Arabia Completion Equipment And Services Industry Overview
The Saudi Arabia completion equipment and services market is moderately fragmented. The key players in the market (in no particular order) include Schlumberger Ltd., Halliburton Company, Baker Hughes Company, Weatherford International Plc, and National-Oilwell Varco, Inc., among others.
Saudi Arabia Completion Equipment And Services Market Leaders
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Schlumberger Ltd
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Halliburton Company
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Baker Hughes Company
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Weatherford International plc
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National-Oilwell Varco Inc.
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Completion Equipment And Services Market News
- June 2022: The National Petroleum Construction Company (NPCC) secured contracts worth USD 673.2 million from Saudi oil giant Aramco for two of its key projects: the Jafurah Development Programme and the MNIF 14 Jackets project in the kingdom.
- August 2022: The Saudi Arabian Oil Company Aramco signed a memorandum of understanding (MoU) with China Petroleum & Chemical Corporation (Sinopec) for multiple potential collaborations in Saudi Arabia. The collaboration will be related to the development of upstream, midstream, and downstream.
Saudi Arabia Completion Equipment & Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION BY LOCATION OF DEPLOYMENT
5.1 Onshore
5.2 Offshore
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Schlumberger Ltd.
6.3.2 Halliburton Company
6.3.3 Baker Hughes Company
6.3.4 Weatherford International plc
6.3.5 National-Oilwell Varco Inc.
6.3.6 TAQA KSA
6.3.7 Superior Energy Services Inc.
6.3.8 Weir Group PLC
6.3.9 Trican Well Services
6.3.10 Welltec A/S
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Saudi Arabia Completion Equipment And Services Industry Segmentation
Completion equipment and services are a set of equipment used for excavation and drilling applications in offshore and onshore locations. The Saudi Arabia completion equipment and services market is segmented by location of deployment into offshore and onshore. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
Saudi Arabia Completion Equipment & Services Market Research FAQs
What is the current Saudi Arabia Completion Equipment And Services Market size?
The Saudi Arabia Completion Equipment And Services Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in Saudi Arabia Completion Equipment And Services Market?
Schlumberger Ltd, Halliburton Company, Baker Hughes Company, Weatherford International plc and National-Oilwell Varco Inc. are the major companies operating in the Saudi Arabia Completion Equipment And Services Market.
What years does this Saudi Arabia Completion Equipment And Services Market cover?
The report covers the Saudi Arabia Completion Equipment And Services Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Completion Equipment And Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia Completion Equipment And Services Industry Report
Statistics for the 2024 Saudi Arabia Completion Equipment And Services market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Saudi Arabia Completion Equipment And Services analysis includes a market forecast outlook to for 2024 to 2029) and historical overview. Get a sample of this industry analysis as a free report PDF download.
