Saudi Arabia Drilling Rigs Market to Nearly Double in Size by 2034: Mega Projects Drive the Market Surge (6.6% CAGR) - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Drilling Rigs Market Report and Forecast 2025-2034" has been added to ResearchAndMarkets.com's offering.

The Saudi Arabia drilling rigs market size is anticipated to reach approximately USD 4.45 billion in 2024, with projections indicating a growth at a CAGR of 6.60% from 2025 to 2034. By 2034, the market is expected to be valued at around USD 8.43 billion.

Advanced technologies, including IoT, AI-assisted drilling, and remote monitoring systems, are gaining traction in the Saudi Arabia drilling rigs sector, contributing to a technological evolution aimed at enhancing drilling efficiency, reducing costs, and minimizing environmental impacts.

Megaprojects such as NEOM, the Red Sea Project, and Qiddiya are expected to boost market demand. These initiatives, part of Vision 2030, require significant geotechnical efforts, driving the need for drilling rigs while aiming to diversify the economy beyond oil.

The presence of an expanding skilled workforce and enhanced training programs is supporting increased drilling activities, positively influencing market growth.

Market Segmentation

The report provides detailed insights into market segmentation:

Market Breakup by Application

• Onshore
• Offshore

Market Breakup by Type

• Jack-Up Rigs
• Semi-Submersible
• Drill Ships

Market Breakup by Water Depth

• Shallow Water
• Deepwater
• Ultra-Deep Water

Market Share Insights

Offshore activities are projected to dominate the market share during the forecast period, driven by efforts to diversify the economy in line with Vision 2030. The demand for drill ships is expected to rise due to increased offshore drilling activities, providing opportunities to explore new natural gas reserves.

Competitive Landscape

The report offers an in-depth assessment using Porter's five forces model and a SWOT analysis, examining key players in the Saudi Arabia drilling rigs market.

• Shelf Drilling Holdings Ltd: Headquartered in Dubai, Shelf Drilling Holdings Ltd specializes in shallow-water drilling services, emphasizing safe and efficient operations.
• KCA Deutag Group: KCA Deutag Group, an international drilling company established in 1888, operates across various sectors including geothermal drilling and clean energy.
• Schlumberger Limited: Founded in 1926 and headquartered in Texas, Schlumberger Limited is a leading oilfield services provider specializing in a wide range of services such as coiled tubing and emissions management.

Additional market players include Saipem SpA, ARO Drilling, China Petrochemical Corporation, and Arabian Drilling Company.

For more information about this report visit https://www.researchandmarkets.com/r/b6bl3o

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