Growing Onshore Activities to Fuel Saudi Arabia Oil & Gas Drilling Tools Market to $ 179 Million by 2023

According to TechSci Research report, Saudi Arabia Oil & Gas Drilling Tools Market By Type, By Application, Competition Forecast & Opportunities, 2013-2023’’, oil & gas drilling tools market in Saudi Arabia is projected to cross $ 179 million by 2023, as operators are increasingly focusing on offshore deepwater drilling activities. Growing onshore and offshore oil well drilling activities and sanctions imposed on Iran are boosting the demand for oil & gas all over the world. Moreover, increasing exports of crude oil and petroleum products from Saudi Arabia to various countries across the globe are expected to positively influence the country’s oil & gas drilling tools market during the forecast period.

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By type, drill bits segment accounted for the largest share in Saudi Arabia oil & gas drilling tools market in 2017, and the segment is expected to maintain its dominance in the coming years as well, owing to high raw material and manufacturing cost involved in the making of drilling bits. On the basis of application, oil & gas drilling tools market in Saudi Arabia has been segmented into onshore and offshore. Of these two categories, onshore segment dominates the market due to growing investments in oil & gas activities and increasing number of wells in the onshore region.

“As of 2017, owing to increasing demand for oil & gas around the globe and maturing existing hydrocarbon resources, the focus is shifting towards unexplored reservoirs in order to keep pace with the growing demand. Moreover, increasing exploration of unconventional gas resources, growing number of new wells and rising consumption of crude oil are anticipated to boost the demand for oil & gas drilling tools in Saudi Arabia over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based ****** management consulting firm.

Browse 46 market data Figures and Tables spread through 91 Pages and an in-depth TOC on “Saudi Arabia Oil & Gas Drilling Tools Market”

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“Saudi Arabia Oil & Gas Drilling Tools Market By Type, By Application, Competition Forecast & Opportunities, 2013-2023’’ has evaluated the future growth potential of Saudi Arabia oil & gas drilling tools market and provides statistics and information on market size, structure and trends. 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 Saudi Arabia oil & gas drilling tools market.

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