Oil & gas drilling tools market to surge in Saudi Arabia by 2023: report

Saudi Arabia’s oil & gas drilling tools market is forecast to grow to $179 million by 2023, backed by growing demand for oil & gas and increasing investments in offshore exploration and production activities, a report by ResearchAndMarkets.com has said.

With 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, a statement on Business Wire citing ResearchAndMarkets.com said.

This, in turn, is expected to positively influence the country's oil & gas drilling tools market during forecast period.

Some of the other factors that would fuel the market are growing regulatory pressure and increasing investments in research & development field, the report said.

Some of the major players operating in Saudi Arabia oil & gas drilling tools market are Schlumberger Limited, The Halliburton Company, Baker Hughes, a GE Company, National Oilwell Varco, Weatherford International Plc, Technip FMC PLC, Precision Drilling Corporation, Parker Drilling Company, Gyrodata Incorporated, Dynomax Drilling Tools Inc., etc, the report added.