MEA Christmas Tree Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
MEA Christmas Tree Market Analysis
The Middle East and African Christmas tree market is expected to register a CAGR of 4% during the forecast period.
- Over the long term, factors such as the decline in operating costs and increasing exploitation of unconventional reserves in various Middle Eastern and African countries such as Saudi Arabia, United Arab Emirates, and South Africa are expected to drive the market studied.
- On the other hand, the lack of investments in the oil and gas sector due to the production cuts of oil and gas is expected to hinder the market's growth.
- Nevertheless, many discoveries of oil and gas fields in the Persian Gulf and Orange Deep basins, one of the leading regions in terms of discovery, have created ample opportunity for Christmas tree manufacturers.
- Saudi Arabia is expected to dominate the market with increasing oil and gas explorations across the country.
MEA Christmas Tree Market Trends
This section covers the major market trends shaping the MEA Christmas Tree Market according to our research experts:
Onshore Segment to Dominate the Market
- The onshore oil and gas sector accounts for around 70% of the region's oil production, led by various countries such as Saudi Arabia, the United Arab Emirates, and South Africa. The onshore sector has benefited more from the rise in crude oil prices compared to the offshore sector.
- As of 2021, the United Arab Emirates was the sixth-largest crude oil producer and the fourth-largest producer of petroleum liquids in the Organization of the Petroleum Exporting Countries (OPEC). The oil and gas sector is critical to the UAE economy, contributing significantly to the country's revenue.
- Also, in November 2021, the Abu Dhabi National Oil Company (ADNOC) announced investment plans worth up to almost USD 6 billion (AED 22 billion) to enable drilling growth as it boosts its crude oil production capacity to 5 million barrels per day (mmbpd) by 2030 and drives gas self-sufficiency for UAE. This will, in turn, result in a growth in the usage of Christmas trees across the country.
- Moreover, In January 2022, Nigerian National Petroleum Company Ltd secured a USD 5 billion corporate finance commitment from the African Export-Import Bank to fund major investments in the Nigerian upstream sector. This is likely to aid the market's growth during the forecast period.
- Owing to the above points and recent developments, the onshore segment is expected to dominate the market during the forecast period.
Saudi Arabia is Expected to Dominate the Market
- Saudi Arabia is one of the major global oil producers, with 10.954 million barrels per day (mb/d) of crude oil production in 2021. It is the largest crude oil exporter globally, registering nearly 161.7 billion USD in 2021. As a significant crude oil exporter, the country had great control over the international upstream market. The country plays a crucial role in controlling crude oil prices due to its high surge capacity. This may be considered a good sign for the Christmas tree market.
- Also, the country has the world's fifth-largest estimated shale gas reserve. Thus, it has great potential to replicate North America's unconventional reserves development growth. This, in turn, could result in a growth in the use of Christmas trees in the region.
- Moreover, in March 2022, the state oil company Saudi Aramco announced that it would boost its capital expenditure to USD 40 to 50 billion, which further bolstered the country's exploration and production activities.
- Furthermore, in February 2022, Saudi Arabia announced the discovery of natural gas fields in five regions of the kingdom: Riyadh, Shehab, Shorfa, Umm Khansir, and Samna. These gas discoveries may create a market for Christmas trees within the region.
- Therefore, owing to the above points, Saudi Arabia is expected to dominate the Middle East and Africa Christmas tree market during the forecast period.
MEA Christmas Tree Industry Overview
The Middle East and African Christmas tree market is moderately fragmented. Some of the major companies include TechnipFMC PLC, Baker Hughes Company, Schlumberger Limited, Dril-Quip Inc., and Worldwide Oilfield Machine.
MEA Christmas Tree Market Leaders
-
TechnipFMC PLC
-
Baker Hughes Company
-
Schlumberger Limited
-
Dril-Quip Inc.
-
Worldwide Oilfield Machine
*Disclaimer: Major Players sorted in no particular order
MEA Christmas Tree 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 2027
- 4.3 Onshore and Offshore Active Rig Count, by Major Countries, Global, till 2021
- 4.4 Onshore and Offshore CAPEX Forecast in USD billion, Middle East and Africa, till 2027
- 4.5 Recent Trends and Developments
- 4.6 Government Policies and Regulations
-
4.7 Market Dynamics
- 4.7.1 Drivers
- 4.7.2 Restraints
- 4.8 Supply Chain Analysis
-
4.9 Porter's Five Forces Analysis
- 4.9.1 Bargaining Power of Suppliers
- 4.9.2 Bargaining Power of Consumers
- 4.9.3 Threat of New Entrants
- 4.9.4 Threat of Substitutes Products and Services
- 4.9.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 By Type
- 5.1.1 Horizontal Tree
- 5.1.2 Vertical Tree
-
5.2 By Location of Deployment
- 5.2.1 Onshore
- 5.2.2 Offshore
-
5.3 By Geography
- 5.3.1 Saudi Arabia
- 5.3.2 United Arab Emirates
- 5.3.3 South Africa
- 5.3.4 Rest of Middle East and Africa
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 Yantai Jereh Petroleum Equipment & Technologies Co. Ltd
- 6.3.2 Worldwide Oilfield Machine
- 6.3.3 TechnipFMC PLC
- 6.3.4 Baker Hughes Company
- 6.3.5 Schlumberger Limited
- 6.3.6 Aker Solutions
- 6.3.7 Dril-Quip Inc.
- 6.3.8 Shengji Group
- 6.3.9 INTERA Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityMEA Christmas Tree Industry Segmentation
A Christmas tree is a piece of heavy equipment that controls the flow produced by a well. It is a separate piece of hardware that connects to the wellhead after the drilling has ceased and the well begins pumping oil or gas. The Middle East and African Christmas tree market is segmented by type, location of deployment, and geography. By type, the market is segmented into horizontal tree and vertical tree. By location of deployment, the market is segmented into onshore and offshore. By geography, the market is segmented into Saudi Arabia, the United Arab Emirates, South Africa, and the Rest of Middle East and Africa. The report offers the market sizes and forecasts in revenue (USD billion) for all the above segments.
| By Type | Horizontal Tree |
| Vertical Tree | |
| By Location of Deployment | Onshore |
| Offshore | |
| By Geography | Saudi Arabia |
| United Arab Emirates | |
| South Africa | |
| Rest of Middle East and Africa |
MEA Christmas Tree Market Research FAQs
What is the current Middle East and Africa Christmas Tree Market size?
The Middle East and Africa Christmas Tree Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Middle East and Africa Christmas Tree Market?
TechnipFMC PLC, Baker Hughes Company, Schlumberger Limited, Dril-Quip Inc. and Worldwide Oilfield Machine are the major companies operating in the Middle East and Africa Christmas Tree Market.
What years does this Middle East and Africa Christmas Tree Market cover?
The report covers the Middle East and Africa Christmas Tree Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Middle East and Africa Christmas Tree Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle East and Africa Christmas Tree Industry Report
Statistics for the 2024 Middle East and Africa Christmas Tree market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Middle East and Africa Christmas Tree analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
