Middle East and Africa Drilling Market Size (2024 - 2029)

The Middle East and Africa drilling market is anticipated to experience growth over the forecast period, driven by increasing global oil demand and heightened investment interest from private companies in the regional oil and gas sector. Despite challenges posed by the shift towards renewable energy sources, the region's substantial proven oil and gas reserves and recent offshore discoveries present significant opportunities for market expansion. Saudi Arabia is expected to lead the market due to its extensive reserves and forthcoming exploration and production projects.

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Market Size of Middle East and Africa Drilling Industry

Middle-East and Africa Drilling Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.00 %
Market Concentration Medium

Major Players

Middle-East and Africa Drilling Market Major Players

*Disclaimer: Major Players sorted in no particular order

MEA Drilling Market Analysis

The Middle East and Africa Drilling market are expected to register a CAGR of more than 2% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the short term, the Middle East and African drilling markets are forecasted to grow due to the increasing oil demand at the international level and the rising interest of private companies to invest in the regional oil and gas upstream industry.
  • On the other hand, the growing momentum toward renewable energy sources is expected to pose an uphill challenge for the market in the coming years.
  • Nevertheless, the abundance of proven oil and gas reserves in the Middle East and Africa region creates ample opportunities for the drilling market. The region has also witnessed new offshore oil and gas discoveries in the current scenario.
  • Saudi Arabia is expected to dominate the market in the near future due to massive oil and gas reserves in the country and the new upcoming exploration and production projects in the country.

MEA Drilling Industry Segmentation

The drilling market includes drilling operations for crude oil and natural gas production. The Middle East and African drilling market are segmented by location of deployment and geography. By deployment, the market is segmented into onshore and offshore segments. The report also covers the market size and forecasts for the Middle East and African drilling market across the major countries. For each segment, the market sizing and forecasts have been done based on revenue (in USD billion).

Location of Deployment
Onshore
Offshore
Geography
Saudi Arabia
United Arab Emirates
South Africa
Others
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Middle East and Africa Drilling Market Size Summary

The Middle East and Africa drilling market is poised for growth, driven by increasing global oil demand and heightened interest from private companies in the regional oil and gas sector. Despite the challenges posed by the shift towards renewable energy, the region's abundant proven oil and gas reserves and recent offshore discoveries present significant opportunities for the drilling industry. Saudi Arabia is expected to lead the market due to its vast reserves and upcoming exploration and production projects. The region's prominence in offshore oil and gas production is set to expand, with substantial investments in offshore exploration and technological advancements enabling recovery from deep and ultra-deep water areas.

The market's expansion is further supported by strategic developments in Saudi Arabia, such as the Jafurah project and the Marjan Crude Increment program, which aim to boost crude oil and natural gas production. These initiatives align with the country's Vision 2030 program, focusing on economic diversification and reduced carbon emissions. The drilling market in the Middle East and Africa is moderately consolidated, with key players like Saudi Aramco, Schlumberger, and Baker Hughes driving growth. Recent exploratory efforts by companies like Total Energies and Shell in South Africa, and Saipem's drilling campaign in North-Western Africa, underscore the region's ongoing investment in hydrocarbon exploration and production.

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Middle East and Africa Drilling Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Kew Existing and Upcoming Project

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitute Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Geography

      1. 2.2.1 Saudi Arabia

      2. 2.2.2 United Arab Emirates

      3. 2.2.3 South Africa

      4. 2.2.4 Others

Middle East and Africa Drilling Market Size FAQs

The Middle East and Africa Drilling Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

Arabian Drilling Company (ADC), Schlumberger Limited, Baker Hughes Company, Weatherford International PLC, Transocean Ltd. and Saudi Aramco Oil Co. are the major companies operating in the Middle East and Africa Drilling Market.

Middle East and Africa Drilling Report Snapshots

Middle East and Africa Drilling Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)