Saudi Arabia Completion Equipment And Services Market Size (2024 - 2029)

Saudi Arabia Completion Equipment And Services Market Size Summary

The Saudi Arabia completion equipment and services market is poised for growth, driven by the development of shale gas reserves and increased activities in the oil and gas offshore sector. Despite the initial setbacks caused by the COVID-19 pandemic, the market has rebounded to pre-pandemic levels, with onshore activities remaining the largest segment. The country's commitment to maintaining its position as a global leader in oil production, supported by low break-even prices for many oil and gas fields, has made it a promising market for well-cementing equipment and services. The expansion projects in the Marjan and Berri fields, along with the development of the Jafurah shale gas reserve, are expected to further stimulate demand for oil field services.

Saudi Arabia's strategic initiatives, including significant capital expenditure by Saudi Aramco and plans to boost production capacity, are expected to create favorable conditions for the market. The country's efforts to enhance its exploration and production activities, coupled with collaborations with international companies, underscore its commitment to expanding its oil and gas sector. The market is moderately fragmented, with key players such as Schlumberger Ltd., Halliburton Company, and Baker Hughes Company actively participating. These developments indicate a robust outlook for the completion equipment and services market in Saudi Arabia over the forecast period.