Emphasis on Service Type (Drilling Services, Drilling and Completion Fluids, Formation Evaluation, Completion and Production Services, Drilling Waste Management Services, Other Services); Location (Onshore and Offshore); Country
The MENA OILFIELD SERVICE market was valued at USD 40,757.82 Million in 2022 and is expected to grow at a strong CAGR of around 5.3% during the forecast period (2023-2030).
The oilfield service market in MENA region is extensive and varied, offering a wide range of services to support exploration, drilling, production, and maintenance activities in the oil and gas sector. One of the key drivers of opportunities and growth in the oilfield service market in the MENA region is the increasing global demand for oil and gas. As economies continue to grow and industrialize, the need for energy, particularly oil and gas, is on the rise. This has led to an increase in exploration and production activities in the MENA region, creating a demand for oilfield services such as drilling, well completion, and production enhancements.
Some of the major players operating in Anton Oilfield Services (Group) Ltd., Baker Hughes Co., Denholm Oilfield Services, Halliburton Company, Middle East Oilfield Services, Welltec A/S, OiLServ Limited, Schlumberger Limited, Swire Oilfield Services Ltd., and Weatherford International PLC.
“Amongst service type, the drilling service is expected to grow with a significant CAGR during the forecast period (2023-2030).”
Based on service type, the market is segmented into drilling services, drilling and completion fluids, formation evaluation, completion and production services, drilling waste management services, and other services. The drilling service held a dominant share of the market in 2022. With the MENA region being home to some of the largest oil reserves in the world, there is a continuous need for drilling services to extract these valuable resources. This high demand has led to significant investments in the oil and gas sector in the region, resulting in an increased need for drilling services to support these operations.
“Amongst locations, onshore held a dominant share of the market in 2022.”
Based on the location, the market is bifurcated onshore and offshore. The onshore segment is expected to grow with a higher CAGR during the forecast period (2023-2030). Onshore drilling sites are typically easier and more cost-effective to access compared to offshore sites, making them more attractive to oil companies operating in the region. Additionally, the region’s vast deserts and flat terrain provide ideal conditions for onshore drilling activities, further driving demand for oilfield services.
“Saudi Arabia dominated the market.”
The oilfield service market in Saudi Arabia has witnessed a significant boost due to the government’s investment in its development, leading to more exploration and production activities. The country’s strategic location in the Middle East provides easy access to major global markets, making it an attractive hub for oilfield service companies. Additionally, Saudi Arabia’s stable political environment and robust regulatory framework make it an appealing destination for investments in the oil and gas industry.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Mena Oilfield Service Market Revenue, 2020-2030f
6. Market Insights By Service Type
7. Market Insights By Location
8. Market Insights By Country
9. Mena Oilfield Service Market Dynamics
10. Mena Oilfield Service Market Opportunities
11. Mena Oilfield Service Market Trends
12. Demand And Supply-side Analysis
13. Value Chain Analysis
14. Regulatory Framework In The Mena Region
15. Pricing Analysis
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA oilfield service market were the three major steps undertaken to create and analyze the adoption of MENA oilfield service in major countries. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA oilfield service market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the MENA oilfield service market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the MENA oilfield service market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & and sub-segments for major regions. Major segments are included in the report as service type and location. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the MENA oilfield service market. Further, we conducted factor analysis using dependent and independent variables such as service type and location of the MENA oilfield service market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the MENA oilfield service market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA oilfield service market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA oilfield service market. The data was split into several segments & and sub-segments post studying various parameters and trends in the areas of the service type and location of the MENA oilfield service market.
The current & future market trends of the MENA oilfield service market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional and country level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q2: What are the driving factors for the growth of the MENA oilfield service Market?
Q3: Which segment has the largest share of the MENA oilfield service market by application?
Q5: Which country will dominate the MENA oilfield service market?
Q6: Who are the key players operating in the MENA oilfield service market?
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