(PRWEB) April 27, 2015
The drilling services market in the Middle East was valued at $ 63,417.4 million in 2014, and is estimated to reach $ 76,909.5 million by 2019, at a CAGR of 3.9% from 2014 to 2019.
Browse through the TOC of Middle East Drilling Services Market for an analysis of industry trends, segments & forecasts.
Directional drilling is the most frequently adopted technique in offshore applications. However, in the Middle East region, most of the directional wells are drilled onshore. In coming years, the offshore application is expected to gain an additional share in the U.A.E., Saudi Arabia, and Oman markets whereas the onshore applications market share is set to decline. The growth of offshore application is attributed to the increasing offshore drilling activity, particularly in the deep water and ultra-deep water regions.
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In the Middle East, Saudi Arabia, and UAE lead the exploration and production spending, owing to the extensive shallow water activities.
The rising energy demand is putting pressure on the field operators to increase the production of oil. As the existing oil and gas reserves are depleting, the need for directional drilling services is gaining pace. On account of heavy demand for oil and continuous reduction in the replacement of depleting hydrocarbon reservoirs, the offshore drilling services market will experience rapid growth in future.
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Saudi Arabia held the largest share of 22.7% in 2014 in the Middle East drilling services market, followed by U.A.E. with a share of 14.3%.
The main drilling services covered in the report include contract drilling, directional drilling, LWD and drilling waste management. The market has been analyzed in terms of the major countries in the Middle East market, such as Saudi Arabia, Iran, Iraq, Kuwait, U.A.E., Qatar, and others. Key players dominant in the drilling services market in Middle East are Schlumberger (U.S.), Weatherford International (Ireland), Halliburton Company (U.S.), and Baker Hughes, Inc. (U.S.).
North America Drilling Services Market
The North American drilling services market was valued at $ 83,733.8 million in 2014 and is projected to reach $ 98,936.4 million by 2019 at a CAGR of 3.4% from 2014 to 2019. The demand for energy is increasing rapidly over the years, and many of the existing reservoirs are depleting with time.
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