GCC Drill Pipes Market Research Report

 

Growth opportunities in the GCC Drill Pipes Market look promising over the next six years. This is mainly due to the increasing initiatives and programs which need tools, including drilling collars and the rising production.

Request for a FREE Sample Report on GCC Drill Pipes Market

GCC Drill Pipes Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The augmenting oil and gas exploration activities and governmental strategies, needing important equipment and tools, which includes pipe and drilling collars, are some of the major drivers responsible for the growth of the GCC drill pipes market. These pipes are considered an essential instrument for any oil and gas drilling projects. For example, Eni and OMV Austrian oil and gas producer, in 2019, signed a deal for USD 5.8 Billion in the Abu Dhabi state oil company's refining unit. The companies also agreed to merge in a trading unit of the refined products with Abu Dhabi National Oil Co with USD 19.3 Billion.

Moreover, the increasing activities for oil and gas production in Gulf Countries led by the surging demand across APAC have fuelled the market size. In accordance with the report published by Saudi Arabia, oil production touched 10.32 mb/d in 2018, which would improve the market growth. However, fluctuation in the prices of raw materials, pipes failed due to corrosion, exhaustion, and stress in the fields of oil & gas coupled with the insufficient interoperability of pipe impacting the implementation and sales will curb the market size. 

Their rising application witnessed in gulf countries accompanied by the accelerating demand for gas, water, and oil in the APAC countries owing to the rise in the expansionary projects. Abu Dhabi's Supreme Petroleum Council, in 2020, was endorsed with USD 122 Billion budget for disbursing on oil and natural gas expansion over the next five years. Also, one of the major extraction companies in GCC Apicorp has raised the expenditure of a total of USD 185 Billion for extending and expanding the oil production capabilities between 2019 and 2023.

Furthermore, the demand for these pipes is impelling the investment for the exploration activities by the prominent players with Gulf countries. Government plans and initiatives have prompted market growth. Arab Gulf Nations, in 2000, declared an investment of approximately USD 10 Billion for the latest Oil and Gas projects in the Gulf Cooperation Council (GCC) including Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, and the United Arab Emirates (UAE). It resulted in massive market demand.

About GMI Research

GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company's large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird's eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

Comments

Post a Comment

Popular posts from this blog

Hi-Fi System Market Research Report

 Growth opportunities in the Hi-Fi system market look promising over the next six years. This is mainly due to the rising demand for portable devices such as smartphones, and laptops, the continuous technological advancement in the Hi-Fi systems, like integration of AI and machine learning, and the increasing penetration of the internet. Request for a FREE Sample Report on Hi-Fi System Market Hi-Fi System Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers The augmenting demand for portable devices and the growing need for infotainment services are the crucial drivers fuelling the growth of the global Hi-Fi system market .  Rising portable device demand such as laptops, tablets, and smartphones strengthens the demand for wireless audio products in the HI-FI system market. Also, the ongoing technological developments in Hi-Fi systems, like the amalgamation of machine learning and artificial intelligence, are ...
Read more

Tight Gas Market Research Report

  Growth opportunities in the tight gas market look promising over the next six years. This is mainly due to the favourable government strategies, funds and aids for the gas production and the development of sophisticated technology. Request for a FREE Sample Report on Tight Gas Market Tight Gas Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers One of the prominent drivers responsible for the growth of the global tight gas market includes the augmenting demand for million barrels each day. In accordance with the U.S. Energy Information Administration, the demand of the barrels from 2016 Q1 to 2017 Q1 augmented from 1 million in 2016 to more than 2 million in 2017, and the same trend is anticipated in the future, which will change the perspective of the market, thereby fulfilling the market demand. Also, the emergence of low-cost gas supplies from different sources will change over the chauffeurs of natura...
Read more

Vitreoretinal Surgery Devices Market Research Report

 Growth opportunities in the vitreoretinal surgery devices market look promising over the next six years. This is mainly due to the increasing technological advancements and the rise in the geriatric population coupled with the rising eye disorders. Request for a FREE Sample Report on Vitreoretinal Surgery Devices Market Vitreoretinal Surgery Devices Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers The increase in the geriatric population across the world along with the surging number of eye disorders including diabetic retinopathy, detached retina, macular hole, and CMV retinitis, and the growing awareness concerned with eye health are the key drivers stimulating the growth of the global vitreoretinal surgery devices market. The use of vitreoretinal surgeries to treat various eye-related disorders, with the help of several procedures, is effective in restoring and improving vision. Furthermore, the ongoing t...
Read more