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Offshore Drilling market size will grow from USD 78.95 Billion in 2017 to USD 103.05 Billion by 2023, at an estimated CAGR of 4.54%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.
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According to the 2017-2027 forecast by TechSci Research, the global offshore oil and gas rig market will experience a CAGR of 5.69% and reach a value of USD22522.64 million by 2027. This growth is driven by the increasing demand for oil and gas due to robust economic activities and the growth of various industries such as automotive, construction, and manufacturing worldwide. To explore, drill, and develop oil and gas fields, exploration and production operators rely on the oilfield services industry for assets, labor, technology, and project management services. Market players are investing heavily in research and development activities to find innovative solutions to make oil exploration activities profitable, which is expected to provide lucrative growth opportunities for the industry in the next five years.
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Wind energy, a type of renewable energy, is used to generate electric energy from kinetic energy source. Wind turbine converts the wind energy into mechanical energy, which is further converted into electrical energy through generator. Wind energy can be generated at offshore and onshore. Onshore wind energy is associated with on
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The TechSci report titled "Saudi Arabia Oil Drilling Market By Deployment (Offshore, Onshore), Service (Contract, Drilling, Logging While Drilling, Measurement While Drilling, Directional Drilling), Equipment Type (Drilling Equipment, Production Equipment, Pumps & Valves, Others), Region, Competition Forecast & Opportunities, 2027" reveals that the Saudi Arabia oil drilling market experienced significant growth in the past until 2019, and this growth is expected to continue throughout the forecast years of 2021 to 2027. The rising demand for fuel in the automotive and automobile industry is one of the factors that contributed to this growth. Additionally, the construction and vehicular transportation industries have also shown an increasing demand for oil, which could affect the market's growth in the next five years.
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