Europe Coiled Tubing Market Size By Service (Well Intervention, Well Cleaning, Well Completion {Fishing, Perforation, Logging}, Drilling {Managed Pressure Drilling, Directional Drilling}), By Application (Onshore, Offshore {Shallow, Deep, Ultra-Deep}), Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027

Europe Coiled Tubing Market Size

Europe coiled tubing market size crossed USD 450 million in 2020 and is expected to register more than 7.9% CAGR between 2021 and 2027. Shifting focus to revive the aging oilfields along with soaring drilling operations across deep & ultra-deep sea will considerably raise the product demand. Moreover, the Europe coiled tubing market share will further stimulate on account of its ability to drill multiple wells by using a bottom hole assembly.
 

In recent years, growing focus toward subsea exploration activities to extract maximum hydrocarbon has instituted a favorable business scenario for drilling equipment suppliers including coiled tubing units. The deployment of these units on account of their increased rate of penetration and enhanced speed of drilling operations are gaining more prominence when compared with their conventional counterparts. Drilling through coiled tubing leads to reduced noise pollution and minimum human interaction, which makes it preferable over other alternatives available, thus stimulating the market growth.
 

However, since the start of 2020, the Europe coiled tubing market has taken a severe hit due to the COVID-19 global pandemic. The sector is experiencing severe financial loss on account of subdued demand and price shocks. The large-scale lockdowns across numerous countries resulted in shutdown of various business activities and delay of numerous projects. Moreover, the unavailability of work force coupled with limited investments and geopolitical instability arising between Russia & Ukraine is further impacting the overall business outlook across the region. However, the oil industry is projected to improve in the near time with steady increase in demand for hydrocarbon favored by reopening of the industrial and commercial operations.
 

The study demonstrates a widespread analysis of industry trends across Europe segmented among service and application on a country basis. Furthermore, the market estimates & forecasts are aptly associated with the data quantified by authorities including the International Association of Drilling Contractors, International Energy Agency, Norwegian Oil and Gas Association, UK Oil & Gas Authority, Ukrainian Oil & Gas Association, company reports and power magazines.
 

Europe Coiled Tubing Market Analysis

Europe coiled tubing market is set to observe considerable rise on account of surging deployment of well intervention services due to its ability to augment the production of marginal oil field. Well intervention services are projected to witness over 8% CAGR through 2027. The remedial operations executed on producing wells with an aim to increase or restore production will positively enhance the Europe coiled tubing industry trends. Capability to provide real-time information based on electrical fibers and electrical conduits augment the drilling efficiency, thus driving the demand for CT units during the forecast timeline.
 

Offshore applications in 2027, accounted for over 53% of the market share across the Europe coiled tubing industry. Deployment of CT units across offshore areas will increase on account of substantial cost savings as compared to conventional workover rig, thus will enhance the market outlook. Well operators are majorly investing in advanced technologies across CT units to achieve high efficiency index, thus creating a favorable business scenario for Europe coiled tubing market share. Rising investments to exploit hydrocarbon resources from ultradeep sea locations will drive the market demand for offshore coiled tubing units during the forecast timelines.
 

Rising demand for space heating applications along with increasing penetration of offshore E&P projects across Russia has considerably proliferated the inhouse energy requirement, which will positively enhance the coiled tubing market. Russia is the third largest global exporter of crude oil and constituted 12% of the global crude output in 2019. The coiled tubing coupled with enhanced oil recovery systems is set to witness significant demand owing to their exceptional capability to extract more hydrocarbons from the matured wells. In addition, coiled tubing units are more sustainable when compared to that of its counterparts, which will subsequently reduce the overall O&M cost of the project. Surging energy requirement from leading countries aims to reduce oil import dependency, which will further augment the product deployment over the forecast timeframe.
 

Europe Coiled Tubing Market Share

The important market players are focusing on innovative improvements to meet the competitive edge in the Europe coiled tubing industry. Rising R&D activities along with strategic acquisitions are among the key strategies tracked by the leading participants to gain a substantial market position. In addition, product modification along with the expansion of extensive supply network are few of the other major strategies followed by the key manufacturers to enhance their existing market share.
 

The leading players profiled in the Europe coiled tubing market report include

• Schlumberger Limited
• Weatherford International
• National Oilwell Varco Inc
• Royal IHC
• GOES GmbH
• Hunting PLC
• Tenaris
• Calfrac Well Services Ltd. 

Europe coiled tubing market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Units’ & ‘USD” from 2017 to 2027, for the following segments:

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By Service

• Well Intervention
• Well Cleaning
• Well Completion
  • Fishing
  • Perforation
  • Logging
• Drilling
  • Managed pressure drilling
  • Directional drilling

By Application

• Onshore
  • Well intervention
  • Well cleaning
  • Well completion
  • Drilling
• Offshore
  • Shallow
  • Deep
  • Ultra-deep

The above information has been provided for the following countries:

• Russia
• UK
• Ukraine
• Norway
• Netherlands
• Denmark
• Kazakhstan