Europe Coiled Tubing Market Analysis

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.