Europe Coiled Tubing Market Size

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.

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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.