Home > Pressrelease > Europe Coiled Tubing Market size to exceed $800mn by 2027

Europe Coiled Tubing Market size to exceed $800mn by 2027

  • Published Date: April 30, 2021

Europe Coiled Tubing Market size is expected to surpass USD 800 Million by 2027, as reported in the latest study by Global Market Insights Inc.

Europe coiled tubing industry is expected to witness a substantial growth on account of growing exploration activities across untapped deep-sea locations with abundant availability of hydrocarbon resources. Drilling equipment suppliers are constantly focusing toward offering innovative and high-quality solutions including coiled tubing for executing the drilling operations, thus will stimulate the market demand for CT units across the region. High operational efficiency in deep waters along with ability to provide real time information are the paramount factors favoring the technology adoption over the forecast timeline.

However, the industry over the recent past has observed a restricted growth accounting to the ongoing COVID 19 pandemic. The respective governments have enacted lockdown protocols to curtail the outspread of the virus, which has severely affected the market growth of CT units. The impact of the pandemic has limited the demand for these units across several onshore and offshore applications, which is adversely impacting the business outlook. However, the Europe coiled tubing market is projected to rebound back to its normal growth rate by the end of FY 2021 on account of the launch of several vaccines to curb the growing coronavirus across the region.

Growing focus toward deep and ultra-deep sea drilling activities to augment the market demand for CT units across drilling operations

In the recent years, rising focus toward deep and ultra-deep sea exploration activities have accelerated the demand for CT units across drilling operations leading to the replacement of conventional drill pipes across several well bore. Enhanced speed, rising economic benefits and high efficiency are few of the vital factors favoring the adoption of coiled tubing for drilling services. In addition, the imperative features including sand control, production tubing, and low bottom hole pressure drilling will influence the Europe coiled tubing market share. Drilling through coiled tubing makes it more eco-friendly over other alternatives as it involves minimum human interaction and low noise pollution, thus will enhance the market trends of drilling services during the forecast timeline.

Browse key industry insights spread across 310 pages with 492 market data tables & 26 figures & charts from the report, “Europe Coiled Tubing Market Forecasts By Service (Well Intervention, Well Cleaning, Well Completion {Fishing, Perforation, Logging}, Drilling {Managed Pressure Drilling, Directional Drilling}), Application (Onshore, Offshore {Shallow, Deep, Ultra-Deep}), Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

Growing subsea recovery activities will drive the market statistics for coiled tubing units

Positive outlook towards the subsea recovery activities will proliferate the market demand of coiled tubing in Europe. Considerable cost savings when compared with conventional workover rig will raise the product adoption across various offshore locations. Deep and ultra-deep offshore operations are gaining more prominence due to fast depletion of current onshore hydrocarbon resources, which will further drive the Europe coiled tubing market outlook.

Soaring industrial energy demand to augment the market growth of CT units in Netherland

Deployment of CT units across the Netherlands is expected to witness a substantial growth on account of rising energy demand from intensive industries. The nation holds the largest gas reserves in the European Union which compels the drilling equipment suppliers to focus on the technological advancements of CT units to extract maximum hydrocarbons. In addition, significant investments are made to exploit these resources coupled with the growing energy demand across the country, which will positively influence the product adoption. Despite introduction of government policies to shift toward sustainable energy sources, the nation is still extensively dependent on fossil fuels for the completion of energy demand, this will further favor the Europe coiled tubing market demand.

Eminent players operating across Europe coiled tubing market includes Hunting PLC. Royal IHC, Schlumberger Limited, Calfrac Well Services Ltd., Halliburton, Baker Hughes, Weatherford International, National Oilwell Varco Inc., and Stimeline AS amongst others. Industry participants are primarily engaged in strategic collaborations and partnerships with raw material suppliers to get an edge over other competitors in the coiled tubing business and thus increase their business share across the region.

Authors: Ankit Gupta, Nikhil Paranjape

Explore More on Related Topics: