Market Size of Europe Coiled Tubing Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Coiled Tubing Market Analysis
Europe's coiled tubing market is expected to grow at a CAGR of over 3% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, an increasing number of mature fields and maintenance of the existing wells are expected to drive the market's growth.
- On the other hand, the high volatility of crude oil prices and high maintenance costs are expected to hamper the growth of Europe's coiled tubing market during the forecast period.
- Nevertheless, the increasing deepwater exploration and production in the North Sea are likely to create lucrative growth opportunities for the Europe coiled tubing market in the forecast period.
- United Kingdom to witness signifivant growth and is also likely to witness the prominent CAGR during the forecast period. This growth is attributed to the increasing investments, coupled with several upcoming projects.
Europe Coiled Tubing Industry Segmentation
Coiled tubing (CT) is a long metal pipe spooled over a large reel and is primarily used to perform workover & repair activities across well sites. There are no joints & cuts in the coiled tube, making it more effective for good boreholes with a depth of over 15,000 feet. In several regions, it is often used to carry out operations similar to wire lining. The Europe coiled tubing market is segmented by application, location of the development, and geography. By application, the market is segmented into drilling, completion, and well intervention. By application, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the European coiled tubing services market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
Europe Coiled Tubing Market Size Summary
The Europe coiled tubing market is poised for growth, driven by the increasing need for well maintenance and the exploration of mature fields. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Despite challenges such as fluctuating crude oil prices and high maintenance costs, the sector is expected to benefit from deepwater exploration activities, particularly in the North Sea. The United Kingdom is anticipated to experience significant growth due to substantial investments and upcoming projects in the region. Coiled tubing is becoming increasingly essential for well intervention processes, offering a cost-effective and reliable alternative to traditional methods. This trend is further supported by the rising demand for coiled tubing in unconventional oil and gas projects, where it is utilized for hydro-fracturing and acidization to enhance formation permeability.
The United Kingdom is set to emerge as a leader in Europe's oil and gas industry, with numerous projects underway, especially in the North Sea. The region's focus on new drilling operations, coupled with government initiatives to expedite licensing for exploration, is expected to bolster the coiled tubing market. The market is moderately consolidated, with key players like Royal IHC, GOES GmbH, and Stimline AS driving innovation and efficiency. Recent technological advancements, such as HydraWell's HydraCT system, promise to significantly reduce costs and emissions, potentially transforming industry practices. These developments, along with strategic projects and regulatory support, are likely to sustain the growth momentum of the coiled tubing market in Europe over the forecast period.
Europe Coiled Tubing Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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Europe Coiled Tubing Market Size FAQs
What is the current Europe Coiled Tubing Market size?
The Europe Coiled Tubing Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Europe Coiled Tubing Market?
Royal IHC , Stimline AS, Tala Offshore AS, Stewart & Stevenson and GOES GmbH are the major companies operating in the Europe Coiled Tubing Market.
