Europe Completion Equipment & Services Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 1.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Completion Equipment & Services Market Analysis
The Europe completion equipment and services market is expected to register a CAGR of more than 1% during the forecast period. COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.
Over the long term, factors like increased production of conventional and unconventional resources and lower well-maintenance costs are expected to drive the market.
On the other hand, sanctions imposed on Russia by the European Union and the United States due to the war may make it difficult to maintain joint ventures between the companies. Restricting knowledge and experience transfer are the major restraints hindering the market growth.
Nevertheless, the increasing technological advancements in various technologies like good completion, which results in high-end self-adaptive inflow control completion technology, are expected to make the production of oil and gas more feasible and efficient and create enormous opportunities for the well completion and services market.
Russia is expected to be the largest market in the forecast period due to its abundant oil and gas production, technological advancements, and increasing investment in the completion equipment and services market. It is expected to facilitate further growth.
Europe Completion Equipment & Services Market Trends
This section covers the major market trends shaping the Europe Completion Equipment & Services Market according to our research experts:
Onshore Segment to Dominate the Market
- In the onshore segment, well completion equipment and services have proven their value in managing production from multilateral wells, horizontal wells with multiple zones, wells in heterogeneous reservoirs, unconventional reservoirs, and mature reservoirs. Further advancements in technologies are expected to aid the growth of the market.
- Well construction in shale reserves requires long laterals. This need has pushed the development of better cementation mechanisms. The new method of dynamic cementation, where pipe movement is maintained until cement begins to set, maximizes the mud-cement displacement process. It can achieve high-quality completion using a combination of modern cementing software and real-time rig instrumentation.
- Although shale is in dormant stages in the region, increasing advancements in the technological field may make the market more viable and aid growth in the forecast period.
- Baker Hughes Company estimated the onshore rig count in the region to be around 71 units in November 2022. An increase in exploration and production, like the discovery of major shale reserves in Block 2 and Block 4 in the southern part of Albania, may aid in the market's growth.
- Hence, the onshore segment is expected to be the largest segment in the forecast period due to increased investments and technological advancement.
Russia to Dominate the Market
- In 2021, Russia was the region's top crude oil and natural gas producer. It is also one of the main uses of well-completion techniques, mostly used in the country's economically viable recovery of traditional hydrocarbon sources. Using the well-completion equipment and services industry, private and governmental firms are seeking alternative approaches for their conventional reservoirs to extract oil and gas efficiently.
- As a result of the country's sanctions due to its war with Ukraine, numerous companies have withdrawn from the country and sold their stakes to local players. Through in-house research and development institutes, domestic oil companies in the country are pursuing import substitution techniques in the well-completion equipment market. However, it is envisaged that the development of commercially viable technologies and entirely localized production of the essential equipment would take time. Market expertise necessitates sufficient investments and effort to meet the required benchmarks.
- Crude oil production in the country increased by 2.6%, to 10,944 thousand barrels per day, in 2021 from 10,667 thousand barrels per day in 2020. The output may increase further in the forecast period and boost the Russian completion equipment and services market.
- Even though Russia was the largest oil and gas producer in the region in 2022, Russia already witnessed a significant decline in drilling activity this year, owing to its invasion of Ukraine and geopolitical constraints. In 2022, the number of wells drilled fell by over 28% compared to 2021. This downward trend is predicted to continue till 2023.
- Despite the sanctions, many Asian countries stepped in to buy inexpensive Russian crude. Demand from India, China, and Turkey has increased in line with domestic demand, reducing upstream losses.
- According to an International Energy Agency analysis in August 2022, Russia produced 310,000 barrels per day in July 2022, a drop from pre-invasion levels, while total export levels were down by 580,000 barrels daily.
- Hence, Russia is expected to dominate the market in the forecast period due to increased production, technological advancements, and high efficiency in aiding oil and gas production.
Europe Completion Equipment & Services Industry Overview
The Europe completion equipment and services market is moderately fragmented. Some of the key players in this market (in no particular order) are Schlumberger Ltd, Halliburton Company, Baker Hughes Company, Weatherford International PLC, and Trican Well Service Ltd.
Europe Completion Equipment & Services Market Leaders
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Schlumberger Ltd
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Halliburton Company
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Baker Hughes Company
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Weatherford International plc
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Trican Well Service Ltd
*Disclaimer: Major Players sorted in no particular order
Europe Completion Equipment & Services Market News
- In May 2022, Equinor announced that they have extended contracts with Baker Hughes Norge, Halliburton AS, and Schlumberger Norge AS for integrated drilling and well completion services on Equinor-operated fields on the Norwegian continental shelf (NCS).
- In November 2022, Vulcan, the UK-based engineered solutions provider for well completion within the upstream sector announced an investment from the Sawafi group. The investment is part of the company's technology localization roadmap, which aims to create new capabilities and opportunities within the upstream sector in Europe and the Middle East.
Europe Completion Equipment & Services Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast, in USD billion, till 2027
- 4.3 Oil Production and Forecast, in million barrels per day, till 2027
- 4.4 Natural Gas Production and Forecast, in billion cubic feet, till 2027
- 4.5 Recent Trends and Developments
- 4.6 Government Policies and Regulations
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4.7 Market Dynamics
- 4.7.1 Drivers
- 4.7.2 Restraints
- 4.8 Supply Chain Analysis
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4.9 Porter's Five Forces Analysis
- 4.9.1 Bargaining Power of Suppliers
- 4.9.2 Bargaining Power of Consumers
- 4.9.3 Threat of New Entrants
- 4.9.4 Threat of Substitutes Products and Services
- 4.9.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Location of Deployment
- 5.1.1 Onshore
- 5.1.2 Offshore
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5.2 Geography
- 5.2.1 Russia
- 5.2.2 Norway
- 5.2.3 United Kingdom
- 5.2.4 Rest of Europe
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Weatherford International plc
- 6.3.2 Baker Hughes Company
- 6.3.3 Trican Well Service Ltd
- 6.3.4 Welltec AS
- 6.3.5 Schlumberger Ltd
- 6.3.6 Halliburton Company
- 6.3.7 Schoeller-Bleckmann Oilfield Equipment AG
- 6.3.8 Weir Group plc
- 6.3.9 Superior Energy Services Inc.
- 6.3.10 National-Oilwell Varco Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityEurope Completion Equipment & Services Industry Segmentation
Completion is commonly referred to as the process of finishing a well (oil or gas) so that it can further be utilized to produce hydrocarbon present inside. Well completion equipment and services include equipment used for applications such as tubing heads, cementing equipment, well controls, Christmas tree, packer assemblies, and wellhead completion assemblies, among others.
The Europe completion equipment and services market is segmented by deployment location and geography. By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the completion equipment and services market across the major countries in the region. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Location of Deployment | Onshore |
| Offshore | |
| Geography | Russia |
| Norway | |
| United Kingdom | |
| Rest of Europe |
Europe Completion Equipment & Services Market Research FAQs
What is the current Europe Completion Equipment and Services Market size?
The Europe Completion Equipment and Services Market is projected to register a CAGR of greater than 1% during the forecast period (2024-2029)
Who are the key players in Europe Completion Equipment and Services Market?
Schlumberger Ltd, Halliburton Company, Baker Hughes Company, Weatherford International plc and Trican Well Service Ltd are the major companies operating in the Europe Completion Equipment and Services Market.
What years does this Europe Completion Equipment and Services Market cover?
The report covers the Europe Completion Equipment and Services Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Europe Completion Equipment and Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Completion Equipment and Services Industry Report
Statistics for the 2024 Europe Completion Equipment and Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Completion Equipment and Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
