Europe Completion Equipment and Services Market Size (2024 - 2029)

The Europe completion equipment and services market is anticipated to experience growth, driven by factors such as increased production of both conventional and unconventional resources and reduced well-maintenance costs. Despite challenges posed by geopolitical tensions and sanctions, which hinder joint ventures and knowledge transfer, technological advancements in completion technologies are expected to enhance oil and gas production efficiency. Russia is projected to be a significant contributor to the market's expansion due to its substantial oil and gas output, technological progress, and rising investments in completion equipment and services.

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Market Size of Europe Completion Equipment and Services Industry

Europe Completion Equipment and Services Market Summary
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

Europe Completion Equipment and Services Market 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 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
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Europe Completion Equipment and Services Market Size Summary

The Europe completion equipment and services market is poised for growth, driven by increased production of both conventional and unconventional resources and reduced well-maintenance costs. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, geopolitical tensions, particularly sanctions on Russia, pose challenges by hindering joint ventures and the transfer of knowledge and experience. Despite these challenges, technological advancements in completion technologies, such as self-adaptive inflow control, are expected to enhance the feasibility and efficiency of oil and gas production, creating significant opportunities in the market. Russia is anticipated to remain a dominant player due to its substantial oil and gas production, technological progress, and investments in completion equipment and services.

The onshore segment is expected to be the largest due to increased investments and technological advancements. Well completion equipment and services have demonstrated their value in managing complex well structures and reservoirs, with innovations like dynamic cementation improving completion quality. Although shale reserves are currently dormant, technological advancements may revitalize this segment. In Russia, despite geopolitical constraints and a decline in drilling activity, the market is expected to benefit from ongoing production and efficiency improvements. The market is moderately fragmented, with key players like Schlumberger, Halliburton, and Baker Hughes actively involved. Recent contracts and investments in technology localization indicate a focus on enhancing capabilities within the European and Middle Eastern upstream sectors.

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Europe Completion Equipment and Services Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD billion, till 2027

    3. 1.3 Oil Production and Forecast, in million barrels per day, till 2027

    4. 1.4 Natural Gas Production and Forecast, in billion cubic feet, till 2027

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

      2. 1.7.2 Restraints

    8. 1.8 Supply Chain Analysis

    9. 1.9 Porter's Five Forces Analysis

      1. 1.9.1 Bargaining Power of Suppliers

      2. 1.9.2 Bargaining Power of Consumers

      3. 1.9.3 Threat of New Entrants

      4. 1.9.4 Threat of Substitutes Products and Services

      5. 1.9.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Geography

      1. 2.2.1 Russia

      2. 2.2.2 Norway

      3. 2.2.3 United Kingdom

      4. 2.2.4 Rest of Europe

Europe Completion Equipment and Services Market Size FAQs

The Europe Completion Equipment and Services Market is projected to register a CAGR of greater than 1% during the forecast period (2024-2029)

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.

Europe Completion Equipment and Services Report Snapshots

Europe Completion Equipment and Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)