Europe Coiled Tubing Market Size - By Service (Well Intervention, Well Cleaning, Well Completion, Drilling), By Application (Onshore, Offshore), Country Outlook & Forecast, 2024 – 2032

Europe Coiled Tubing Market Size

Europe Coiled Tubing Market was valued at USD 528.9 million in 2023 and is projected to witness about 8% CAGR through 2032. Heightened energy demands, alongside aging oil and gas infrastructure are driving investments in well intervention and drilling. Innovations in coiled tubing operations, enhancing efficiency and cost-effectiveness, are accelerating market adoption. According to the European Commission, the EU's energy consumption is projected to increase by 14% by 2030, highlighting the need for advanced drilling technologies. Europe's push to reduce its carbon footprint is fueling geothermal projects, with coiled tubing playing a pivotal role in drilling and maintenance.
 

The European Commission reports that geothermal energy capacity in the EU is expected to grow by 8% annually. Moreover, supportive regulations and government policies, emphasizing energy security and sustainability, are propelling market growth.
 

Europe Coiled Tubing Market Trends

The Europe coiled tubing industry is experiencing significant growth driven by increasing investments in oil and gas exploration and production activities. According to the European Commission, investments in the energy sector have increased by 15% over the past year. Technological advancements have enhanced the efficiency and effectiveness of coiled tubing operations, making them more appealing for various well intervention and drilling applications.
 

The region's focus on enhancing energy security and reducing reliance on imports has also contributed to the market's expansion. The European Union's energy import dependency rate has decreased by 5% since 2022. Additionally, the growing demand for energy and the recovery of oil prices are encouraging operators to invest in coiled tubing services. Environmental regulations and the push for sustainable practices are also shaping market trends, with companies investing in greener technologies and techniques. The European Environment Agency reports a 10% increase in investments in green technologies within the energy sector.
 

Europe Coiled Tubing Market Analysis

The well intervention services segment is anticipated to exceed USD 550 million by 2032. These services, including well cleaning, drilling, and maintenance, are essential for enhancing oil and gas production efficiency and extending the lifespan of mature wells. The region's focus on maximizing extraction from existing fields, along with advancements in coiled tubing technology, boosts market demand. Additionally, the need for cost-effective and minimally invasive well interventions amid fluctuating oil prices further propels market expansion. Environmental regulations promoting cleaner extraction methods also contribute to the increased adoption of coiled tubing services in Europe's oil and gas industry.
 

The offshore applications of Europe coiled tubing market is projected to showcase about 7.5% CAGR through 2032, driven by offshore applications, particularly in the North Sea. The region's mature oil and gas fields necessitate enhanced oil recovery (EOR) techniques, where coiled tubing is instrumental. Offshore operations benefit from coiled tubing's versatility in well intervention, drilling, and completion services, providing cost-effective and efficient solutions. Additionally, advancements in coiled tubing technology, such as increased durability and the ability to handle high-pressure environments, are bolstering its adoption. The demand for energy and the push for operational efficiency in offshore projects further fuel the market's expansion.
 

The Russia coiled tubing market is likely to exceed USD 540 million by 2032. Russia's coiled tubing market is witnessing robust growth, propelled by a surge in oil and gas exploration and production activities.
 

According to the Russian Ministry of Energy, oil production reached 10.5 million barrels per day in 2023, which offers a substantial growth opportunity for coiled tubing units. Technological advancements in coiled tubing operations, promising reduced costs and heightened well productivity, are further catalyzing this expansion. Moreover, as Russia focuses on tapping unconventional reserves like shale gas and grapples with the maintenance of aging oil wells, the market's growth trajectory gains momentum. Geopolitical dynamics and concerns over energy security are also pivotal, spurring investments and innovations in Russia's coiled tubing sector.
 

Europe Coiled Tubing Market Share

Schlumberger holds a significant share in the European coiled tubing industry, leveraging its advanced technology and extensive experience in oilfield services. The company's innovative solutions and strong operational capabilities enable efficient well intervention and maintenance, enhancing productivity and reducing costs for clients. This market presence underscores Schlumberger's leadership in providing critical energy sector services.
 

Europe Coiled Tubing Market Companies

Major key players operating across the Europe coiled tubing industry are:

• Baker Hughes, a GE company LLC
• Calfrac Well Services Ltd.
• GOES GmbH
• Halliburton
• Hunting PLC
• National Oilwell Varco Inc.
• Packer Service LLC
• Royal IHC
• Schlumberger Limited
• Stimline AS
• Surgutneftegas
• Tenaris
• Weatherford
• Well Service Group
   

Europe Coiled Tubing Industry News

• In April 2021, Halliburton launched “Ovidius expanding isolation system” which is a new packer system. The new packer is an engineered metal alloy that transforms into a rock type material on reacting with downhole fluids, thus creating a strong seal to maintain the well integrity. The new product further improves the vast product offering of the company and thereby aid them in gaining a bigger market share in the oil & gas exploration and production industry.
   
• In November 2020, Schlumberger launched the MagniSphere high-definition NMR logging-while-drilling service. This advanced technology provides real-time, precise producibility analysis for optimal well placement, enhancing recovery and production in complex reservoirs. MagniSphere aids in understanding reservoir producibility and improving drilling performance, strengthening Schlumberger's global drilling services.
   

This Europe coiled tubing market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2032, for the following segments:

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Market, By Service

• Well intervention
• Well cleaning
• Well completion
  • Fishing
  • Perforation
  • Logging
  • Others
• Drilling
  • Managed pressure drilling
  • Directional drilling

Market, By Application

• Onshore
  • Service
    • Well intervention
    • Well cleaning
    • Well completion
      • Fishing
      • Perforation
      • Logging
      • Others
    • Drilling
      • Managed pressure drilling
      • Directional drilling
• Offshore
  • Shallow
    • Service
      • Well intervention
      • Well cleaning
      • Well completion
        • Fishing
        • Perforation
        • Logging
        • Others
      • Drilling
        • Managed pressure drilling
        • Directional drilling
  • Deep
    • Service
      • Well intervention
      • Well cleaning
      • Well completion
        • Fishing
        • Perforation
        • Logging
        • Others
      • Drilling
        • Managed pressure drilling
        • Directional drilling
  • Ultra-deep
    • Service
      • Well intervention
      • Well cleaning
      • Well completion
        • Fishing
        • Perforation
        • Logging
        • Others
      • Drilling
        • Managed pressure drilling
        • Directional drilling

The above information has been provided for the following countries:

• Russia
• UK
• Ukraine
• Norway
• Netherlands
• Denmark
• Kazakhstan