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Europe Coiled Tubing Market Trends

Report ID: GMI5046
Published Date: Jul 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of Europe coiled tubing was worth about USD 528.9 million in 2023 and is projected to record witness about 8% CAGR through 2032, backed by heightened energy demands, alongside aging oil & gas infrastructure, leading to investments in well intervention and drilling.

Europe coiled tubing market from well intervention services segment is anticipated to exceed USD 550 million by 2032, as these services are essential for enhancing oil & gas production efficiency and extending the lifespan of mature wells.

Russia coiled tubing market is projected to surpass USD 540 million by 2032, propelled by a surge in oil & gas exploration and production activities.

Halliburton, Hunting PLC, National Oilwell Varco Inc., Packer Service LLC, Royal IHC, Schlumberger Limited, Stimline AS, Surgutneftegas, and Tenaris among others.