The Market Insights Reports has added a new statistical data to its repository titled as, Europe Coiled Tubing Market. It provides the industry overview with market growth analysis with a historical & futuristic perspective for the following parameters; cost, revenue, demands, and supply data (as applicable). Furthermore, the report also sheds light on recent developments and technological platforms, in addition to distinctive tools, and methodologies that will help to propel the performance of industries.
Europe’s coiled tubing market is expected to grow at a CAGR of over 3% during the forecast period of 2020-2025.
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Top Key Players in the Europe Coiled Tubing Market are Royal IHC, GOES GmbH, Stimline AS, Tala Offshore AS, Stewart & Stevenson, AnTech Ltd, Tenaris, and others.
Key Market Trends:
Well Intervention Segment Expected to Dominate the Market
– Well intervention is the method used for increasing the productivity of the well. Well intervention through coiled tubing is generally done for various applications such as well cleaning, perforation, acidization, hydro-fracture, sand control, fishing, and others. Well intervention through coiled tubing is very cheaper and reliable than other methods such as through drill pipe, tubing, or wireline.
– Major companies in the world, rather than investing in new wells, are now spending more on increasing the performance of existing wells, by getting optimum production from the wells. For attaining required production, companies have to majorly rely on coiled tubing for well maintenance.
– The demand for coiled tubing is likely to increase due to an increasing number of projects in unconventional oil and gas, in which coiled tubing is widely used for hydro-fracturing and acidization to increase the permeability of the formation.
– In North Sea, coiled tubing units are also being used for the perforating high temperature and high pressure wells with temperature crossing over 300 degree-Fahrenheit (F) and having bottom hole pressure over 10000 psi.
– Therefore, owing to the above points, well intervention is likely to dominate the Europe coiled tubing market during the forecast period.
United Kingdom Expected to Experience Significant Growth
– In 2019, the United Kingdom held a significant share in oil and gas production in Europe. The oil and gas market directly affects the Europe coil tubing market as it is the largest sector in which coil tubing is being widely used. The United Kingdom, in 2018, produced 50.8 million tons of oil, thus contributing approximately 7% of the total oil production in Europe, which was higher than what is produced in 2017, 46.6 million tons of oil.
– In 2019, BP plc completed its Culzean project in the North Sea, and it is expected to produce 200000 barrel oil equivalent per day of hydrocarbon by 2020. The completion of the project and its stimulation to enhance well performance is likely to adds to the significant growth of the United Kingdom in the Europe coil tubing market.
– In December 2019, UK Oil and Gas (UKOG) conducted a successful reservoir test on Horse Hill Oilfield in the United Kingdom. After the test company now intends to accelerate the start of up to 25 years of continuous long-term production from the field. The company also planned to drill several directional wells that can be drilled either using conventional drill pipes or by coil tubing units.
– Hence, owing to the above points, United Kingdom is expected to see significant growth in the Europe coiled tubing market during the forecast period.
Full Browse the report description and TOC:
Highlights of TOC:
Market Overview: It starts with product overview and scope of the Europe Coiled Tubing market and later gives consumption and production growth rate comparisons by application and product respectively. It also includes a glimpse of the regional study and Coiled Tubing market size analysis for the review period 2015-2025.
Company Profiles: Each company profiled in the report is assessed for its market growth keeping in view vital factors such as price, Coiled Tubing market gross margin, revenue, production, markets served, main business, product specifications, applications, and introduction, areas served, and production sites.
Manufacturing Cost Analysis: It includes industrial chain analysis, manufacturing process analysis, the proportion of manufacturing cost structure, and the analysis of key raw materials.
Market Dynamics: Readers are provided with a comprehensive analysis of Coiled Tubing market challenges, influence factors, drivers, opportunities, and trends.
Market Forecast: Here, the Coiled Tubing report provides consumption forecast by application, price, revenue, and production forecast by product, consumption forecast by region, production forecast by region, and production and revenue forecast.
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