The Europe coiled tubing market is touted to record substantial growth through the coming years, owing to the increasing penetration of mature oil fields and shifting focus towards ultra deep exploration. The market is further propelled by a rise in collaborative strategies and product launches by several coiled tubing companies in the region.
Considering an instance, in June 2020, NOV supplied the world’s heaviest and longest coiled tubing work string, which constituted 7.57 miles of persistently milled carbon steel tubing. The 40,000 ft string was manufactured by NOV’s Quality Tubing team in Houston. Such developments along with various coiled tubing uses are expected to drive product demand through the forecasted period.
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On that account, the Europe coiled tubing market size is anticipated to record an annual installation of 347 units in 2027, states the latest study by Global Market Insights, Inc.
The market is propelled by rising investments across both onshore and offshore exploration in addition to ongoing advancements in technology for the enhancement of operational efficiency. A decline in production from offshore and onshore shallow water seabed is expected to stimulate product deployment through the coming years.
Furthermore, an increase in the preference for space heating applications across the region for increasing E&P activities will propel the demand for coiled tubing units through the estimated period. Prominent coiled tubing manufacturers across Europe comprise Halliburton, Schlumberger Limited, Calfrac Well Services, Ltd., Weatherford International, Hunting PLC, and others.
Few pivotal trends impelling Europe coiled tubing industry growth are as follows:
Rising product installation across onshore application
Europe coiled tubing market from onshore application is likely to record commendable proceeds through the coming years, driven by an increase in the installation of coiled tubing units and surging concerns towards the enhancement of the production and exploration index.
It has been observed that these units will hold the capability for the acceleration of operations by over 30% for the achievement of enhanced overall efficiency of a wellbore. Declining costs of technology coupled with a rising focus towards the penetration of mature oilfields will boost product deployment through the anticipated period.
Increasing requirement for well cleaning services
The well cleaning services segment is anticipated to record substantial growth through the forecasted period. This is due to its ability for the elimination of encrustation. Moreover, CT technology helps the rig in the performance of continuous cleaning, drilling, and pumping operations. These factors are expected to result in decrease in the overall time of operation.
Coiled tubing helps in the maintenance of a safer environment of work while carrying out cleaning operations and competition in the downhole. Additionally, the usage of coiled tubing for the performance of multiple field operations comprising well cleaning and competition will bolster Europe coiled tubing industry growth through the projected span.
Favorable government policies in Norway
An increase in the number of production wells is expected to augment Norway coiled tubing market size through the forecasted period. Rising governmental efforts for the purpose of limiting the import dependency on energy sources will escalate the demand for CT units across the nation.
The implementation of systematic oilfield technologies for the purpose of increasing the production index will provide considerable opportunities for growth for coiled tubing suppliers.
In a nutshell, rising focus towards the adoption of highly advanced drilling systems is expected to augment business growth through the anticipated period.
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