Robust adoption of sophisticated drilling systems has propelled Europe coiled tubing market share. Leading companies are shifting their focus on increasing oil field activities and ultra-deep exploration activities. Notably, the injection of funds into onshore and offshore exploration activities and technological advancements have augured well for the industry outlook.
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Stakeholders are likely to cash in on the soaring trend for space heating applications to augment exploration activities. CT technologies will help the rig to perform the relentless pumping, drilling and cleaning operations. Moreover, advanced technology will play a pivotal role in maintaining a safer work environment during cleaning and competition operations in the downhole.
According to a forecast, Europe coiled tubing market will observe an annual deployment of 347 coiling tubing units in 2027.
The onshore application will potentially be the major recipient of coiled tubing units across the U.K., France and Italy. Stakeholders are likely to boost investments to improve the exploration and production index. According to a study, these units can expedite the operation by over 30% to boost the efficiency of a wellbore.
Industry participants are likely to focus on the expanding footfall of mature oilfields and reducing technology costs. The onshore application segment will witness notable growth in the next few years.
Stakeholders will gain impetus from offshore applications, with soaring deep, ultra-deep and shallow activities. Besides, directional drilling and managed pressure drilling services will be sought-after across the end-use applications.
End-markets have upped their attention on well cleaning services owing to their sheer ability to tame down encrustation. Increased emphasis on space heating solutions and CT units will bode well for the industry size expansion.
With an upsurge in well-completion services, such as perforation, fishing and logging, key industry players are likely to further their investments across the region. The trend for space heating solutions will be pronounced, with technological advancements slated to further the industry outlook.
Implementation of efficient oilfield technologies to further the production index will potentially up the market uptake of coiled tubing services. Installation of coiled tubing units is likely to surge by leaps and bounds.
Norway coiled tubing market share will witness an upward growth trajectory with surging production wells across the region. Bullish government initiatives to reduce the import of energy sources will usher growth in the landscape
Soaring onshore and offshore exploration activities will bode well for the industry forecast. The COVID-19 pandemic is likely to have a toll on the market uptake. While Q1 and Q2 of 2020 observed moderate growth, the next few years are expected to remain bullish.
Leading companies are expected to propel their business strategies with collaborations, product launches and investments in R&D activities. Some of the industry players vying to propel Europe coiled tubing market value are Calfrac Well Services Ltd, Halliburton, Schlumberger Limited, Weatherford International and Hunting PLC, among others.
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