Market Size of Europe Well Intervention Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Well Intervention Market Analysis
The European well intervention market is expected to record a CAGR of over 2.1% during the forecast period (2022-2027). The COVID-19 outbreak adversely affected the market by lowering the demand in 2020. However, the oil production cuts by OPEC plus and rising demand in 2021 mostly nullified the effects of the pandemic. Furthermore, the conflict between Russia and Ukraine increased the requirement for crude oil and natural gas in Europe. Frequent volatility in the market may aid the growth of the market. During low oil prices, the wells are closed or left for testing, while when the oil prices pick up, well intervention is required to reestablish the wells, thereby aiding the market's growth. Furthermore, the increasing drilling and completion activities globally have driven the demand for slickline services over the study period. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors, have been restraining the well intervention market.
- The onshore is expected to have the maximum market share in 2021. Onshore drilling encompasses all the drilling sites on dry land and accounts for 65% of Europe's oil production rigs.
- The increasing oil and gas discoveries in the Norwegian Continental Shelf and off the coast of the Mediterranean Sea have led to the creation of new investment opportunities for the players.
- Norway is estimated to make significant growth in the well intervention market, especially due to sanctions on Russia in 2022.
Europe Well Intervention Industry Segmentation
The scope of the European well intervention market report includes:
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| United Kingdom | |
| Russia | |
| Norway | |
| Rest of Europe |
Europe Well Intervention Market Size Summary
The European well intervention market is poised for growth, driven by a combination of geopolitical factors and market dynamics. The initial impact of the COVID-19 pandemic led to a decline in demand, but subsequent oil production cuts by OPEC and increased demand helped mitigate these effects. The ongoing conflict between Russia and Ukraine has further intensified the need for crude oil and natural gas in Europe, contributing to market volatility. This volatility, coupled with fluctuating oil prices, has created a cyclical demand for well intervention services, as wells require reestablishment during price recoveries. The market is also witnessing a rise in drilling and completion activities, particularly in slickline services, although challenges remain due to the unpredictable nature of oil prices influenced by supply-demand imbalances and geopolitical tensions.
Onshore drilling is expected to dominate the market, accounting for a significant portion of Europe's oil and gas production rigs. The recovery of global crude oil prices and the relative ease of initiating onshore projects compared to offshore endeavors are anticipated to drive growth in this segment. Norway is projected to experience substantial growth in its well intervention market, bolstered by sanctions on Russia and increased exploration activities in the Norwegian Continental Shelf. The sanctions have created opportunities for Norway, the second-largest natural gas producer in Europe, as demand for reliable natural gas sources rises. Despite the challenges posed by sanctions on Russian oil and gas projects, the market remains moderately consolidated, with key players like Schlumberger, Halliburton, and Baker Hughes actively participating in the region.
Europe Well Intervention Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, in USD billion, till 2027
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1.3 Major Upcoming Upstream Projects in Europe
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitutes Products and Services
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1.8.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Geography
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2.2.1 United Kingdom
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2.2.2 Russia
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2.2.3 Norway
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2.2.4 Rest of Europe
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Europe Well Intervention Market Size FAQs
What is the current Europe Well Intervention Market size?
The Europe Well Intervention Market is projected to register a CAGR of greater than 2.10% during the forecast period (2024-2029)
Who are the key players in Europe Well Intervention Market?
Schlumberger Limited, Halliburton Company, China Oilfield Services, Baker Hughes Company and Weatherford International PLC are the major companies operating in the Europe Well Intervention Market.
