The European coiled tubing market is touted to witness substantial growth over the next few years due to increasing permeability in mature fields and a shift in focus to ultra-deep exploration.The market is further driven by the collaborative strategies and product launches of several coiled tubing companies in the region.
As an example, in June 2020, NOV delivered the world’s heaviest and longest coiled tubing workstring, consisting of 7.57 miles of continuously milled carbon steel pipe.The 40,000-foot string was fabricated by the Quality Tubing team at NOV in Houston.This development, along with various coiled tubing uses, is expected to drive product demand over the forecast period.
Given this, the European coiled tubing market size is expected to reach an annual installation of 347 units by 2027, according to new research by GMI
In addition to increasing technological advancements to improve operational efficiency, increasing investments in onshore and offshore exploration are driving the market.Declines in offshore and onshore shallow seabed production are expected to spur product deployments in the coming years.
Furthermore, the increasing preference for space heating applications in the region along with increasing exploration and production activities will drive the demand for coiled tubing units to continue to grow over the forecast period.Well-known coiled tubing manufacturers in Europe include Halliburton, Schlumberger Limited, Calfrac Well Services, Ltd., Weatherford International, Hunting PLC, etc.
The European coiled tubing market for onshore applications is likely to record promising gains over the next few years due to increased installations of coiled tubing installations and heightened concerns about boosting production and exploration indices.
It has been observed that these units will have the ability to increase the operating speed by more than 30% to achieve an increase in the overall efficiency of the wellbore.Declining technology costs and increasing focus on penetration of mature oil fields will facilitate product deployment over the expected period.
The oil well cleaning services segment is expected to register substantial growth over the forecast period.This is due to its ability to eliminate encrustations.In addition, CT technology facilitates continuous cleaning, drilling and pumping of the rig.These factors are expected to result in a reduction in overall runtime.
Coiled tubing helps maintain a safer work environment when cleaning and competing downhole.Furthermore, the use of coiled tubing for multiple field operations including well cleaning and competition will boost the European coiled tubing industry growth over the projected span.
Rising number of producing wells is expected to expand the Norwegian coiled tubing market size over the forecast period.Government efforts to limit import dependence on energy will increase the demand for CT devices across the country.
The implementation of systematic oilfield technologies aimed at improving production indices will provide considerable growth opportunities for coiled tubing suppliers.
In short, the increasing focus on the adoption of highly advanced drilling systems is expected to boost business growth over the forecast period.
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