Market Size of Europe Completion Equipment and Services Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 1.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Completion Equipment & Services Market Analysis
The Europe completion equipment and services market is expected to register a CAGR of more than 1% during the forecast period. COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.
Over the long term, factors like increased production of conventional and unconventional resources and lower well-maintenance costs are expected to drive the market.
On the other hand, sanctions imposed on Russia by the European Union and the United States due to the war may make it difficult to maintain joint ventures between the companies. Restricting knowledge and experience transfer are the major restraints hindering the market growth.
Nevertheless, the increasing technological advancements in various technologies like good completion, which results in high-end self-adaptive inflow control completion technology, are expected to make the production of oil and gas more feasible and efficient and create enormous opportunities for the well completion and services market.
Russia is expected to be the largest market in the forecast period due to its abundant oil and gas production, technological advancements, and increasing investment in the completion equipment and services market. It is expected to facilitate further growth.
