Market Size of Europe Oilfield Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Oilfield Services Market Analysis
The European oilfield services market is expected to witness a CAGR of more than 5% during the forecast period, 2022-2027. The COVID-19 pandemic affected the market severely. The pandemic led to a decline in demand for crude oil and natural gas, resulting in a crash in oil and gas prices. This crash made the upstream activities economically unfeasible. The market is expected to recover once the price strengthens. In terms of the growth of the market, factors such as the development of oil and gas reserves in the region, along with advanced technologies, tools, and equipment, are expected to drive the market during the forecast period. However, a shift toward renewable energy sources, along with the high volatility of crude oil prices, is expected to hinder market growth.
- The offshore segment is expected to witness significant growth during the forecast period owing to increased oil and gas acreage development activities in the region.
- The emergence of new technologies such as digitalization and automation, new drilling methods, and next-generation electric fracking methods are expected to provide opportunities to the players involved in the market soon.
- Norway is expected to witness significant growth during the forecast period. The region has been witnessing significant crude oil exploration and production activity lately.
