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 |
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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.
