Europe Coiled Tubing Market worth $800 million by 2027, Says Global Market Insights Inc.

Selbyville, Delaware, May 03, 2021 (GLOBE NEWSWIRE) —

The Europe Coiled Tubing Market revenue is anticipated to cross USD 800 Million by 2027, as reported in the latest study by Global Market Insights Inc. Growing focus toward the adoption of highly advanced drilling systems will augment the business landscape during the forecast timeline.

Well cleaning services are set to witness a considerable growth in the forecast timeframe on account of its ability to eliminate encrustation. CT technology aids the rig to perform continuous drilling, cleaning, and pumping operations, resulting in the reduction of the overall operational time.

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CT also helps in maintaining a safer work environment while carrying out competition and cleaning operations in the downhole. In addition, the utilization of coiled tubing to perform multiple field operations including well competition and cleaning will propel the Europe coiled tubing industry outlook from well cleaning services.

Some major findings of the Europe coiled tubing market report include:

• Shifting focus toward ultra-deep exploration coupled with rising penetration of mature oil fields will positively influence the business outlook.
• Increasing investments across both offshore and onshore exploration along with ongoing technological advancements to enhance the operational efficiency of the wells to fuel the product penetration.
• Falling production from onshore and offshore shallow water seabed to fuel the product deployment.
• Rising preference for space heating applications across the region to increase the E&P activities, thus will boost the demand for CT units.
• Technological advancements toward CT have enhanced the safety of wellsite and augmented the operational efficiency.
• Leading players operating across the Europe coiled tubing market includes, Halliburton, Weatherford International, Schlumberger Limited, Hunting PLC, Calfrac Well Services Ltd, Schlumberger Limited amongst other.

Browse key industry insights spread across 310 pages with 492 market data tables & 26 figures & charts from the report, “Europe Coiled Tubing Market Outlook By Service (Well Intervention, Well Cleaning, Well Completion {Fishing, Perforation, Logging}, Drilling {Managed Pressure Drilling, Directional Drilling}), Application (Onshore, Offshore {Shallow, Deep, Ultra-Deep}), Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

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The installation of coiled tubing units across onshore application to witness a considerable surge with mounting concerns towards enhancing the exploration & production index. It has also been observed that these units hold the capability to accelerate the operation by more than 30% to achieve improved overall efficiency of a wellbore. Growing focus toward the penetration of mature oilfields along with the declining technology cost will stimulate the product deployment during the forecast timeline.

Norway coiled tubing market will witness substantial growth on account of rising number of production wells which are in their ageing period. Increasing governmental efforts to limit the import dependency for energy sources will raise the demand for CT units across the nation. Moreover, implementation of efficient oilfield technologies to increase the production index will positively create a favorable business scenario for coiled tubing suppliers.

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Browse Related Report:

Global Coiled Tubing Market Statistics By Application (Onshore, Offshore {Shallow, Deep, Ultra- Deep}), Service (Well Intervention, Well Cleaning, Well Completion {Fishing, Perforation, Logging, Others}, Drilling {Managed Pressure Drilling, Directional Drilling}), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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