Report : Europe Oilfield Service Market Forecast to 2028 – COVID-19 Impact and Analysis – by Application (Onshore and Offshore) and Service Type (Well Completion, Wire line, Artificial Lift, Perforation, Drilling and Completion Fluids, and Others) 

Others Segment to Dominate Europe Oilfield Service Market during 2019–2028

 

According to a new market research study on “Europe Oilfield Service Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Service Type,” is expected to reach US$ 28,420.32 million by 2028 from US$ 18,405.87 million in 2021. The market is estimated to grow at a CAGR of 6.4% from 2021 to 2028. Increasing demand of offshore/deep-water discoveries is the major factor driving the growth of the Europe oilfield service market. However, volatility in crude oil prices may hinder the growth of Europe oilfield service market. The report provides trends prevailing in the Europe oilfield service market along with the drivers and restraints pertaining to the market growth.

 

The Europe oilfield service market is segmented into application, service type, and country. Based on application, the Europe oilfield service market can be bifurcated into onshore and offshore. In 2020, the onshore segment held the largest share Europe oilfield service market. Based on service type, the Europe oilfield service market is segmented into well completion, wire line, artificial lift, perforation, drilling and completion fluids, and others. In 2020, the others segment held the largest share Europe oilfield service market. Similarly, based on country, the market is segmented into France, Germany, the UK, Italy, Russia, and the rest of Europe. The UK contributed a substantial share in 2020. 

 

Archer; Baker Hughes Company; Halliburton Energy Services, Inc; Hunting PLC; NOV Inc; Schlumberger Limited; and Weatherford International plc are among the leading companies in the Europe oilfield service market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2022, Baker Hughes announced their partnership and investment with NET Powers. The partnerships will enable the company to accelerate the market development of zero-emissions power plant.

 

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