Report : Europe Well Completion Equipment and Services Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offerings (Equipment and Service) and Location (Onshore and Offshore)
Services Segment to Dominate Europe Well Completion Equipment and Services Market during 2019–2028
According to a new market research study on “Europe Well Completion Equipment and Services Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offerings and Location,” is expected to reach US$ 1,992.15 million by 2028 from US$ 1,495.46 million in 2021. The market is estimated to grow at a CAGR of 4.2% from 2021 to 2028. Resuming of shale gas operations is the major factor driving the growth of the Europe well completion equipment and services market. However, downfall in the oil & gas industry in FY 2020 may hinder the growth of Europe well completion equipment and services market. The report provides trends prevailing in the Europe well completion equipment and services market along with the drivers and restraints pertaining to the market growth.
The outbreak of the COVID-19 has drastically disrupted the supply chain and manufacturing of industrial equipment. The emergence of COVID-19 virus across Europe which led to lockdown scenarios has led the industry experts to analyze that the industry would face up to a quarter of lag in industrial equipment supply chain. This disruption is expected to create tremors through 2020 till mid-2021. The manufacturing industry is likely to pick up pace sooner as governments across Europe lifted the various containment measure steadily to revive the economy. The production of the industrial equipment is anticipated to gain pace from 2021 which is further foreseen to positively influence the industrial equipment manufacturing including well completion equipment and services. As a result, the European well completion equipment and services market is expected to grow significantly in the coming years.
The market for well completion equipment and services market is segmented into offerings, location, and country. Based on the offerings, the well completion equipment and services market are segmented into equipment and services. In 2020, the services segment held the largest share Europe well completion equipment and services market. Based on equipment the market is divided into packers, sand control tools, multistage fracturing tools, liner hangers, smart wells, valves, control devices, and others. In 2020, the packers segment held the largest share Europe well completion equipment and services market. Based on location, the well completion equipment and services market, is segmented into onshore and offshore. The onshore segment accounts for largest market share in the 2020. Similarly, based on country, the market is segmented into France, Germany, UK, Russia, Italy, and rest of Europe. Russia contributed a substantial share in 2020.
Baker Hughes Company; Halliburton Company; Nov Inc.; NCS Multistage, LLC; Royal Dutch Shell PLC; RPC Incorporated; Schlumberger Limited; Nine Energy Services; and Welltec are among the leading companies in the Europe well completion equipment and services 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 2021, Shell Trinidad and Tobago, a subsidiary of Royal Dutch Shell plc today announces starting production of Block 5C in the East Coast Marine Area (ECMA) in Trinidad and Tobago. Block 5C, known as Project Barracuda, is a backfill project with approximately 25,000 barrels of oil equivalent per day (boe/d) (140 mmscf/d) of sustained near-term gas production with peak production expected to be approximately 40,000 boe/d (220 mmscf/d).
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