Europe Well Intervention Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
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 United Kingdomraine 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.
Key HighlightsThe European well intervention market is moderately consolidated. Some of the key players include Schlumberger Limited, Halliburton Company, China Oilfield Services, Weatherford International PLC, and Baker Hughes Company.
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