Europe Well Intervention Market Report by Scope, Segmentation, Dynamics, and Competitive Analysis

The Europe Well Intervention Market size is expected to reach US$ 7.36 billion by 2031 from US$ 5.83 billion in 2023. The market is estimated to record a CAGR of 3.0% from 2023 to 2031.

Executive Summary and Europe Well Intervention Market Analysis:

Europe had ~118 onshore and offshore rigs in total by the end of 2023, compared to 97 rigs in 2022. Although the region has a lesser number of onshore and offshore rigs than other regions, it has a potentially strong capacity for oil and gas production and exports. Norway, the UK, and Denmark are the major oil and gas producers in the region, with significant offshore reserves in the North Sea. Other countries such as the Netherlands, Germany, and Italy also have small-scale oil and gas production projects. According to the EIA, in 2022, Norway accounted for 2.0% of the world's oil production. The country has substantial offshore oil and gas reserves in the North and Norwegian Seas. The exploration and production activities in these areas have been highly successful. Moreover, Norwegian companies have been at the forefront of developing advanced technologies for offshore oil and gas exploration and production. Thus, continuous developments in the oil and gas industry are anticipated to drive the well intervention market growth in Europe in the coming years.

Europe Well Intervention Market Segmentation Analysis:

Key segments that contributed to the derivation of the well intervention market analysis are service, application, intervention, and well type.

Based on service, the Europe well intervention market is segmented into logging and bottomhole survey, tubing or packer failure and repair, and stimulation. The logging and bottomhole survey held the largest share of the market in 2023.

In terms of application, the Europe well intervention market is bifurcated into onshore and offshore. The offshore segment held a larger share of the market in 2023.

By intervention, the Europe well intervention market is categorized into light, medium and heavy. The light segment held the largest share of the market in 2023.

Based well type, the Europe well intervention market is bifurcated into horizontal and vertical. The vertical segment held a larger share of the market in 2023.

Europe Well Intervention Market Outlook

A few of the key developments that took place in recent times in the offshore oil and gas industries across the world are mentioned below:

In October 2022, the government of Italy announced plans to double the gas production from its existing natural gas production capacity. This plan included the construction of new offshore gas fields across the country. In 2023, the Norwegian government approved the development of 19 offshore fields for oil and gas with investments exceeding US$18.5 billion. In September 2023, one of the UK's biggest untapped oil reserves received approval from the North Sea Transition Authority. Consequently, the ultimate investment decision for the development of the contentious Rosebank field on the UK Continental Shelf (UKCS) was confirmed by Equinor and Ithaca. The planning of new offshore plan construction projects, discovery of new offshore oil & gas field locations, rise in investments in offshore locations, and refurbishment of existing offshore oil and gas rigs are a few crucial factors contributing to the growth of the offshore oil and gas industries, which subsequently bolster the well intervention market.

Europe Well Intervention Market Country Insights

Based on country, the Europe well intervention market comprises Germany, France, the UK, Russia, Norway, Denmark, and the Rest of Europe. Russia held the largest share in 2023.

Russia had nearly 25 offshore oil and gas rigs by the end of 2022. It is among the top 3 natural gas producers across the world. Further, the country produced ~10.8 million barrels per day of liquid fuels in 2023, and it had 80 billion barrels of oil reserves as of January 2024. The country is one of the major exporters of oil and gas to the world. However, regulatory and restrictive actions taken by different countries amid the Russia-Ukraine war have hampered the oil and gas and other economic segments of Russia. Many countries that had crude oil and gas trade relations with Russia have now moved to countries such as the UK, Brazil, and Saudi Arabia for their import demands. This has hampered the well intervention market growth in Russia in the last 2 years. In response, the country is likely to bring new policies to enhance its oil and gas production and strengthen its export relationships with other regions, which in turn would benefit the well intervention market in the coming years.

Europe Well Intervention Market Company Profiles

Some of the key players operating in the market include Halliburton Co, Baker Hughes Co, Weatherford International Plc, Expro Group Holdings NV, Oceaneering International Inc, Archer Ltd, Schlumberger NV, Forum Energy Technologies Inc, Helix Energy Solutions Group Inc, and Trican Well Service Ltd., among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Europe Well Intervention Market Research Methodology:

The following methodology has been followed for the collection and analysis of data presented in this report.

Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

Company websites, annual reports, financial statements, broker analyses, and investor presentations. Industry trade journals and other relevant publications. Government documents, statistical databases, and market reports. News articles, press releases, and webcasts specific to companies operating in the market. Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

Primary Research

The publisher conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:

Validate and refine findings from secondary research. Enhance the expertise and market understanding of the analysis team. Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects. Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe well intervention market.
• Highlights key business priorities to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the Europe well intervention market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the Europe well intervention market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.