Market Size of Europe Oilfield Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Oilfield Services Market Analysis
The European oilfield services market is expected to witness a CAGR of more than 5% during the forecast period, 2022-2027. The COVID-19 pandemic affected the market severely. The pandemic led to a decline in demand for crude oil and natural gas, resulting in a crash in oil and gas prices. This crash made the upstream activities economically unfeasible. The market is expected to recover once the price strengthens. In terms of the growth of the market, factors such as the development of oil and gas reserves in the region, along with advanced technologies, tools, and equipment, are expected to drive the market during the forecast period. However, a shift toward renewable energy sources, along with the high volatility of crude oil prices, is expected to hinder market growth.
- The offshore segment is expected to witness significant growth during the forecast period owing to increased oil and gas acreage development activities in the region.
- The emergence of new technologies such as digitalization and automation, new drilling methods, and next-generation electric fracking methods are expected to provide opportunities to the players involved in the market soon.
- Norway is expected to witness significant growth during the forecast period. The region has been witnessing significant crude oil exploration and production activity lately.
Europe Oilfield Services Industry Segmentation
The Europe oilfield services market report includes:
| Services Type | |
| Drilling Services | |
| Completion Services | |
| Production and Intervention Services | |
| Other Services |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| Russia | |
| Norway | |
| United Kingdom | |
| Rest of Europe |
Europe Oilfield Services Market Size Summary
The European oilfield services market is poised for recovery and growth, driven by the development of oil and gas reserves and the adoption of advanced technologies. The market experienced a downturn due to the COVID-19 pandemic, which led to a significant drop in demand for crude oil and natural gas, causing a decline in prices and making upstream activities economically unfeasible. However, as prices stabilize, the market is expected to benefit from technological advancements and increased exploration activities. The offshore segment, particularly in the North Sea, is anticipated to see substantial growth due to the development of new oil and gas acreage and the potential for undiscovered resources. The introduction of digitalization, automation, and next-generation drilling methods is expected to create new opportunities for market players.
Norway is expected to be a key contributor to the market's growth, with significant oil and gas discoveries and ongoing exploration activities. The country has been proactive in granting licenses for new offshore projects, which is likely to drive the oilfield services market further. The Norwegian Petroleum Directorate's approval of drilling permits and the awarding of production licenses are set to enhance the market's prospects. The European oilfield services market is moderately consolidated, with major players like Schlumberger, Baker Hughes, Weatherford, Transocean, and Halliburton actively participating. These companies are involved in various strategic initiatives, such as contracts and technological innovations, to strengthen their market position and capitalize on the anticipated growth in the region.
Europe Oilfield Services Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, untill 2027
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1.3 Crude Oil and Natural Gas Production and Forecast, untill 2027
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1.4 Onshore and Offshore Active Rig Count, untill 2021
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.2 Restraints
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1.8 Supply Chain Analysis
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1.9 Porter's Five Forces Analysis
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1.9.1 Bargaining Power of Suppliers
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1.9.2 Bargaining Power of Consumers
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1.9.3 Threat of New Entrants
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1.9.4 Threat of Substitutes Products and Services
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1.9.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Services Type
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2.1.1 Drilling Services
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2.1.2 Completion Services
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2.1.3 Production and Intervention Services
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2.1.4 Other Services
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2.2 Location of Deployment
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2.2.1 Onshore
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2.2.2 Offshore
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2.3 Geography
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2.3.1 Russia
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2.3.2 Norway
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2.3.3 United Kingdom
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2.3.4 Rest of Europe
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Europe Oilfield Services Market Size FAQs
What is the current Europe Oilfield Services Market size?
The Europe Oilfield Services Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Europe Oilfield Services Market?
Halliburton Company, Transocean Ltd, Baker Hughes Company, Weatherford International PLC and Schlumberger Limited are the major companies operating in the Europe Oilfield Services Market.
