Europe Oil and Gas Fishing Market Size and Forecast (2021

Description

List of Tables

The Europe Oil and Gas Fishing Market is projected to grow significantly, reaching an estimated US$ 609.7 million by 2031, up from US$ 442.3 million in 2024. This growth represents a compound annual growth rate (CAGR) of 4.8% from 2025 to 2031, highlighting the increasing importance of fishing operations within the upstream oil and gas sector.

Executive Summary and Market Analysis

The oil and gas fishing market plays a vital role in the upstream oil and gas industry, primarily focused on maintaining and optimizing drilling operations. Fishing operations are essential for retrieving lost, stuck, or damaged tools and equipment from the wellbore, which is crucial for ensuring uninterrupted production and minimizing downtime. According to the International Energy Agency (IEA), electricity demand in the European Union is expected to grow at an average rate of 2.3% from 2024 to 2026. This growth is driven by the increasing adoption of electric vehicles, heat pumps, and data centers, which together are projected to account for half of the total demand increase. As electricity demand rises, the need for reliable energy infrastructure will also grow, indirectly boosting the demand for oil and gas fishing services as part of the maintenance of upstream operations in hybrid energy systems and backup generation.

Key players in the Europe oil and gas fishing market include industry leaders such as Baker Hughes, Weatherford, and Schlumberger. These companies provide specialized tools and expertise necessary for retrieving stuck equipment and maintaining wellbore integrity. Their services are particularly critical during well interventions, workovers, and decommissioning activities, especially in deepwater and ultra-deepwater drilling operations.

Strategic Insights

Market Segmentation Analysis

The Europe Oil and Gas Fishing Market can be segmented by product and application. In terms of product segmentation, the market includes Casing Cutters, Milling Tools, Overhead and Spears, Fishing Jars, and Others. The Overhead and Spears segment is expected to dominate the market in 2024.

By application, the market is divided into Onshore and Offshore segments, with the Onshore segment also expected to lead in 2024.

Market Outlook

The oil and gas industry is increasingly venturing into deepwater and ultra-deepwater drilling to tap into new reserves that can meet the rising global energy demand. These offshore projects often operate in complex and high-risk environments, necessitating advanced technologies and highly skilled operations.

For instance, in January 2025, SLB announced it had secured multiple drilling contracts from Shell plc for deep and ultra-deepwater projects in the UK North Sea and other locations. These contracts, spanning three years, will provide various drilling services essential for energy development. Similarly, in April 2020, Ardyne obtained four long-term contracts for fishing, milling, and casing recovery services on approximately 175 wells in the UK/North Sea. These contracts focus on the plug and abandonment (P&A) of legacy wells and are with major operators for durations of 3 to 5 years, emphasizing the importance of recovering casing and preparing wells for permanent abandonment.

Deepwater operations present numerous technical challenges, including high pressure, high temperatures, and complex well structures. These factors increase the likelihood of stuck pipes, lost tools, or blockages, which can halt drilling and lead to costly downtime. Consequently, oil and gas companies heavily rely on fishing services to address these issues. Fishing involves the use of specialized tools to retrieve lost or stuck equipment from the well, requiring advanced technology and experienced crews to operate safely and effectively in deepwater environments. Thus, the expansion of deepwater drilling is a significant driver for the oil and gas fishing market.

Country Insights

The Europe Oil and Gas Fishing Market is also analyzed by country, with key markets including Germany, France, Italy, the United Kingdom, Russia, and the Rest of Europe. Notably, Russia held the largest market share in 2024.

As the world's second-largest natural gas producer, following the United States, Russia possesses the largest gas reserves globally and is the leading gas exporter. In 2021, Russia produced 762 billion cubic meters (bcm) of natural gas and exported approximately 210 bcm via pipeline. Additionally, Russia's crude and condensate output reached 10.5 million barrels per day (bpd), accounting for 14% of global supply. The majority of Russia's oil and gas production facilities are located in western and eastern Siberia, where the harsh and remote environments necessitate the use of advanced oilfield technologies. The demand for continuous, high-volume output has accelerated the adoption of sophisticated fishing tools and services, which are essential for maintaining wellbore integrity and minimizing downtime during drilling and production.

Company Profiles

Key players in the Europe Oil and Gas Fishing Market include NOV Inc, SLB, Baker Hughes Co, SGS SA, Halliburton Co, MB Petroleum Services LLC, Weatherford International Plc, Superior Energy Services Inc, Archer Ltd, and Yulin Machinery Corporation. These companies are pursuing various strategies, including expansion, product innovation, and mergers and acquisitions, to enhance their market share and provide innovative solutions to their customers.

Product Code: TIPRE00042551

1. Introduction

1.1 Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macroeconomic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country-level data:

4. Oil and Gas Fishing Market Landscape

4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers
- 4.3.2 Manufacturers
- 4.3.3 Distributors or Suppliers
- 4.3.4 End-Use Industry
4.4 List of Vendors in the Value Chain
4.5 Import Export Analysis, 2023 (Trade Value: US$ Thousand), (Quantity Unit: Tonne)
- 4.5.1 Import Export Analysis, 2023 - Boring or Sinking Machinery (843041), (Trade Value: US$ Thousand), (Quantity Unit: Item)
- 4.5.2 Import Export Analysis, 2023 - Parts of Boring or Sinking Machinery (843143), (Trade Value: US$ Thousand), (Quantity Unit: Tonne)
- 4.5.3 Import Export Analysis, 2023 - Casings (730520), (Trade Value: US$ Thousand), (Quantity Unit: Tonne)
- 4.5.4 Import Export Analysis, 2023 - Casings, Tubing & Drill Pipe (730420), (Trade Value: US$ Thousand), (Quantity Unit: Tonne)
- 4.5.5 Import Export Analysis, 2023 - Tubes, Pipe & Hollow Profiles, Iron or Nas, Welded (730630), (Trade Value: US$ Thousand), (Quantity Unit: Tonne)
- 4.5.6 Import Export Analysis, 2023 - Tubes, Pipe & Hollow Profiles, Iron or Steel (730690), (Trade Value: US$ Thousand), (Quantity Unit: Tonne)
- 4.5.7 Import Export Analysis, 2023 - Tubes, Pipe & Hollow Profiles, Welded, (730660), (Trade Value: US$ Thousand), (Quantity Unit: Tonne)
4.6 ESG Outlook

5. Europe Oil and Gas Fishing Market - Key Market Dynamics

5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Future Trends
5.5 Impact of Drivers and Restraints:

6. Oil and Gas Fishing Market - Europe Market Analysis

6.1 Europe Oil and Gas Fishing Market Revenue (US$ Million), 2024 - 2031
6.2 Europe Oil and Gas Fishing Market Forecast and Analysis

7. Europe Oil and Gas Fishing Market Revenue Analysis - by Product

7.1 Casing Cutters
- 7.1.1 Overview
- 7.1.2 Casing Cutters: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.2 Milling Tools
- 7.2.1 Overview
- 7.2.2 Milling Tools: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.3 Overhead and Spears
- 7.3.1 Overview
- 7.3.2 Overhead and Spears: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.4 Fishing Jars
- 7.4.1 Overview
- 7.4.2 Fishing Jars: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.5 Others
- 7.5.1 Overview
- 7.5.2 Others: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)

8. Europe Oil and Gas Fishing Market Revenue Analysis - by Application

8.1 Onshore
- 8.1.1 Overview
- 8.1.2 Onshore: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.2 Offshore
- 8.2.1 Overview
- 8.2.2 Offshore: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)

9. Europe Oil and Gas Fishing Market - Country Analysis

9.1 Europe
- 9.1.1 Europe Oil and Gas Fishing Market Revenue and Forecast and Analysis - by Country
  - 9.1.1.1 Europe Oil and Gas Fishing Market Revenue and Forecast and Analysis - by Country
  - 9.1.2.2 Germany: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 9.1.2.2.1 Germany: Europe Oil and Gas Fishing Market Share - by Product
    - 9.1.2.2.2 Germany: Europe Oil and Gas Fishing Market Share - by Application
  - 9.2.3.3 France: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 9.2.3.3.1 France: Europe Oil and Gas Fishing Market Share - by Product
    - 9.2.3.3.2 France: Europe Oil and Gas Fishing Market Share - by Application
  - 9.3.4.4 Italy: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 9.3.4.4.1 Italy: Europe Oil and Gas Fishing Market Share - by Product
    - 9.3.4.4.2 Italy: Europe Oil and Gas Fishing Market Share - by Application
  - 9.4.5.5 United Kingdom: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 9.4.5.5.1 United Kingdom: Europe Oil and Gas Fishing Market Share - by Product
    - 9.4.5.5.2 United Kingdom: Europe Oil and Gas Fishing Market Share - by Application
  - 9.5.6.6 Russia: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 9.5.6.6.1 Russia: Europe Oil and Gas Fishing Market Share - by Product
    - 9.5.6.6.2 Russia: Europe Oil and Gas Fishing Market Share - by Application
  - 9.6.7.7 Rest of Europe: Europe Oil and Gas Fishing Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
    - 9.6.7.7.1 Rest of Europe: Europe Oil and Gas Fishing Market Share - by Product
    - 9.6.7.7.2 Rest of Europe: Europe Oil and Gas Fishing Market Share - by Application

10 Competitive Landscape

10.1 Heat Map Analysis by Key Players
10.2 Company Positioning & Concentration

11 Industry Landscape

11.1 Overview
11.2 New Product Development
11.3 Merger and Acquisition
11.4 Other Strategic Developments

12 COMPANY PROFILES

12.1 NOV Inc
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 SLB
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 Baker Hughes Co
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 SGS SA
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Halliburton Co
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 MB Petroleum Services LLC
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 Weatherford International Plc
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 Superior Energy Services Inc
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
12.9 Archer Ltd
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
12.10 Yulin Machinery Corporation
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments

13. Appendix

13.1 About The Insight Partners