The global coiled tubing market accounted for a value of USD 2.8 billion in 2019 and is projected to register growth at a CAGR of 5.1% during forecast period.
COVID-19 has impacted the coiled tubing market. The growth of oil & gas industry is affected significantly due to pandemic. The LNG projectes got delayed by the companies to overcome over supply issues. The transportation and trade is at halt as supply chain got disrupted due to travel restriction. The maintenance activities are halted due to spread of corona virus. The growth of coiled tubing is significantly hindered during COVID-19.
For more details, visit: Global Coiled Tubing Market By Services (Well Intervention, Drilling Services, Others), By Application (Onshore and Offshore), By Operation (Pumping, Circulation/Deliquification, Others), By Region, Forecast & Opportunities to 2026
The demand for well intervention operation is increasing in many regions. The investment and spending is increasing in upstream activities. The demand is increasing for oil & gas sector. The operational activities and production is improving rapidly. This drives growth in coiled tubing market during forecast period.
On the basis of services, the coiled tubing market is segmented into well intervention, drilling services and others. The well intervention segment is estimated to dominate the coiled tubing market during forecast period. It includes operations which are performed using coiled tubing units. It includes stimulation, fluid pumping, milling and sand control etc. The well interventions segment is further sub-segmented into mechanical operations & well completions and well cleaning & pimping operations. The coiled tubing well interventions services are largely adopted and this drives growth in well intervention segment during forecast period.
On the basis of application, the coiled tubing market is segmented into onshore and offshore. The onshore segment is estimated to grow at faster rate during forecast period. The domestic shale gas and tight oil reserves are developing and increasing demand for natural gas and crude oil production. This segment is highly efficient and cost of operation depends on transportation, processing, completion, land acquisition and capitalized drilling. This drives growth in onshore segment during forecast period.
North America region is estimated to be largest market during forecast period. The unconventional resources are increasing in this region in countries such as US and Canada etc. The coiled tubing operation is increasing onshore and offshore fields in US. Many new projects and planned exploration projects are beginning in coming years in this region. This drives growth in North America region during forecast period.
The key market players in coiled tubing market are Halliburton, Schlumberger, Baker Huges Company, Weatherford, Nextier Oilfield, RPC Inc., Step Energy Services, Superior Energy, Step Energy Services, Trican, Altus Intervention, National Energy Services Reunited, Oilserv, Basic Energy Services, Oceaneering International, Calfrac well Services, Key Energy Services and Nine Energy Services.
- What are the expected industry trends over the next three to five years?
- Which of the coiled tubing services is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?