The increasing need to boost the manufacturing of oil and gas, increasing investment for exploration and production activities, and the extensive applications of coiled tubing in upstream oil and gas activities are the key factors influencing the market demand.
New York, March 24, 2021 (GLOBE NEWSWIRE) — Market Size – USD 3.42 Billon in 2020, Market Growth – CAGR of 5.3%, Market Trends – Escalating need to reduce capital expenditure and cost of oil and gas production
The global Coiled Tubing Market is expected to reach USD 4.67 Billion in 2028 at a CAGR of 5.3%, according to a recent report by Reports and Data. The cost-effectiveness of the technology and its increasing preference for horizontal and deviated wells are the major factors supporting the market expansion. The ability of the coiled tubing to effectively allow the flow of fluids while rapidly retrieving and deploying the gas has boosted its adoption in the oil and gas industry. Coiled tubing is an elongated tube supported on a spool that is actively deployed to perform functions similar to wirelining. However, coiled tubing is not dependent on gravity and can efficiently push the liquid or gas through the tube and into the hole. This has increased the demand for coiled tubing.
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The low maintenance costs associated with the coiled tubing are further adding traction to the market expansion. The tubing is extensively used to perform workover and repair operations in the gas and oil well sites. They are available in a wide range of diameters and are made up of superior-quality steel combined with nickel, copper, and chromium. The increasing cost-efficiency and enhance corrosion resistance have further bolstered its adoption across the oil and gas industry.
The rapid development of deepwater and ultra-deepwater are projected to open new opportunity paths for the market players in the forecast timeframe, thereby contributing to the market growth. The escalating demand from well interventions, rising upstream exploration activities, and increasing financial support to expand the exploration and production projects are further contributing to the market growth. However, the implementation of robust regulations and the environmental risks associated with the deep exploration and production projects are projected to hinder the market growth in the forecast timespan.
Coiled Tubing Market Size, Share & Analysis, By Services (Well Intervention, Drilling, Others), By Operation (Circulation, Logging, Pumping, Perforation, Others), By Application (Onshore, Offshore), By Region, Forecast To 2028; To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/coiled-tubing-market
Key Highlights from the Report:
- The well intervention segment is predicted to record exponential expansion in the projected timeframe owing to the augmenting attention on bolstering the manufacturing of oil and gas from existing oil reserves. The accelerated technological and equipment upgrade is further increasing the penetration of coiled tubing in well intervention services.
- The circulation segment is foreseen to gain a larger market share in the forecast timeframe accredited to the rising use of coiled tubing in circulation and deliquificaiton. The usage of coiled tubing to remove the kill fluid from the wellbore’s bottom by pushing nitrogen gas through the tube has added traction to the segment’s growth.
- The onshore segment is expected to register a fastest CAGR in the estimated timeline ascribed to the escalating focus for onshore exploration missions, surging investments in the oil & gas sector, and the escalating need for energy and crude oil worldwide.
- North America is foreseen to account for a substantial share of the market in the projected timeframe credited to the accelerating availability of skilled professionals, rising number of E&P operations, increasing oil and gas produce, and the soaring advancements in the machinery.
- Prominent companies of the industry include Halliburton, Global Tubing, LLC, C&J Energy Services, Pioneer Energy Services,Baker Hughes Company, National Oilwell Varco, and Schlumberger Limited.
- Baker Hughes and Akastor ASA joined forces, in February 2021, to form a joint venture company that will amalgamate the Subsea Drilling Systems segment of Baker Hughes Company and MHWirth AS, Akastor ASA’s subsidiary venture, to offer the customers a broad portfolio of services and products.
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For the purpose of this report, Reports and Data has segmented the global Coiled Tubing Market based on Services, Operations, Application, and Region:
Services Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
- Well Intervention
- Well Cleaning
- Well Completion
Operation Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
Application Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
Regional Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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