As per our report, the size & growth of the Global Coiled Tubing Market is expected to reach 5.8 Billion USD by 2024, which is a significant increase from 3.9 Billion USD in 2019 with rise in a decent CAGR during the forecast period of 2019 – 2024.
The global coiled tubing market is expected to grow in a considerable way. It is calculated that this market is going to record a CAGR of 4.8% by 2027 from 2020, which is valued as USD 3.5 Billion. The growth of the market is attributed to the benefits of coiled tubing over wireline is that the former does not rely on gravity. Therefore, chemicals can be injected into the wellbores of highly deviated wells with the usage of the product.
Recent Developments in the Coiled Tubing Industry:
Market Growth Drivers
The increase in oil and gas production around the world along with rising penetration of Coiled Tubing (CT) in the intervention in excellent services is one of the critical factors for the growth of the global coiled tubing market.
The wide range of applications in upstream gas and oil activities like drilling, well completion, well cleaning, and other events and is a cost-effective technology and is getting preferred for hori-zontal and highly deviated wells are the drivers that are positively driving the market.
Moreover, the low labor cost for the maintenance and the operations in applications of this coiled tubing technology is encouraging to adopt this technology.
Major Restraints
However, the decreasing prices of oil, globally and rising in the size of the horizontal wells are some of the critical challenges for the growth of the global coil tubing market.
In addition, the stringent regulations of governments of various nations and the declining count of the rig are the factors that are hindering the coil tubing market globally.
Growth Opportunities
The increasing focus on deepwater drilling coupled with demand for large diameter coiled tubing will create some substantial growth opportunities for the global coiled tubing market growth.
Additionally, with the growth in offshore and deepwater drilling in recent times, the consumption of coiled tubing is calculated to gain traction across the world.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2018 – 2024 |
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Base Year |
2018 |
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Forecast Period |
2019 - 2024 |
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Segments Covered |
By Type, Service, End-use & Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Schlumberger Ltd, Halliburton, Baker Hughes Inc., Archer, Trican Well Service Ltd, C&J Energy Services Inc., Key Energy Services Inc., RPC Inc., Sanjel Corporation, Nabors Industries Ltd, Superior Energy Services Inc and Weatherford International Ltd., Calfrac Well Services Ltd.. |
The research report on the Global Coiled Tubing Market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2024.
Coiled Tubing Market: By Type
On the basis of Type, the onshore segment is expected to increase at the highest CAGR during the forecast period. The growth of domestic shale gas and tight oil reserves is driving a significant increase in the production of crude oil and natural gas in the region. This has resulted in improved efficiency of operations to increase the production of oil and gas wells. The value of onshore oil & gas wells depends on acquiring land, capitalized exploration, construction, installation, refining, and transport.
Onshore fields have been generating for more than 150 years now, and most of them are being exhausted at faster rates. Such oil fields are experiencing a decline in production and resource operators are investing in various recovery and intervention methods to increase and maximize well output. In the sense of good operation, coiled tubing services are used to achieve the most optimal levels of production. Thus, a higher rate of onshore field deterioration creates demand for the onshore coiled tubing market.
Coiled Tubing Market: By End-Use
On the basis of End-use, Oil, and Gas to account for the largest share of the world market during the forecast period. This rise in the demand for the market can be attributed to the growing demand for gas and oil, which is a direct result of the increase in vehicle population and urbanization.
Although Oil and Gas segment holds a considerable market share, it is not likely to increase at a tremendous rate due to the strict rules and regulations around the globe on oil and gas leakage, water contamination, the environment, and public health caused due to the oil and gas industry.
Coiled Tubing Market: By Service
On the basis of End-use, well intervention and production hold the largest market share. The evolving trends that drive this development make it essential for companies in this segment to keep up with the growing pace of the market. Well Intervention & Development, is expected to reach more than US$ 4.3 billion by 2025, owing to healthy profits that add significant momentum to global growth.
Coiled Tubing Market: By Region
The Coiled Tubing Market Report includes the segmentation of Regions with their respective Countries.
North America Coiled Tubing Market includes U.S, Canada
Europe Coiled Tubing Market includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe
Asia Pacific Coiled Tubing Market includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC
Latin America Coiled Tubing Market includes Brazil, Mexico, Argentina, Chile & Rest of LATAM
Middle East & Africa Coiled Tubing Market includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA
Geographically, North America is expected to be the largest market between 2019 and 2024, powered by the rise in non-paralleled resources in the US and Canada. In addition, demand for coiled tubing operations in offshore fields in the Gulf of Mexico and other offshore fields in the US is expected to drive market growth.
Some of the key players of the Global Coiled Tubing market include Schlumberger Ltd, Halliburton, Baker Hughes Inc., Archer, Trican Well Service Ltd, C&J Energy Services Inc., Key Energy Services Inc., RPC Inc., Sanjel Corporation, Nabors Industries Ltd, Superior Energy Services Inc and Weatherford International Ltd., Calfrac Well Services Ltd.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Introduction
5.1.2 Offshore
5.1.3 Onshore
5.1.4 Y-o-Y Growth Analysis
5.1.5 Market Attractiveness Analysis
5.1.6 Market Share Analysis
5.2 By Service
5.2.1 Introduction
5.2.2 Well Intervention and Production
5.2.3 Drilling
5.2.4 Perforating
5.2.5 Fracturing
5.2.6 Engineering Services
5.2.7 Milling Services
5.2.8 Nitrogen Services
5.2.9 Others
5.2.10 Y-o-Y Growth Analysis
5.2.11 Market Attractiveness Analysis
5.2.12 Market Share Analysis
5.3 By End-Use
5.3.1 Introduction
5.3.2 Oil and Gas Indsutry
5.3.3 Construction Industry
5.3.4 Engineering Procurement
5.3.5 Others
5.3.6 Y-o-Y Growth Analysis
5.3.7 Market Attractiveness Analysis
5.3.8 Market Share Analysis
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.3.3 By Service
6.1.3.4 By End-Use
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Service
6.1.4.4 By End-Use
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Service
6.1.5.4 By End-Use
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leader Analysis
8.1 Schlumberger Ltd
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Halliburton
8.3 Baker Hughes Inc
8.4 Archer
8.5 Trican Well Service Ltd
8.6 C&J Energy Services Inc
8.7 Key Energy Services Inc
8.8 RPC Inc
8.9 Sanjel Corporation
8.10 Nabors Industries Ltd
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
