Coiled Tubing Market

Coiled Tubing Market Size (2024- 2029):

The Global Coiled Tubing Market size is expected to reach USD 5.06 billion by 2029, which is a significant increase from USD 3.54 billion in 2023 with rising in a decent CAGR of 7.36% during the forecast period of 2024 – 2029.

Market Drivers:

The increase in oil and gas production around the world along with the 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 is a cost-effective technology and is getting preferred for horizontal and highly deviated wells are the drivers that are positively driving the market., Moreover, the low labour cost for the maintenance and the operations in applications of this coiled tubing technology encourages adopting this technology.

Market Restraints:

However, the decreasing prices of oil, globally and the rising in the size of horizontal wells are some of the critical challenges to the growth of the global coil tubing market.

In addition, the stringent regulations of governments of various nations and the declining count of rigs are the factors that are hindering the coil tubing market globally.

Market 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 recent growth in offshore and deepwater drilling, the consumption of coiled tubing is calculated to gain traction worldwide.

COILED TUBING MARKET REPORT COVERAGE:

Market Segmentation:

Coiled Tubing Market: By Type:

• Offshore
• Onshore

Based on 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:

• Oil & Gas Industry
• Construction Industry
• Engineering Procurement
• Others

Based on 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 the 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:

• Well Intervention & Production
• Drilling
• Perforating
• Fracturing
•  Engineering Services
•  Milling Services
• Nitrogen Services 
• others

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.

Market Regional Analysis:

The Coiled Tubing Market Report includes the segmentation of Regions with their respective Countries.

• North America - the U.S, Canada
• Europe - the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe
• Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC
• Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM
• Middle East & Africa - 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.

Market Key Players:

1. Schlumberger Ltd
2. Halliburton
3. Baker Hughes Inc.
4. Archer
5. Trican Well Service Ltd
6. C&J Energy Services Inc.
7. Key Energy Services Inc.
8. RPC Inc.
9. Sanjel Corporation
10. Nabors Industries Ltd
11. Superior Energy Services Inc
12. Weatherford International Ltd.
13. Calfrac Well Services Ltd. 

Market Recent Developments:

• In November 2018, at the Abu Dhabi International Petroleum Exhibition & Conference, Schlumberger unveiled Concert well-tested live performance technology. New technology brings real-time surface and hole calculation, data analysis, and communication capabilities to well-testing.

• In September 2019, Halliburton announced the purchase of a new line of Western (UK) electro-mechanical downhole cutting equipment and tubing punches. Such facilities provide operators with a safe and reliable alternative to traditional pipe recovery and well-life-cycle intervention from discovery to abandonment.