Coiled Tubing Services Market

Coiled Tubing Services Market Size (2024-2029):

The Global Coiled Tubing Services Market size was expanding from US$ 3.48 billion in 2023 to reach a valuation of US$ 4.88 billion by 2029, recording a CAGR of 7.0% over the foreseen period 2024-2029.

Market Trends:

The use of coiled tubing in the oil and gas industry has many advantages ranging from confined well pressure, faster travel times, and lower personnel requirements, among others. The market is about to grow, as more and more investment is directed to the exploration and production industry. With the development of offshore and deep-water drilling markets, the use of these coiled tubes in these markets is imminent. One of the main drivers of this market is the extensive shale gas exploration and drilling activity around the world. The rising call for energy is likely to support the drilling industry even in the distant future and secure the call for such coiled tubes.

Market Drivers:

High spending on worldwide upstream and operational activities started to rise from the NOCs and integrated oil companies. In addition, with the growing call for oil and gas, the upstream oil and gas sector is improving its operating activities and escalating production. The main factors influencing the worldwide spiral tube market are the escalating expansion of the energy sector and increased investments in shale gas developments. Escalating investments in exploration and production industries are also driving the worldwide market. Advances in the deepwater and offshore drilling markets are escalating the use of coiled tubing, which in turn is driving the expansion of the global coiled tubing market. The other factors that are driving the worldwide market are the growing call for renewable resources, increased exploration, production, and completion of these activities. The main objective is to increase the production of natural gas and oil required by large-scale spiral tube services, which drives the expansion of the world market. Escalating the call for the coiled product is driving the worldwide coiled tubing services market. Rising employment opportunities and a low-cost workforce are predicted to influence the expansion of this market.

Market Restraints:

A coiled tube is actually subtle equipment and the tube has relatively thin walls. Since the tube is constantly bent and straightened, often under high internal pressure, which can cause a small defect, either caused by corrosion or mechanical, so there is a high probability of operational damage. Studies show that 80-90% of spiral tube column failures over the past two decades were associated with corrosion, mechanical damage, human error, and bead manufacturing problems.

Market Opportunities:

Advances in exploration technology, along with declining shallow water oil reserves and the commercial viability of exploration projects, are the main factors pushing E&P operators to explore new fields. oil, especially in offshore regions. Hence the creation of new opportunities for coiled tubes.

Market Challenges:

High-pressure losses when pumping fluids, corrosion of coiled tubes, the inability to rotate coiled tubes, and the logistical challenges of trucking and lifting cranes at sea are some of the challenges that companies face coiled tubing service providers during offshore well work and drilling activities. Therefore, the high cost of ownership slows the expansion of the world market.

Market Key Developments:

• Tenaris launches rolled tube services in Argentina to manage the entire value chain. Tenaris has acquired sophisticated and modern units, unique in the Argentine market, capable of satisfying clients' needs for the exploration of longer lateral wells.
• Halliburton has launched the SPECTRUM FUSION service, the latest offering in the SPECTRUM family of real-time coiled tube services. The FUSION service includes the industry's first real-time system using hybrid cable technology that combines fiber optics and power to provide background communication and continuous power for a variety of diagnostic applications.

COILED TUBING SERVICES MARKET REPORT COVERAGE:

Market Segmentation:

Coiled Tubing Services Market - By Fleet:

• Operator
• Region

Coiled Tubing Services Market - By Service:

• Well intervention service
• Drilling service
• Others

Well-intervention services include operations performed with coiled tube units. The well interventions segment has been subdivided, by type, into well completions and mechanical operations and well cleaning and pumping operations. Well-intervention services are performed by cable or by coiled tube.

Coiled Tubing Services Market - By Application:

• Onshore
• Offshore

The onshore segment is predicted to experience the fastest expansion during the forecast period. The development of national oil and shale gas reserves is behind the sharp increase in crude oil and natural gas production in the area. This has improved the efficiency of operations to increase production from oil and gas wells.

Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East & Africa 

North America is estimated to be the largest market from 2022 - 2027, driven by the expansion of unconventional resources in the United States and Canada. Additionally, the call for coiled tube operations in maturing offshore fields in the Gulf of Mexico and other onshore fields in the United States is predicted to drive market expansion. The United States has the majority of its share of the coiled tubing services market. Escalating shale gas developments in the United States are contributing to worldwide market expansion in the region. Innovative technology and increased investments employed in the oil and gas industry help the worldwide market to expand to areas like the Middle East and Africa.

The worldwide market for coiled tubing services in Asia-Pacific and Europe is constantly growing. New developments in the coiled tube industry are driving market expansion. The Asia Pacific market is predicted to experience the fastest expansion during the outlook period, due to increased government initiatives for the development of the oil and energy industry, with the majority of the population opting to use an alternative energy source in the emerging economies of the locale. In addition, the Middle East and Africa market shows moderate expansion during the forecast period, due to the escalating call for innovative technologies for oil and gas applications and the development of new oil fields in the region.

Market Key Players:

The major players in the global coiled tubing services market include

1. Halliburton Co
2. Baker Hughes
3. Schlumberger Ltd.
4. Nabors Industries
5. Superior Energy Services Inc.
6. C&J Energy Services
7. Trican Well Services Ltd.
8. Weatherford International
9. Calfrac Well Services Ltd
10. Archer Limited
11. RPC, Inc.