Coiled Tubing Industry Overview
The global coiled tubing market size was valued at USD 3.25 billion in 2019 and is predicted to expand at a significant CAGR of 4.8% from 2020 to 2027.
Rising oil and gas production around the globe coupled with increasing penetration of Coiled Tubing (CT) in well intervention services is the key factor driving growth. The main benefit of coiled tubing over wireline is that the former does not rely on gravity and therefore chemicals can be pumped into the wellbores of highly deviated wells through the use of the product. The need to maximize oil and gas production from highly deviated wells is expected to play a key role in driving the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Coiled Tubing Market
The U.S. represents one of the largest markets for coiled tubing. A steady increase in the capital expenditure for exploration, development, and production of tight oil has played a key role in driving the regional market growth. The production of tight oil in the U.S. has ramped up significantly over the past few years and is projected to reach its peak by 2027.
Coiled tubing finds extensive applications in upstream oil and gas activities such as drilling, well completion, well cleaning, and other activities. Moreover, it is a cost-effective technology and is largely preferred for horizontal and highly deviated wells.
A recent trend indicates oil and gas producers focusing on minimizing the cost of oil production to sustain their profits. As result, the demand for CT has witnessed an upward trend over the last few years. The technology enables faster retrievability and deployment while allowing continuous circulation of fluids. Moreover, it requires fewer service personnel and is highly compact and mobile.
Browse through Grand View Research's Drilling Extraction Equipments Industry Research Reports.
· Coiled Tubing Manufacturing Market - The global coiled tubing manufacturing market size was valued at USD 1.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 2.9%, in terms of revenue, from 2020 to 2027. The rising focus on the development of cost-effective oil production methods is projected to aid market growth over the forecast period. The obvious advantages of Coiled Tubing (CT) operation, in terms of lower mobilization time, higher work performance, balanced well control, and greater safety, are projected to augment the product demand in the fracturing operations.
· GCC North Africa Coiled Tubing Market - The GCC and North Africa coiled tubing market size was valued at USD 636.7 million in 2018 and is and is expected to expand at a Compounded Annual Growth Rate (CAGR) of 4.8% from 2019 to 2025. This high growth is attributed to the increasing adoption of coiled tubing (CT) services for the rising number of oil and gas projects in the region.
Coiled Tubing Market Segmentation
Grand View Research has segmented the global coiled tubing market on the basis of service, operation, application, and region:
Coiled Tubing Services Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
o Well Intervention
o Well Completion
o Well Cleaning
Coiled Tubing Operation Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Coiled Tubing Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Coiled Tubing Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
o North America
o Asia Pacific
o Central South America
o Middle East Africa (MEA)
Market Share Insights
· April 2016: Schlumberger Ltd. acquired CT drilling units from Xtreme Drilling and Coil Services Corp. in an attempt to advance the overall drilling process and improve coiled tubing efficiency through technological integration.
Key Companies profiled:
Some prominent players in the global coiled tubing market include
· Forum Energy Technologies, Inc.
· National Oilwell Varco
· Sandvik AB
· Trident Steel Corporation
· Gautam Tube Corporation
· Stewart Stevenson
· John Lawrie Group
· TH Lemont
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