Recovery of Mature Oilfields Stimulates Demand for Coiled Tubing Services

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The Coiled Tubing Market size to expand at 6.11% CAGR during the forecast period 2022-2030 with valuation of USD 5.88 billion, due to rising demand for well intervention operations.

Coiled Tubing Market Analysis:

The Coiled Tubing Market size to expand at 6.11% CAGR during the forecast period 2022-2030 with valuation of USD 5.88 billion, due to rising demand for well intervention operations.

Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.

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Segmentation

The global coiled tubing market has been segmented by service type and application.

Based on service type, the coiled tubing market has been divided into well intervention, drilling, and others. The well intervention segment is dominating the market due to the increasing number of aging wells. The well intervention segment is further sub-segmented into well cleaning, well completion, and others, which include well perforation, well simulation, pumping, and circulation.

On the basis of application, the global coiled tubing market has been divided into onshore and offshore. The onshore segment held a larger share of the market in 2018 as it is more feasible and cost-effective compared to the offshore application due to the use of smaller service rigs and mobile self-contained coiled tubing rig for light operations. Further, the rise in shale gas exploration, particularly in the U.S., and growing drilling activities is estimated to fuel the growth of onshore applications worldwide.

Regional Analysis

In Asia Pacific, major coiled tubing companies are focusing on this region due to its vast unexplored reserves and new oil field discoveries. The use of CT in well cleaning and other upstream processes can induce the market demand. Moreover, a large number of shale reservoirs are present in China which requires a high number of coiled tubing units. Furthermore, substantial hydrocarbon reserves, supportive political environment, transparent regulatory structure, and the high demand for oil and gas make the region an attractive market for foreign investment. For instance, the Indian government has allowed 100% FDI in many sectors such as petroleum products, natural gas, and refineries. This has led to an increase in offshore oil production and refinery projects in the country.

Europe can also command a huge share of the global coiled tubing market owing to abundance of oil wells and pressure for reducing lifting costs. Russia seems to hold a large market share owing to its massive oil fields, awareness of CT technology, and improvements in well preparation times.

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Competitive Outlook

Schlumberger, Nabors Industries Ltd, Step Energy Services Ltd, Calfrac Well Services Ltd, Baker Hughes, Weatherford, Key Energy Services Inc., CJ Energy Services, Inc, RPC Inc, Trican, and Halliburton are key players of the global coiled tubing market.

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