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 benefits of coiled tubing over wireline is that the former does not rely on gravity and chem-icals can be injected into the wellbores of highly deviated wells with the usage of the product are the major factors that are driving the coiled tubing market.
Recent Developments
C&J Energy Services and Keane Group, Inc. have announced that they are going to enter into a definitive agreement whereby the companies will combine in an all-stock merger of equals and will be positioned as an industry-leading, diversified oilfield services provider.
Schlumberger, an oilfield services firm, has announced that they are going to build a new man-ufacturing center in the King Salman Energy Park (SPARK) in Saudi Arabia.
Market drivers and restraints
The increase in oil and gas production around the world along with rising penetration of coiled tubing in the intervention in services and the low labor cost for the maintenance and the oper-ations in applications which is encouraging to adopt this technology is one of the critical factors for the growth of the 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 mostly pre-ferred for horizontal and highly deviated wells are the aspects that are positively driving the market.
With the increasing focus on deep water drilling, demand for large diameter coiled tubing, the growth in offshore and deep-water drilling in recent times, the consumption of coiled tubing is calculated to gain traction across the globe, which will create some substantial growth oppor-tunities for the coiled tubing market's growth.
However, the decreasing prices of oil, globally and rising in the size of the horizontal wells and the stringent regulations of governments of various nations and the declining count of the rig are some of the critical challenges for the growth of the global coiled tubing market.
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Report Segmented as
By type
• Offshore
• Onshore
By End-Use
• Oil & gas industry
• Construction Industry
• Engineering Procurement
• Others
By Services
• Well intervention & Production
• Drilling
• Perforating
• Fracturing
• Engineering Services
• Milling Services
• Nitrogen Services
• Others
Geographical Analysis
• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa
In the regional analysis of the target market, North America is the region that has the largest share of the revenue owing to the presence of developed economies like the US and Canada.
Key market players
• Halliburton (US)
• Schlumberger (US)
• BHGE (US)
• Weatherford (US)
• C&J Energy Services (US)
• Superior Energy Services (US)
• Trican (Canada)
• Altus Intervention (Norway)
• National Energy Services Reunited (US)
• Sahara Petroleum Services Company (Egypt)
• RPC Inc. (US)
• Basic Energy Services (US)
• Oceaneering International (US)
• STEP Energy Services (Canada)
• Calfrac Well Services (Canada)
• Key Energy Services (US)
• Nine Energy Services (US)
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