Coiled Tubing Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2285 | Last Updated On: Oct 27 2022 | Available Formats

> Global Coiled Tubing Market Expected to reach at a high CAGR of 4.8% by 2029: DataM Intelligence

Global Coiled Tubing Market is segmented By Service (Well Intervention, Well Completions, Well Cleaning, Drilling, Others), By Operation (Circulation/Deliquification, Pumping, Logging, Perforation, Others), By Application (Onshore, Offshore), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

The Global Coiled Tubing Market is expected to grow at a high CAGR of 4.8% during the forecasting period (2022-2029).

Coiled Tubing Market Scope

Metrics

Details

Market CAGR

4.8%

Segments Covered

By Service,By Operation, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Get A Free Sample Click Here

Coiled tubing is a long metal pipe rolled over a large reel in the oil and gas industries. It is made up of low-alloy carbon steel with chromium, copper, and nickel for increasing corrosion resistivity. It is used for carrying out the upstream activities related to the oil & gas operations and wireline due to its characteristics such as low maintenance, well-contained pressure, rigidity, strength, and rapid trip times. It is used for performing various activities such as logging, perforations, production, drilling, and other activities.

Market Dynamics:

The market growth is driven by the rising oil & gas exploration and extraction activities due to the increasing demand for natural gas. According to the United States Energy Information Administration, the natural gas demand had increased by 4.6% in 2018. Several factors such as power generation, coal to gas switching, residential uses, and industrial uses have increased the natural gas demand.

Rising government initiatives for the development of oil improvement projects are further accelerating market growth. For instance, in April 2019, the U.S. Department of Energy (DOE) had raised the funding to USD 39 Million for cost-shared research and development projects for improving oil and natural gas technologies.

The forecasted market is witnessing the technological advancement for coiled tubing to increase the upstream activities' efficiency. For instance, Schlumberger had introduced a new-generation coiled tubing (CT) equipment for increasing the efficiency of coiled tubing services and unrestricted wellhead access. Its CT EXPRESS rapid-deployment unit has reduced rig uptime from 3 hours to less than 30 minutes. CT SEAS unit is safer and more efficient, and it reduces operations from 3.5 days to 2 days.

However, the market growth is hindered by fluctuating oil prices, increased length of horizontal wells, water contamination, high maintenance cost environment, and public health. There is a lack of a professional workforce for carrying out upstream activities by using coiled tubing.

Segment Analysis

The global coiled tubing market is segmented on service and intervention, well completions, well cleaning, drilling, etc. The intervention service segment accounts for the highest market size due to the rising demand for well intervention operations for stimulation, re-perforation, fluid pumping, milling, and other activities.

Drilling accounts for the significant market share due to rising usage of coiled tubing for drilling, the higher speed of operation, improved safety. Several companies are combining the coiled tubing with directional drilling for oil production from non-vertical wells.

The global coiled tubing market is also classified based on an operation into circulation/denitrification, pumping, logging, perforation, etc. The circulation segment accounts for the high market share owing to the high usage of coiled tubing for pumping nitrogen gas into the bottom of the wellbore for boosting oil and gas production. Coiled tubing is used for circulating out the fluid in the oil and gas well.

The pumping segment accounts for a significant market share due to the rising demand for coiled tubing to inject fluid into the well. Coiled tubing is used for cementing perforations in pumping operations due to its ability to avoid potential damage to components. There is high usage of coiled tubing for perforation activity due to its characteristics such as high strength, rigidity, greater tensile and compressive force endurance.

Further, the market is also classified based on applications onshore and offshore. The onshore segment accounts for the highest market share due to more feasible and cost-effective coiled tubing products for onshore applications. There is a high demand for onshore coiled tubing units in both developed and developing countries. Growing drilling activities and rising shale gas production is further stimulating market growth.

Offshore segments are expected to have positive market growth due to rising oil and gas production from offshore oil and gas wells worldwide. Several undergoing expansion offshore oilfield projects in developing countries, especially Saudi Arabia, will fuel market growth over the forecasted period.

Geographical Presentation

By region, the global coiled tubing market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. North America accounted for the highest market share among all regions due to increasing gas production and exploration activities. There is rising awareness related to the benefits of using coiled tubing for upstream industries. The United States market is witnessing a drastic increase in capital expenditure for exploration, development, and tight oil production. Moreover, there is an increase in shale gas developments in the United States. Developed countries such as the United States and Canada are the major coiled tubing consumers for upstream activities. The presence of many crude oil reserves in this region further fueled the market growth over the forecasted period.

Europe accounts for a significant market share due to the growing oilfield service because of new oilfields' discovery. There is an increase in the demand for crude oil owing to growing energy consumption. According to Eurostat, crude oil's primary production was 66.7 million tonnes of oil equivalent (Mtoe) in the European Union in 2017. Approximately 565.7 million tonnes of crude oil were imported to the European Union. The United Kingdom was one of the largest crude oil producers in 2017. The development of cost-effective coiled tubing solutions is stimulating market growth.

Over the forecasted period, it is expected that conventional onshore oil production would increase in the Middle East and Africa region owing to the rising investments and fundings by the National Oil Companies (NOCs). Growing urbanization, rising disposable income, and growing purchasing power increase coiled tubing demand in the Asia Pacific region.

Competitive Analysis

The global coiled tubing market is highly competitive with forwarding and backward integration. Several local and international players are present in the market. The product diversification and new product launches intensify the competition among companies. Halliburton Company, Schlumberger, Weatherford International, Trican Well Service, Superior Energy Services, and Archer Limited are the leading market players with significant market share.

Companies are focusing on product innovation, technological advancement, capacity expansion, operational efficiency, a market expansion for holding their position in the market. In April 2017, Halliburton introduced the SPECTRUM FUSION service in the SPECTRUM family of real-time coiled tubing services. The FUSION service includes the first real-time system in the market using hybrid cable technology that combines fiber optic and electric to provide downhole communication and continuous power for various applications. In 2016, Baker Hughes had launched the cost and time-efficiency, i.e., Intelligent CT system for accurate and real-time downhole monitoring of high-resolution depth correlation, differential pressure, and temperature data.

The companies enter into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for coiled tubing and their expansion across the globe. For instance, in October 2019, Aker BP entered into a partnership to establish a good intervention and stimulation alliance with Schlumberger and Stimwell Services to accelerate and boost oil production. Under the terms of the agreement, Schlumberger would provide coiled tubing and flow back operations on Aker BP’s fixed installations, while Stimwell would offer vessel-based stimulation services. In April 2016, Schlumberger had acquired coiled tubing drilling and coiled tubing units from Xtreme Drilling and Coil Services Corp. This acquisition would help the company develop the most automated and advanced coiled tubing system globally.

Why Purchase the Report?

  • Visualize the composition of the global Coiled Tubing market products in terms of Service and Operation, highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the global Coiled Tubing market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of global Coiled Tubing market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

**The global Coiled Tubing report will provide access to approximately 53 market data tables, 44 figures, and 178 pages

Target Audience

  • Industry Investors/Investment Bankers
  • Suppliers/Buyers
  • Education & Research Institutes
  • Manufacturers
  • Research Professionals
  • Emerging Companies
  • Distributors

Frequently Asked Questions

What is the Projected CAGR value of the Coiled Tubing Market?

Coiled Tubing Market is expected to grow at a CAGR of 4.8% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Coiled Tubing Market during 2022-2029.

Which is the fastest growing region in the Coiled Tubing Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

Trending Topic's

Medical Tubing Market

Polyglycolic Acid Market

Tackifier Market

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report

20% Discount Applied*



Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!

linkedinpinterest