Coiled Tubing Global Market Comprehensive Analysis | Worldwide Industry Leading Key Players: uperior Energy Services Inc. , Weatherford International Ltd., Halliburton Company , RPC, Inc.

Coiled Tubing Market Highlights:-

Upstream oil & gas services market has considerably shrunk owing to the continual decline in oil prices since mid-2014. However, recent stabilization in the prices as well as reducing supply-demand gap is expected to revive the market in the next five years. Coiled tubing services are typically used during drilling, completion, and well intervention applications. The market for coiled tubing services is expected to grow at a moderate pace during the forecast period, on account of continuing production activities.

The increased exploration of shale gas is another factor complementing the steady market proliferation, and the trend is likely to perpetuate across the review period. Additionally, the increased application range of coiled tubing in the oil & gas industry such as drilling, intervention, etc. are anticipated to catapult the market on an upward trajectory.

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Industry Developments:

In August 2018, Mayan, an AIM-listed oil & gas company, has announced the acquisition of 60% working interest/ 45% net revenue interest in three horizontal and two vertical Texas-based Austin Chalk wells. The company has planned to use coiled tubing rig for cleaning out, working over, and acidizing Austin Chalk Zone in each of the horizontal laterals.
In August 2018, a new revolutionary drill rig- RoXplorer® coiled tubing (CT) rig, has been licensed to IMDEX, a global leader in mining equipment, technology, and services (METS).

Top Key Players:-

• RPC, Inc.
• Trican Well Services
• Sanjel Corporation
• Key Energy Services
• Schlumberger
• Baker Hughes
• Nabors Industries Ltd..
• Superior Energy Services Inc.
• Weatherford International Ltd.
• Halliburton Company
• Archer Limited
• C&J Energy Services, Inc.
• Calfrac Well Services Ltd.

Coiled Tubing Global Market Segmentations:-

The global coiled tubing market is segmented on the basis of service type and by application. Based on service type, the market is segmented as well intervention services and drilling services. The well intervention services are further classified as well completion and well-cleaning activities. Well intervention services are expected to command the largest market share with these services being carried out to improve production from an existing oil well throughout its operational lifetime.

North America will be the fastest growing market:-

North America is expected to retain its majority share in the coiled tubing services market, growing at a steady pace during the forecast period. Middle East market is expected to grow at a comparatively faster pace between 2016 and 2022. European demand is expected to be driven by key countries such as Russia, U.K., and Norway.

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Regional Analysis:

By region, the global coiled tubing market has been segmented into North America, Europe, Asia Pacific, South America, Middle East and Africa. North America region is likely to capture a dominant share towards the end of the assessment period. The rising investments, developing technologies, increasing shale gas exploration activities, etc., are some of the factors accelerating the revenue creation for coiled tubing market players in North America. The growth of the market in North America is expected to catalyze the global market growth. Middle East and Africa are expected to witness exponential drilling and gas exploration over the next couple of years. The market in the region is projected to exhibit a steady rise throughout the forecast period.

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