Global Coiled Tubing Market to Grow at Remarkable CAGR from 2018 to 2025
Increase in growth in shale gas exploration in the U.S. coupled with an increase in drilling activities across the country, redevelopment of mature oil fields, and surge growth in the energy sector are the major drivers of the global coiled tubing market. However, stringent government regulations and declining rig count hamper market growth. On the contrary, increased focus on deep-water drilling along with rising demand for large diameter coiled tubing and growing investment in energy and power sector are expected to create lucrative opportunities in the near future.
Global coiled tubing market is segmented on the basis of services and geography. Based on services, the market is divided into well intervention service, drilling service, and others. The market further divides the good intervention service segment into well-cleaning service and well completion service. On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and Latin America, the Middle East and Africa (LAMEA).
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Global coiled tubing market report includes an in-depth analysis of the major market players such as Halliburton Co., Schlumberger Ltd., Archer Limited, Baker Hughes Inc., Calfrac Well Services Ltd., C&J Energy Services Inc., Nabors Industries Ltd., Key Energy Services Inc., Sanjel Corporation, RPC Inc., Trican Well Service Ltd., Superior Energy Services Inc., and Weatherford International Ltd. These companies have implemented various strategies such as collaborations, expansions, partnerships, joint ventures, mergers & acquisitions, and others to maintain their foothold in the market and gain an international presence. Recently, Weatherford International plc., a drilling oil, and gas wells company, recently launched the world’s first novel remote-activated, single-trip deepwater completion system. The system combines the upper and lower completions in a single trip and has proved to reduce the installation time by 40%–60% and rig time by 4–6 days.
KEY BENEFITS FOR STAKEHOLDERS:
• The report provides a comprehensive analysis of current & future market trends and emerging avenues for the growth of the market across the globe
• The report offers an overview of changing market dynamics in terms of fast turn-around analysis of stakeholder’s responses to recent industry policy changes and market trends
• The report offers an insight into the competitive landscape in terms of new technological developments, untapped segments, and value chain analysis
• This report entails the detailed quantitative analysis of the current market and estimations through 2015-2020, which assists in identifying the prevailing market opportunities
• Tools such as Porters Five Forces model help in understanding the potentiality of key buyers and sellers
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The system uses radio-frequency identification (RFID) technology and is named as TR1P system. It is expected to deliver 100% intervention less operation in producer as well as injector wells. According to the president of Weatherford, the system has the ability to perform multiple operations in minimum time while maintaining less operational time and a number of personnel and the system is the answer to customers requirements to increase efficiency after installing deepwater completion systems.
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