Global Coiled Tubing Services Market Is Expected to Reach USD 5.95 Billion by 2025

As per the report published by Fior Markets, the global coiled tubing services market is expected to grow from USD 3.57 billion in 2018 to USD 5.95 billion by 2025 at a CAGR of 7.52% during the forecast period 2019-2025.

The coiled tubing services market is expected to grow in the upcoming years, due to increasing investment in the shale gas development and rising growth in the energy sector across the globe. The coiled tubing services are used in the oil and gas field, for well interventions in oil and gas wells. These tubes are also used in the upstream activities of oil and gas sector. The advancement in the offshore market and deep water-drilling sector, the use of coiled tube is increasing, which results into the rising demand for coiled tube service market. Initially, coiled tube is used for the well service work, but due to its advanced features, it has gained a wide acceptance for other works in oil and gas application and also due to its ability to reduce the overall drilling cost. The trend towards extending the reach of well, positivelyfavors the coil tubing services, to convey or to drill tools and equipment in high angle well bores.

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Coiled tubing refers to a very long pipe normally 25 to 83 mm in diameter, which is supplied spooled on a large reel. It is used for the intervention in oil and gas wells and sometimes as a production tubing in depleted gas wells. The use of these tubes in the oil and gas sectors is mainly due to less maintenance, cost effectiveness, and rapid trip times.

Global coiled tubing services market is expected to witness rapid growth over the forecast period, owing to rising investment shale gas activities, high growth in energy sector, and increasing oil and gas activities across the globe. However, availability of cheaper substitutes such as wireline operation is anticipated to hamper the market growth over the forecast period.

Key players operating in the global coiled tubing services market include Halliburton, Schlumberger, Baker Hughes (GE), Weatherford, Jereh Group, PT ElnusaTbk, National Oilwell Varco, Cudd Energy Services (RPC Inc.), Archer, Superior Energy Services Inc., Calfrac Well Services, Pioneer Energy Services, Legend Energy, and PM Company LLC, among others. To enhance their market position in the global coiled tubing services market , the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

For instance, in March 2017, Halliburton announced the introduction of SPECTRUM FUSION service, a new real-time coiled tubing services, that combines fiber optic and electric to provide downhole communication and continuous power for a variety of diagnostic applications.
For instance, in November 2019, Saudi Aramco, one of the largest oil and gas Company in the world, awarded its first large-scope integrated services contract for its Marjan oilfield to the Baker Hughes (GE) company. Under the contract's terms, BHGE will provide coiled tubing services, drilling services, and drilling fluids engineering services in Marjan.
In September 2019, BHGE and C3.ai announce release of AI application - BHC3 Reliability(TM), the first artificial intelligence (AI) software application developed by the BakerHughesC3.ai joint venture.
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The well intervention segment held the largest market share and valued at 2.22 billion in the year 2018

Type segment classified into well intervention, drilling, and others. The well intervention segment held the largest market share and valued at 2.22 billion in the year 2018.The coiled tubing market is driven by rising well intervention operations demand. Well intervention coil tubing services includes well completion, mechanical operation, well cleaning and pumping operation. Well intervention services in oil and gas sector is done through either coil tubing or wireless operations. Coiled tubing is one of the most popular well intervention, as it facilitates operations such as stimulation, fluid pumping, fishing, re-perforation, milling, sand control, and zonal isolation.

The onshore segment held the largest market share of 58.24% in 2018

The application segment of the global coiled tubing services market classified into offshore and onshore.The onshore segment held the largest market share of 58.24% in 2018. Onshore drilling refers to the drilling deep holes under the surface of the earth. These drilling methods ae used to extract the natural resources usually oil and gas from the earth. Many countries around the globe are majorly focusing on the onshore oil and gas activities ease of operations and cost effectiveness as compared to offshore drilling activities.

RegionalSegment Analysis of the Coiled Tubing Services Market

North America (U.S. , Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America held the largest market share in the global coiled tubing services market and valued at 1.28 billion in the year 2018. U.S. is one of the top producer in the oil and gas industry, and plays crucial role in the growth of coil tubingservices market in the North America region. In addition to this, increasing investment in shale gas drilling activities in U.S., further offering potential opportunities for the coil tubing service providers in the North America region. Moreover, the increasing demand for coil tubingservices in the Gulf of Mexico, expected to drive the market in upcoming years.

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About the report:

The global coiled tubing services market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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