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Coiled Tubing Services Market 2021 Reach Valued At $ 6.73 billion And Grow At A 5.3% CAGR Forecast To 2028 | Fortune Business Insights.
Coiled Tubing Services Market 2021-2028
New study report " Coiled Tubing Services Market 2021 Global Market Opportunities, Challenges, Strategies, and Forecasts 2028" has been added to Fortune Business Insights.
Market Overview-
The global coiled tubing services market size is expected to reach USD 6.73 billion by 2028, exhibiting a CAGR of 5.3% during the forecast period. The surging intervention services in onshore and offshore platforms is expected to spur opportunities for the market during the forecast period, states Fortune Business insights, in a report, titled “Coiled Tubing Services Market Size, Share & COVID-19 Impact Analysis, By Service (Well Intervention (Well Completion and Well Cleaning) and Drilling), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027.” The market size stood USD 5.52 billion in 2019.
The coronavirus incident has brought the world to an unanticipated halt. We understand that this health disaster has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
Key Players-
The key players have an essential part to play in fostering the product improvement as per the demand of the consumers with ample supply in particular regions. The well-known brands are also acknowledged and aware of the potential links with the global Coiled Tubing Services Market 2021-2028 for showing a prominent place to the key players in the market.
Top Key Players in this market are:
Schlumberger (Texas, US)
Baker Hughes, a GE Company (Texas, US)
Halliburton (Texas, US)
C&J Energy Services (Texas, US)
Key Energy Services (Texas, US)
Archer – the well company (Rogaland, Norway)
Essential Coil (Calgary, Canada)
COSL - China Oilfield Services Limited (Dongcheng District, Beijing)
National Oilwell Varco (Texas, US)
National Energy Services Company (Tarshid)
BJ Services (Texas, US)
Global Tubing, LLC (Texas, US)
Calfrac Well Services (Calgary, Canada)
Basic Energy Services (Texas, US)
Superior Energy Services (Texas, US)
Antech (United Kingdom)
Pioneer Energy Services (Texas, US)
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Market Driver:
Substantial Investments in E&P and Hydrocarbon Activities to Foster Growth
The rising oil demand has led to heavy investment in drilling operations, in turn, boosting the growth of the market. The surging economic development is expected to create opportunities for the market during the forecast period. The rising utilization of coiled tubing in well intervention activities and drilling operations will further stimulate the growth of the market for coiled tubing services. The growing knowledge about the effective production method of coiled tubing to produce large amounts of oil and gas will have an excellent impact on the market. Moreover, the growing production of hydrocarbon is expected to further fuel the demand for the market in the foreseeable future.
COVID-19 to Adversely Impact Global Market
The oil and gas industry has witnessed a massive drop in revenue due to the occurrence of coronavirus. As per the International Energy Agency, oil demand has decreased by 29 million barrels per day (BPD) in April 2020 and by 23.1 million BPD in the second quarter. The shut-down of manufacturing facilities and services because of lockdown enactment in several nations, thus restricting the supply of oil and gas and inhibiting the market growth. For instance, Aker Solutions has laid off 650 employees in the UK and Norway and a further notice has been issued for temporary layoffs of up to 6,000 in Norway.
Regional Analysis:
Rising Oil Production to Boost Market in North America
Geographically, the global market for coiled tubing services is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to dominate the global market owing to its potential for natural gas, shale gas, tight gas reserves, and oil production. As per the IEA report 2018, the United States covered 80% of the world’s energy demand growth. The market in Asia Pacific is expected to witness a significant growth rate owing to the ever-increasing oil and gas demand in developing countries. The implementation of new policies and regulations will further aid expansion in the region. The IEA reports state that the world oil demand is estimated to increase by 6.9mb/d by 2023 at an average of 1.2mb/d a year.
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Table of Content:
1.Introduction
2.Executive Summary
3.Market Dynamics
4.Key Insights
5.Qualitative Analysis – Impact of COVID-19
6.Global Coiled Tubing Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
7.North America Coiled Tubing Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
8.Europe Coiled Tubing Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
9.Asia Pacific Coiled Tubing Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
10.Middle East & Africa Coiled Tubing Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
11.Latin America Coiled Tubing Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
12.Competitive Analysis
Continue….
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About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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