Coiled Tubing Market to Grow $4.7 Billion by 2030, at a CAGR of 4.5%

The coiled tubing market size is projected to hit $4.7 billion by 2030, growing at a CAGR of 4.5% from 2021 to 2030. Significant development of the end-use industries such as oil & gas, mining, manufacturing, construction, automotive, and others, fuels the demand for oil &gas for their various operations, which in turn is expected to drive the growth of the coiled tubing market. In addition, rise in investment toward horizontal drilling and offshore oil & gas exploration &production drives the growth of the market, globally. However, implementation of stringent government regulations toward environmental pollution from combustion of oil & gas and rapid development of the electric vehicle sector are the key factors hampering the growth of the global market in the upcoming years.

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On the basis of application, the well intervention segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for oil &gas products across the globe in various end use applications including building & construction, transportation, power generation, and others increases the demand for well intervention services to enhance the production of operational and abandoned oil & gas wells.

Depending on the operation, the pumping segment held the highest market share of about 36.1% in 2020, and is expected to maintain its dominance during the coiled tubing market forecast period. This is owing to rise in demand for coiled tubing from variety of fluid pumping operations such as oil well cementing, pressure testing, solvent pumping, acidizing treatments and others. In addition, there is an increase in need for acid pumping operation, to open the pores of limestone layers, which drives the growth of the market during the forecast period.

On the basis of location, the onshore segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for oil & gas and related products led to increase in the demand for coiled tubing. In addition, rise in onshore sites propels the market growth, as onshore sites are easily operatable and it takes less years for production in comparison to offshore. Moreover, 70.0% of the world's oil &gas come from onshore sites, which notably contribute toward the growth of the coiled tubing market during the forecast period.

On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. North America garnered the dominant share in 2020, and is anticipated to maintain this dominance in coiled tubing market trend during the forecast period. This is attributed to the presence of key players and huge consumer base in the region.

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In addition, recent developments of shale oil reserves in the region are further projected to fuel the growth of the coiled tubing market during the analyzed time frame. The huge production and exportation of oil anticipated to fuel the demand for coiled tubing services, which in turn is projected to fuel the growth of the market in the upcoming years.

The coiled tubing market analysis covers in-depth information of the major coiled tubing industry participants. The key players operating and profiled in the report include Altus Intervention, Calfrac Well Services Ltd., Baker Hughes Company, Halliburton, Step Energy Services, Key Energy Services, LLC, Oceaneering International, Inc., Schlumberger Limited, Trican, and Weatherford International PLC.

COVID-19 impact on the market

The global coiled tubing market has witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased the demand for oil & gas products, vehicles, construction equipment and others which is resulted in hampering the coiled tubing market growth. However, owing to the lockdown imposed across the globe, there is supply-demand gap, which resulted in halt in supply for equipment used in coiled tubing production. In Europe, economies, such as Germany, France, Spain, and Italy, were following stringent measures, such as maintaining social distance and limiting movements, to prevent the spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the growth of the global market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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