Press release
Global Coiled Tubing Services Market Size To Grow At A CAGR Of 6.2% In The Forecast Period Of 2023-2028
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 3.70 billion
• Forecast CAGR (2023-2028): 6.2%
• Forecast Market Size (2027): USD 5.31 billion
The global coiled tubing services market is expected to register growth during the forecast period on account of the surging well intervention operations. The increasing drilling activities for oil and gas along with growing economies worldwide are expected to enhance the market growth of coiled tubing services over the coming years.
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The rising investments for the development as well as production of hydrocarbons are likely to arise as substantial factors driving the market growth of coiled tubing services over the forecast period. The increasing support of various governments along with other private units for production and exploration activities is likely to further intensify the coiled tubing services market growth across the globe. However, the shifting prices of raw materials is expected to hamper the market growth of coiled tubing services.
The well intervention segment is likely to witness significant growth in the market of coiled tubing services on account of the rising capital expenditure on well performance improvement along with well cleaning. Coiled tubing services are highly preferred in well intervention purposes as they support operations like re-perforation, stimulation, fluid pumping, sand control, zonal isolation, and fishing which is likely to propel the segment growth in the market.
The rising demand increased production from wells, setting of plugs or packers, and scale removal, among others, is expected to aid the well intervention segment growth in the coiled tubing services market during the forecast period.
Coiled Tubing Services Industry Definition and Major Segments
Coiled tubing are long metal pipes with constant length that are stored by rolling on the surface of large reels, and are used to service wells. Constant improvements in technology along with reliability mean that coiled tubing is now a common intervention technique. Coiled tubing services are of different kinds like well intervention, and drilling among others.
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Based on service, the market is segmented into:
• Drilling
• Well Intervention
• Others
By operation, the market is classified into:
• Circulation
• Pumping
• Logging
• Perforation
• Others
On the basis of application, the market is bifurcated into:
• Onshore
• Offshore
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Europe
• Middle East and Africa
Coiled Tubing Services Market Trends
The surging number of mature offshore fields in various regions along with the rising energy demand are expected to propel the market demand for coiled tubing services over the upcoming years.
Geographically, the North America region is anticipated to drive the coiled tubing services market growth as the region has a huge potential for shale gas, oil production, tight gas reserves, and natural gas. The region has numerous rigs along with a growing number of wells which is further expected to support the market growth in the region.
The United States is likely to hold significant growth in the coiled tubing services market due to the high energy demand across the country. The country is known for the adoption of advanced technology along with the presence of key market players are likely to push forward the market growth over the coming years.
With the redevelopment of matured fields and growing drilling activities in the United States, the market growth of coiled tubing services is expected to increase. The surging expansion of new well drilling along with the production of well bases is likely to enhance the market growth in the region.
Key Market Players
The major players in the Coiled Tubing Services Market report are:
• Baker Hughes Company
• Halliburton Company
• Schlumberger Limited
• Weatherford International plc
• Calfrac Well Services Ltd.
• Others
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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