Press release
Coiled Tubing Market Top Impacting Factors That Could Escalate Rapid Growth During 2023-2031
Coiled tubing is a long metal pipe used primarily for working on production (live) wells. In addition to conventional applications like well cleaning and acid stimulation, coiled tubing has found use in a broader range of applications. The applications of this technology are coiled tubing drilling, hydraulic fracturing, deeper drilling in the ocean, pipelines, and others.
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Factors Influencing Market Growth
A significant factor driving the growth of the global coiled tubing market is the increased demand for conventional fuels from developing economies globally.The implementation of stringent government regulations regarding environmental pollution from oil & gas products and the rapid development of electric vehicle production are the key factors that may slow down the global coiled tubing market growth.
The rapid transition from coal power to gas power and rising demand for gas in vehicles will provide lucrative growth opportunities in the coming years for the key players to maintain their position in the global coiled tubing market.
Impact Analysis of COVID-19
The COVID-19 pandemic caused a temporary ban on import & export activities and manufacturing & processing activities across various industries, which decreased the demand for oil and gas products, which affected the coiled tubing market. Due to these factors, global coiled tubing market growth declined in the second, third, and fourth quarters of 2020.
However, the global coiled tubing market is forecast to improve by the end of 202. Globally, COVID-19 vaccinations are now available in various economies, which will lead to a better situation for the global coiled tubing market.
Regional Insights
In terms of revenue, North America led the coiled tubing market in 2020 and is forecast to remain dominant in the forecast period. It is due to the presence of key players in the region and a large consumer base.
In addition, the recent development of shale oil reserves in the country is forecast to fuel the coiled tubing market growth during the analyzed period. The enormous production and exportation of oil will fuel the demand for coiled tubing services, which will lead to market growth.
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Leading Competitors
The leading prominent companies profiled in the global coiled tubing market are:
Altus Intervention
Baker Hughes Company
Basic Energy Services. Incorporated
Calfrac Well Services Limited
DeepWell AS
Expro Group
Halliburton Corporation
Hunting Energy Services, LLC
Key Energy Services, LLC
Oceaneering International, Incorporated
Schlumberger Limited
STEP Energy Services
Superior Energy Services, Incorporated
Trican Well Service Limited
Weatherford International PLC
WelTec
Other Prominent Players
Scope of the Report
The global coiled tubing market segmentation focuses on Operation, Location, Application, and Region.
Segmentation based on Operation
Circulation
Logging
Pumping
Others
Segmentation based on Location
Onshore
Offshore
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Segmentation based on Application
Well Intervention
Well Cleaning & Pumping Operations
Well Completions & Mechanical Operations
Drilling
Others (Fishing, fracturing, wireline logging, and inspection)
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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