Coiled Tubing Market Growth Set to Surge Significantly During 2021 - 2030

The coiled tubing market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as the rise in demand for well intervention services & redevelopment of aged oilfields. In addition, the increase in demand for oil & gas products and crude oil across the globe fuels the growth of the market. However, operational risks and disadvantages associated with coiled tubing are restraining the growth of the market globally. Conversely, an increase in investment in oil & gas exploration and production activities is anticipated to provide potential coiled tubing market opportunities in the upcoming years.

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The coiled tubing market size was valued at $3.0 billion in 2020 and is projected to reach $4.7 billion by 2030, growing at a CAGR of 4.5% from 2021 to 2030. Coiled tubing is the continuously manufactured tubular product usually made up of steel and is flexible enough to be coiled onto a large reel. The coiled tubing unit consists of a number of the necessary equipment including a reel, injector head, control cabin, power pack, well control stack assembly, and others. It is commonly used in operations such as cleaning wellbores, fishing operations, stimulation of new & existing wells, drilling, production, and well intervention services. Key benefits associated with coiled tubing technology are safe & efficient live well operation, rapid mobilization, less production time, reduced manpower, cost reduction, and others.

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, the rise in investment toward horizontal drilling and offshore oil & gas exploration &production drives the growth of the market, globally. However, the implementation of stringent government regulations toward environmental pollution from the combustion of oil & gas and the rapid development of the electric vehicle sector are the key factors hampering the growth of the global market in the upcoming years.

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 a rise in demand for coiled tubing from a 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 the need for acid pumping operations, 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 the rise in demand for oil & gas and related products led to an increase in the demand for coiled tubing. In addition, the rise in onshore sites propels the market growth, as onshore sites are easily operatable and it takes fewer 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.

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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 the rise in demand for oil &gas products across the globe in various end-use applications including building & construction, transportation, power generation, and others increasing the demand for well intervention services to enhance the production of operational and abandoned oil & gas wells.

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 the coiled tubing market trend during the forecast period. This is attributed to the presence of key players and a huge consumer base in the region.

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 are 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 on 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.

Other players operating in the value chain of the global coiled tubing market are Basic Energy Services, Weltec, Expro Group, Superior Energy Services, Inc., Deepwell AS, and Hunting Energy Services.

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COVID-19 impact on the market

The global coiled tubing market has witnessed steady growth in 2020, owing to the 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 resulted in hampering the coiled tubing market growth. However, owing to the lockdown imposed across the globe, there is a supply-demand gap, which resulted in a halt in the supply of 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.

Key Findings Of The Study

• In 2020, the pumping segment accounted for about 36.1% of the share in the global coiled tubing market and is expected to maintain its dominance till the end of the forecast period.
• In 2020, the onshore segment accounted for 60.8% coiled tubing market share in the year 2020 and is anticipated to grow at a rate of 4.2% in terms of revenue, increasing its share in the global market.
• In 2020, the well intervention segment accounted for about 51.4% of the share in the global coiled tubing market and is expected to maintain its dominance till the end of the forecast period.
• Drilling is the fastest-growing application segment in the global coiled tubing market, expected to grow at a CAGR of 5.4% during 2021-2030.
• In 2020, North America dominated the global coiled tubing market with more than 32.8% of the share, in terms of revenue.

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