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Coiled Tubing Market 2024 Technology Scouting, Industry Insights, Business Outlook And Key Players Analysis Till 2033
Coiled Tubing Market
As per the report, the coiled tubing market size has grown strongly in recent years. It will grow from $3.63 billion in 2023 to $3.98 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The coiled tubing market size is expected to see rapid growth in the next few years. It will grow to $7.32 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
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Fueling Growth Increasing Oil And Gas Demand Driving The Coiled Tubing Market
Growing demand for oil and gas is expected to propel the growth of the coiled tubing market going forward. As the oil and gas demand increases globally, the need for revamping and refurbishing the existing oilfield will increase simultaneously. The coiled tubing unit is applied mainly in well cleanout, drilling and milling, gas lifting and induced flowing, fishing, drainage, high freezing point oil plugging removal, and plugging removal. For instance, in 2022, according to the statistics by International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, consumption of natural gas in India is expected to grow by 25 billion cubic meters (BCM), registering an average annual growth of 9% until 2024. India's oil consumption stood at almost 4.9 million barrels per day (BPD) in 2021, up from 4.65 million BPD in 2020. Therefore, the surge in demand for oil and gas is driving the growth of the coiled tubing market.
Revolutionizing Reservoir Management The Rise Of Real-Time 3D Profiling In The Coiled Tubing Market
Real-time 3D profiling is a key trend gaining popularity in the coiled tubing market. Major companies operating in the coiled tubing sector are developing and investing in real-time 3D to meet consumer demand. For instance, in 2022, Schlumberger, a US-based oilfield services company introduced the GeoSphere 360 3D reservoir mapping-while-drilling service at the International Petroleum Technology Conference (IPTC). Real-time 3D profiling of reservoir items is provided using modern cloud and digital technology. This increases reservoir understanding and well placement, allowing complex reservoir returns to be maximized.
The coiled tubing market covered in this report is segmented -
1) By Service Type: Well Intervention, Drilling service, Perforating, Fracturing, Milling services
2) By Operation: Logging, Pumping, Circulation, Other Operations
3) By Application Type: Onshore, Offshore
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Major companies operating in the coiled tubing market report are Halliburton Company, Schlumberger NV, Baker Hughes Company, Weatherford International PLC, Oceaneering International Inc., Trican Well Service Ltd., Legend Energy Services, Superior Energy Services Inc., Basic Energy Services Inc., NexTier Oilfield Solutions LLC, Global Tubing LLC, Webco Industries, Sanjel Energy Services, Pioneer Energy Services Corp., Condor Energy Services, Archer Ltd., NOV Inc., Hunting Energy Services Inc., Cudd pressure control Inc., Nine Energy Service, Liberty Energy, Canyon Services Group Inc., Essential Energy Services Limited, Precision Drilling Corporation, Patterson-UTI Energy, Nabors Industries Limited, Ensign Energy Services Inc., Key Energy Services, Forbes Energy Services Ltd., Step Energy services
Contents of the report:
1. Executive Summary
2. Coiled Tubing Market Report Structure
3. Coiled Tubing Market Trends And Strategies
4. Coiled Tubing Market - Macro Economic Scenario
5. Coiled Tubing Market Size And Growth
…..
27. Coiled Tubing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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