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Coiled Tubing Services Market 2033: Share, Growth Trends, and Industry Forecast Insights
Coiled Tubing Services Global Market Report 2024
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According to The Business Research Company's, The coiled tubing services market size has grown strongly in recent years. It will grow from $4.78 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to oil and gas exploration and production, cost-effective well interventions, efficiency in workover operations, rise in unconventional resource extraction, maintenance of aging wells, reservoir monitoring and data acquisition.
The coiled tubing services market size is expected to see strong growth in the next few years. It will grow to $6.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to increasing deepwater exploration, growing demand for well stimulation, demand for real-time monitoring, focus on environmental sustainability, increasing demand in emerging markets, expansion of offshore exploration. Major trends in the forecast period include advancements in technology, global expansion of coiled tubing services, shift towards integrated service offerings, remote operations and automation, market consolidation and mergers, demand for high-performance materials.
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Market Drivers and Trends:
The increasing demand for oil and gas is expected to propel the coiled tubing services market going forward. Oil and gas refer to hydrocarbons extracted from beneath the Earth's surface, used primarily as energy sources and raw materials for various industries. Coiled tubing services in the oil and gas industry involve deploying a continuous length of tubing into wells for various operations such as well intervention, cleanouts, and stimulation. For instance, in December 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global oil demand is set to increase by 2.3 million barrels per day (+140 kb/d) in 2022, with projections indicating a growth of million barrels per day when it will reach 101.6 million barrels per day. Therefore, the increasing demand for oil and gas is driving the coiled tubing services market.
Technology innovations are a key trend gaining popularity in the coiled tubing services market. Major companies operating in the coiled tubing services market are advancing toward next-generation automation technology to gain a competitive edge in the market. For instance, in August 2022, Baker Hughes, a US-based energy technology company, launched its new fast all-electric tieback solution at Offshore Northern Seas. Fast all-electric tieback solutions offer organized building blocks for large subsea assemblies to shorten cycle times. When used in conjunction with Baker Hughes' all-electric control systems and electrification solutions, they can result in a more than 15% reduction in project capital expenditure (CapEx) costs compared to conventional electro-hydraulic multiplexed (EH-Mux) systems.
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Major Key Players of the Market:
Schlumberger Limited, Baker Hughes Company, Halliburton Company, Pioneer Energy Services Corp., Calfrac Well Services Ltd., Cudd Energy Services, Archer Well Company Inc., C&J Energy Services Ltd., Superior Energy Services Inc., Weatherford International plc, Oceaneering International Inc., Altus Intervention Limited, BJ Energy Solutions, National Oilwell Varco Inc., Key Energy Services Inc., Essential Energy Services Ltd., Nabors Industries Ltd., Sanjel Corporation, Trican Well Service Ltd., NexTier Oilfield Solutions Inc., RPC Inc., Precision Drilling Corporation, Nine Energy Service Inc., Basic Energy Services Inc., STEP Energy Services Ltd., Liberty Oilfield Services Inc., Keane Group Inc., Xtreme Drilling Corp., Canyon Services Group Inc., Patterson-UTI Energy Inc., Antech UK Ltd., Conquest Completion Services LLC
Coiled Tubing Services Market 2024 Key Insights:
• The coiled tubing services market size is expected to see strong growth in the next few years. It will grow to $6.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Growing Investments In Exploration And Production Activities Driving Coiled Tubing Services Market
• Technology Innovations Drive Competitiveness In The Coiled Tubing Services Market
• North America was the largest region in the coiled tubing services market in 2023
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