Press release
Coiled Tubing Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Coiled Tubing Market Trends
The rise in oil and gas requirements is anticipated to fuel the expansion of the coiled tubing market. With the global rise in the demand for oil and gas, the necessity for upgrading and renovating existing oilfields will simultaneously grow. Coiled tubing units are primarily used for well cleanouts, drilling and milling, gas lifting and induced flow, fishing, drainage, high freezing point oil plugging removal, and unclogging. For example, in 2022, as per statistics from the International Energy Agency (IEA), a self-governing intergovernmental organization based in Paris, India's natural gas consumption is projected to increase by 25 billion cubic meters (BCM), indicating an average annual growth rate of 9% up to 2024. Consequently, this heightened demand for oil and gas is boosting the coiled tubing market's growth.
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What is the projected compound annual growth rate (CAGR) of the coiled tubing market from 2025 to 2034, and what factors influence it?
The size of the coiled tubing market has seen significant growth lately. Its worth will increase from $3.95 billion in 2024 to $4.31 billion in 2025, and this growth will be at a compound annual growth rate (CAGR) of 9.2%. The robust growth in the past can be credited to the surge in oil and gas exploration, cost efficiency, and rising demand for well intervention.
In the coming years, the coiled tubing market is predicted to experience a dramatic increase in size. It is forecasted to reach $9.09 billion by 2029, with a compound annual growth rate (CAGR) of 20.5%. This growth during the forecast period can be linked to sustained energy consumption, unconventional resource mining, environmental and legislative influences, and worldwide economic trends. Key trends slated for the forecast period include technological progress, implementation of digitalization and data analytics, an emphasis on sustainability, remote working, market growth in nascent economies, tactical alliances, and wider usage in non-oil sectors.
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How are the latest trends influencing the growth of the coiled tubing market?
The increasing trend of real-time 3D profiling in the coiled tubing market is garnering attention. Major players in this sector are investing significantly in the development of this technology to satisfy customer needs. In 2022, Schlumberger, a US oilfield services enterprise, launched the GeoSphere 360 3D reservoir mapping-while-drilling service at the International Petroleum Technology Conference (IPTC). Leveraging cutting-edge cloud and digital technologies, real-time 3D profiling of reservoir structures is offered, enhancing comprehension of reservoir dynamics and optimal well positioning, thereby maximizing the yield from complex reservoirs.
What are the major segments of the coiled tubing market and their role in driving growth?
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
Subsegments:
1) By Well Intervention: Well Cleaning, Logging Services, Fishing Services
2) By Drilling Service: Extended Reach Drilling, Managed Pressure Drilling, Underbalanced Drilling
3) By Perforating: Conventional Perforating, Composite Perforating, Intelligent Perforating
4) By Fracturing: Hydraulic Fracturing, Acid Fracturing, Foam Fracturing
5) By Milling Services: Cement Milling, Plug Milling, Scale Milling
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Which regions are key players in the growth of the coiled tubing market?
North America was the largest region in the coiled tubing market in 2024.North America is expected to be the fastest-growing region in the forecast period. The regions covered in the coiled tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the coiled tubing market?
Major companies operating in the coiled tubing market include 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, 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., Step Energy services
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What Is Covered In The Coiled Tubing Global Market Report?
•Market Size Forecast: Examine the coiled tubing market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the coiled tubing market for a structured understanding.
•Key Players Overview: Analyze major players in the coiled tubing market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the coiled tubing market.
•Segment Contributions: Evaluate how different segments drive overall growth in the coiled tubing market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the coiled tubing market.
•Industry Challenges: Identify potential risks and obstacles affecting the coiled tubing market.
•Competitive Landscape: Review strategic developments in the coiled tubing market, including expansions, agreements, and new product launches.
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