Press release
Coiled Tubing Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Coiled Tubing
What Is the Expected Coiled Tubing Market Size During the Forecast Period?
There has been substantial growth in the size of the coiled tubing market over the past few years. The market, which was valued at $3.95 billion in 2024, is forecasted to increase to $4.31 billion in 2025, recording a compound annual growth rate (CAGR) of 9.2%. The historic growth of this sector can be credited to the boom in oil and gas exploration, cost-effectiveness, and increasing demand for well intervention.
The size of the coiled tubing market is anticipated to experience significant expansion in the coming years, with expectations to rise to $9.09 billion by 2029 at a compounded annual growth rate (CAGR) of 20.5%. The predicted rise during this forecast period can be credited to factors such as ongoing energy needs, unconventional resource mining, environmental and regulatory influences, worldwide economic trends. Key trends projected for this period include technological development, digitalization and data analytics, emphasis on sustainability, off-site operations, market growth in developing economies, strategic partnerships, and adaptation in non-oil sectors.
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What Are the High-Growth Segments in the Coiled Tubing Market?
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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What Key Drivers Are Expected to Influence Future Coiled Tubing Market Growth?
The escalating global demand for oil and gas is predicted to fuel the expansion of the coiled tubing market. As the consumption of oil and gas rises worldwide, the requirement to renovate and upgrade current oilfields will also grow correspondingly. The coiled tubing unit is primarily utilized in well cleanout, drilling and milling, gas lifting and induced flow, fishing, drainage, plugging removal, and the removal of high freezing point oil blockages. For example, data from the International Energy Agency (IEA), an independent intergovernmental organization based in Paris, projects that by 2022, India's natural gas consumption is set to rise by 25 billion cubic meters (BCM), achieving an average annual growth of 9% up to 2024. Hence, the burgeoning demand for oil and gas is propelling the coiled tubing market's growth.
Which Companies Hold the Largest Share Across Different Coiled Tubing Market Segments?
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
What Trends Are Driving Growth in The Coiled Tubing Market?
The rise of real-time 3D profiling is a growing trend making waves in the coiled tubing market. Leading firms in this industry are ramping up their investments and technological capabilities in real-time 3D to cater to the needs of their clientele. For example, Schlumberger, a renowned American oilfield service firm, launched the GeoSphere 360 3D reservoir mapping-while-drilling service in 2022 at the International Petroleum Technology Conference (IPTC). With cutting-edge cloud and digital technology, they deliver real-time 3D profiling for reservoir elements. This enhances understanding of the reservoir and optimizes well placement, leading to the maximization of complex reservoir returns.
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What Are the Emerging Geographies for The Coiled Tubing Market Growth?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Coiled Tubing Market?
2. What is the CAGR expected in the Coiled Tubing Market?
3. What Are the Key Innovations Transforming the Coiled Tubing Industry?
4. Which Region Is Leading the Coiled Tubing Market?
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