Coiled Tubing Market Outlook: Innovations Fueling Global Energy Services

According to a recent report by Allied Market Research titled "Coiled Tubing Market by Operation, Location, Application, and End-Use: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global coiled tubing market was valued at $3.0 billion in 2020 and is expected to reach $4.7 billion by 2030, growing at a CAGR of 4.5% during the forecast period. Coiled tubing refers to a continuously manufactured, flexible steel pipe wound on a large reel, commonly used in various oilfield operations. These operations include wellbore cleaning, fishing, well stimulation, drilling, production, and intervention services. A typical coiled tubing unit includes essential components such as a reel, injector head, control cabin, power pack, and well control stack. The technology offers several advantages including safer and more efficient live well operations, quicker mobilization, lower manpower needs, reduced downtime, and overall cost savings.

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The rapid expansion of key end-use industries-such as oil & gas, mining, manufacturing, construction, and automotive-continues to fuel global demand for oil and gas, thereby propelling growth in the coiled tubing market. Additionally, rising investments in horizontal drilling and offshore exploration and production activities are further boosting market expansion. However, stringent environmental regulations regarding fossil fuel emissions, coupled with the accelerating shift toward electric vehicles, are expected to challenge market growth in the coming years.

By operation, the pumping segment accounted for the largest market share at approximately 36.1% in 2020 and is projected to retain its lead during the forecast period. This is primarily due to the growing application of coiled tubing in fluid pumping operations such as cementing, pressure testing, acidizing, and solvent pumping. Notably, increasing demand for acid pumping to enhance reservoir permeability, particularly in limestone formations, is expected to further drive segment growth.

In terms of location, the onshore segment dominated the market in 2020 and is anticipated to maintain its leading position throughout the forecast period. This dominance is driven by the higher prevalence of onshore oil & gas production, which accounts for about 70% of the global supply. Onshore sites also offer advantages such as easier accessibility and shorter development timelines compared to offshore projects, making them more favorable for coiled tubing operations.

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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 coiled tubing market trend during the forecast period. This is attributed to the presence of key players and 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 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 of 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.

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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