Press release
Major Growth Driver Identified in 2025 Coiled Tubing Market: Fueling Growth Increasing Oil And Gas Demand Driving The Coiled Tubing Market
Coiled Tubing Market Growth
Coiled Tubing Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the coiled tubing market has seen considerable expansion in the last few years. The market is expected to evolve from $3.95 billion in 2024 to reach the value of $4.31 billion in the following year, demonstrating a compound annual growth rate (CAGR) of 9.2%. The flourishing of oil and gas exploration, the cost-effectiveness of coiled tubing, as well as the surge in well intervention demand, all significantly contribute to this growth observed in the historical period.
Coiled Tubing Market Size Forecast: What's the Projected Valuation by 2029?
The market for coiled tubing is predicted to experience significant expansion in the upcoming years, expected to reach a size of $9.09 billion by 2029 with a CAGR of 20.5%. This predicted growth during the forecast period is attributed to ongoing energy requirements, extraction of unconventional resources, environmental and regulatory elements, and worldwide economic patterns. Throughout this period, the main trends are expected to be technological progress, digital transformation and data analysis, emphasis on sustainability, remote operations, market growth in developing economies, strategic partnerships, and utilization in non-oil applications.
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What Are the Drivers Transforming the Coiled Tubing Market?
The coiled tubing market is predicted to grow due to the escalating demand for oil and gas. With an increase in global oil and gas demand, the need to renew and upgrade existing oilfields will rise in tandem. The coiled tubing unit is predominantly used for well cleanout, drilling and milling, gas lifting and induced flowing, fishing, drainage, high freezing point oil plugging removal, and plugging removal. For example, in 2022, the International Energy Agency (IEA), an independent intergovernmental organization based in Paris, projected that India's natural gas consumption would escalate by 25 billion cubic meters (BCM), marking an average annual growth of 9% until 2024. Thus, the upswing in oil and gas demand is propelling the expansion of the coiled tubing market.
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What Long-Term Trends Will Define the Future of the Coiled Tubing Market?
The growing trend of real-time 3D profiling in the coiled tubing market is noteworthy. Leading firms in this sector are making investments and advancements in real-time 3D to satisfy customer needs. For example, Schlumberger, a US-based oilfield services firm, launched the GeoSphere 360 3D reservoir mapping-while-drilling service at the 2022 International Petroleum Technology Conference (IPTC). They utilize state-of-the-art cloud and digital technology to provide real-time 3D profiling of reservoir items. This enhances understanding of the reservoir and well placement, hence optimizing returns from complex reservoirs.
Which Segments in the Coiled Tubing Market Offer the Most Profit Potential?
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 Firms Dominate the Coiled Tubing Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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
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