Press release
Coil Tubing Market size was over USD 3 Billion. Increasing shale gas exploration and production activities would drive the market during the forecast period
Also known as flexible tubing, it has a long metallic pipe, normally 25 to 83 mm in diameter wound on spool is mainly used in upstream activities. It is used to perform drilling, milling operations, logging and perforating, well intervention operation, circulation, fracturing process, removal of wax, hydrate plug and hydrocarbon, fishing, gas lifting, stimulation and enhance oil recovery processes such as acid fracturing and hydraulic etc. It helps to reduce exploration cost, transportation cost, tabular trip time, reservoir damage and ensure operation safety. These tubing are preferred over conventional straight tubing as it can be inserted into well during production and it is cost effective and used on high pressure wells.
Coil tubing unit includes injector head, drum, guider, blowout prevention system, control system and power system. Injector head is the main component and used to lift coil tubing during operation. The guider is used to inject and eject out of injector head.
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Drum is used to decide transport dimension and winding capacity of the unit. Power system is used to provide power to the unit. Blowout prevention system is used to sealing pressure in well to prevent blowout.
Increasing shale gas exploration and production activities across the globe will drive the coil tubing market share during the forecast period. Investment in oil and gas projects, discovery of new oil and gas reserves, redevelopment of matured oil and gas fields, shift to horizontallateral drilling, gradually increasing demand of oil and gas are some of the drivers which will boost the demand of coil tubing in the near future. Lack of skilled labor, low crude oil prices and competitive prices of alternative equipment such as snubbing units and workover rig acts as a restraint for industry. Increasing offshore drilling activities will be an opportunity for coil tubing market.
Global coil tubing market size has been segmented on the basis of application, operation, location and region. The application segment includes well intervention, drilling and completion. Well intervention is the process of enhancing productivity of oil and gas well by improving performance of additional hydrocarbon.
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These tubes are mainly used in well intervention. operation includes drilling, logging, perforation, circulation and pumping and others. location segment includes onshore and offshore.
Increase in exploration and production activities and high energy demand are anticipated to drive the Asia Pacific coil tubing market. Some of the major players in the coil tubing market include C&J Energy Services, Superior Energy Services Inc., Halliburton Co, Nabors Industries Ltd, Sanjel Corporation, Calfrac Well, Services Ltd, Archer, Key Energy Services Inc., Baker Hughes Inc., Trican Well Services Ltd., Weatherford International Ltd and. Schlumberger Ltd. Other local players include Tabular King, Koller solution, Devin rental Tools.
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