The global coiled tubing market size is expected to reach USD 4.72 billion by 2027, expanding at a CAGR of 4.8% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to grow on account of increasing need to maximize oil and gas output from existing oil and gas wells. Rising demand for primary energy for transportation, power generation, and household activities has resulted in increased consumption of oil and gas in major economies. As a result, there are increasing investments in exploration and production activities in unconventional oil and gas reserves.
Coiled Tubing (CT) plays a significant role in enabling upstream oil and gas players to produce oil in a cost effective way. It can be used on live wells as the product can be inserted into the well while the oil and gas production is ongoing. Moreover, there are number of well intervention operations such as well completion and well cleaning that can be performed in a cost effective way through utilization of coiled tubing. It can endure greater tensile and compressive forces when perforating highly deviated and horizontal wells.
North America was the largest regional market for coiled tubing in 2019. The region is predicted to maintain its dominance in the forthcoming years. Significant boost in the production of tight oil particularly in U.S has resulted in significant rise in demand for coiled tubing. Canada is yet another prominent regional market, as there are number of deviated wells in the country, for which CT is largely used for well intervention and drilling services.
The top three players in the global coiled tubing market include Halliburton, Baker Hughes Company, and Schlumberger Limited. These companies gain competitive edge in oilfield service market as the oil and gas exploration and production companies are aiming to minimize cost of production through innovative technologies like coiled tubing.
Browse Details of Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/coiled-tubing-ct-market
Key Takeaways from the report:
- North America is expected to register the fastest CAGR of 5.5% in terms of revenue, from 2020 to 2027, owing to accelerating production of tight oil in the country
- Well intervention service is estimated to exhibit the fastest CAGR of 5.0%, in terms of revenue from 2020 to 2027. The growth is attributed to rising demand from oil and gas producers to maximize production from the existing wells
- Onshore application acquired the highest market share of 61.5% in 2019 owing to abundant production of oil and gas from onshore fields
- Offshore application is estimated to experience the fastest CAGR of 5.6% in terms of revenue, from 2020 to 2027, owing to rising investments in offshore fields on global scale
- In 2018, Baker Hughes Company was awarded the contract by Saudi Aramco for coiled tubing services and drilling for Marjan oilfield expansion
Request For Free Sample Report @ https://www.grandviewresearch.com/industry-analysis/coiled-tubing-ct-market/request/rs1
Grand View Research has segmented the global coiled tubing market on the basis of service, operation, application, and region:
Coiled Tubing Services Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)
- Well Intervention
- Well Completion
- Well Cleaning
Coiled Tubing Operation Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)
Coiled Tubing Application Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)
Coiled Tubing Regional Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
Browse Related Reports :
Industrial Pumps Market Size, Share & Trends Analysis Report By Product (Centrifugal, Rotary, Diaphragm), By Application (Oil & Gas, Chemicals, Power, Water & Wastewater), And Segment Forecasts, 2019 – 2025
Mining Equipment Market Size, Share & Trends Analysis Report By Equipment (Surface, Underground Mining), By Application (Metal, Non-Metal, Coal Mining), By Region (MEA, APAC), And Segment Forecasts, 2018 – 2025
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
Country: United States