Coiled Tubing Market to Witness Steady Expansion during Forecast Period of 2017-2022

“Coiled Tubing Market”
Coiled Tubing Market Information by Service (Cleaning, Completion, Drilling, and others), and by Region – Forecast to 2022

Market Research Future published a Half-Cooked research report on “Global Coiled Tubing Market Research Report – Forecast to 2022 ” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.

Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), RPC, Inc. (U.S.), Weatherford International plc. (Switzerland), Superior Energy Services Inc. (U.S.), Nabors industries ltd. (Bermuda), Archer (Bermuda), Trican Well Service Ltd (Canada), Calfrac Well Services Ltd (Canada), and C&J Energy Services (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Coiled Tubing Market.

Global Coiled Tubing Market – Overview

Coiled tubing is continuous length of pipe wound on a spool whose diameter ranges from 1 in. to 4-1/2 in. It is normally used in oil & gas fields for well interventions or sometimes as a production tubing in depleted oil and gas wells. With the large number of oil fields maturing across the globe, production of oil has decreased and companies in the exploration process need high-performing products. Thus the demand for coiled tubing increase. The coiled tubing has many advantages such as small trip times, less labor intensive, and others.

According to a recent study report published by the Market Research Future, The global market of Coiled Tubing is booming and expected to gain prominence over the forecast period. The global Coiled Tubing market is forecasted to demonstrate an exponential growth by 2022, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2022).

Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the coiled tubing market. Moreover, redevelopment of mature wells is also increase in the demand for coiled tubing. In addition, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.

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Global Coiled Tubing Market – Competitive Analysis

Characterized by the presence of several well-established and small players, the global Market of coiled Tubing appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Coiled Tubing market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.

Industry News

In November 2016, Well intervention specialist Altus Intervention has secured a well services contract with Maersk Oil was for a fixed term of five years. The company would provide slick line services, coiled tubing, well surveillance, ballistic and wireline tractor services to support Maersk’s UK Central North Sea operations and planned abandonment campaigns.

In August 2016, Helix Well Ops UK, the subsidiary of Helix Energy Solutions has completed the industry’s first riser-based coiled tubing intervention project from a mobile offshore drilling unit (MODU) class light well intervention vessel (LWIV). The project was conducted from the company’s vessel Well Enhancer.

In April 2016, Schlumberger announced it has entered into an agreement to acquire the coiled tubing drilling and coiled tubing units from Xtreme Drilling and Coil Services Corp., a Calgary-based provider of international land drilling and coiled tubing drilling services.

Coiled Tubing Market – Segmentation

Global Coiled Tubing Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.

Based on services, the market has been segmented into Cleaning, Completion, Drilling, and others. Well cleaning dominates the service segment of global coiled tubing market. These operations aim to improve production from an oil well and are carried out during the whole life of an oil well.

Based on application, the market has been segmented onshore and offshore. Onshore dominates the application segment of global market. Offshore segment is expected to be the fastest growing segment during the forecast period. It is highly used offshore applications mainly due to well interventions which include circulating operation or a chemical washor production for extending well life.

Based on Regions: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.             

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Global Coiled Tubing Market – Regional Analysis

North America dominates the Coiled Tubing market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market.

Asia Pacific is the second largest market for the Coiled Tubing and is expected to grow at a highest CAGR during the forecast period. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market.

The Europe Coiled Tubing market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.

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