Coiled Tubing Market – 2019 Global Industry Forecast To 2023 is latest report on Coiled Tubing Industry published by Market Research Future. According to report Global Coiled Tubing Market is expected to rise at 5.37% CAGR during forecast period of 2019 to 2023. The Market for Coiled Tubing is segmented by Service Type (Well Intervention, Drilling and others), Application (Onshore and Offshore) and Region.
Key Companies in Coiled Tubing Industry analyzed in report at:
Schlumberger (US), Halliburton (US), Weatherford (US), Baker Hughes, a GE Company LLC (US), Nabors Industries Ltd (UK), C&J Energy Services, Inc (US), Trican (Canada), Calfrac Well Services Ltd (Canada), RPC Inc (US), Step Energy Services Ltd (US), and Key Energy Services Inc (US).
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Coiled Tubing Market Highlights:
The global coiled tubing market is anticipated to showcase exceptional growth during the forecast period, as suggested by the latest report published by Market Research Future (MRFR). As per this report, the global coiled tubing market is expected to ascend at a 5.37% CAGR by the end of 2023. Coiled tubing denotes to a long metal pipe which is supplied spooled on a large reel. Coiled tubing is used for interventions, especially in the oil & gas wells. It is also used to carry out operations that are like wire lining.
The global coiled tubing market is expected to showcase fast-paced acceleration during the review period, owing to the rising demand for energy in developed regions. Further, strong economic growth noted by various developing countries is also fostering the growth of the global coiled tubing market. Easy installation of coiled tubing, among other beneficial features, is pushing the upscaling of the global coiled tubing market. However, there are a few factors posing as hindrances in the global coiled tubing market such as high technological complexities.
The global coiled tubing market is segmented based on service type, application, and region. Based on service type, the global coiled tubing market is segmented into drilling, and well intervention. At the beginning of the forecast period, the well intervention segment accounted for the largest share of the coiled tubing market and was valued at USD 2,603.7 million. The well intervention segment is also estimated to reach a valuation of USD 3,688.8 million by the end of the forecast period. The well intervention segment is expected to witness the fastest CAGR of 5.33% over the forecast period.
Based on application, the global coiled tubing market is segmented into offshore and onshore. At the beginning of the assessment period, the global coiled tubing market to be spearheaded by the onshore segment, which was valued at USD 3,704.1 million. This valuation is anticipated to ascend to USD 5,095.6 million by the end of the review period. The onshore segment is anticipated to upscale at the fastest CAGR of 5.33% during the review period.
Detailed Regional Analysis:
The global coiled tubing market is regionally segmented into North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Among these regions, North America held the largest share of 49.97% in the global coiled tubing market at the beginning of the forecast period. North America is also anticipated to lead the global coiled tubing market through the forecast period. Booming shale oil and gas extraction activities and increasing exploration and production activities in North America are primary drivers of coiled tubing market growth. In addition, the upcoming and ongoing projects and developments in offshore drilling, improved coiled tubing services, favorable government policies, and upscaling demand for a continuous supply of energy are fostering such growth in the regional coiled tubing market.
Furthermore, in Asia Pacific, many market vendors are observed to direct their investments owing to vast unexplored reserves and new oil field discoveries. A prominent number of shale reservoirs are present in China, which has created a high need for coiled tubing units, in turn, creating growth opportunities in the market.
August 2019: Halliburton won the nine conditional contracts by Woodside Energy Senegal for drilling and completion services for SNE Field Development Phase 1 in offshore Senegal. These contracts include drilling, logging, cementing, e-line/slick line, coiled tubing, and well testing services.
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