Increasing global demand for energy, escalating oil and gas production, and increasing application of coiled tubing in well intervention are the major factors bolstering the market growth.
Market Size – USD 3.42 Billon in 2020, Market Growth – CAGR of 5.3%, Market Trends – Increasing expansion of oil and gas industry
global Coiled Tubing Market is expected to reach USD 4.67 Billion by 2028 at a CAGR of 5.3%, according to a recent report by Reports and Data. The high production of oil and gas across the globe and the rising usage of coiled tubing in well intervention and drilling are the key factors driving the market growth. Coiled tubing refers to an elongated metal pipe that is deployed for interventions in oil and gas wells. The coiled tubing does not depend on gravity and can potentially pump the chemicals from the coil and push it through the hole. It has also been actively deployed for open drilling and milling operations.
Growing demand for energy from across the world due to rapid urbanization and industrialization has significantly contributed to market growth. The increasing number of industries has boosted the energy consumption from almost all the sectors, which have further bolstered the exploration and production operations. This has propelled the market growth and is projected to be a significant trend over the estimated timeframe. Additionally, the progress of the energy and oil and gas industry are the key elements further stimulating the market growth.
The outbreak of the COVID-19 pandemic significantly impacted the market growth with a rapid decline in energy and oil, and gas across the globe due to social restrictions and subsequent lockdowns. The impact on the prices of crude oil and production activities has further restrained the market growth. Additionally, the environmental risks associated with the flaws in coiled tubing and the exploration activities are projected to impede the expansion of the market.
Key companies operating in the market include Baker Hughes Company, Schlumberger Limited, National Oilwell Varco, C&J Energy Services, Global Tubing, LLC, Pioneer Energy Services, and Halliburton.
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Key Highlights from the Report:
- Well intervention segment is expected to account for a significant share of the market in the forthcoming years owing to the increasing emphasis of the oil and gas industry on bolstering the production from existing wells and reserves.
- Circulation is the most common use of coiled tubing, and the segment is expected to register lucrative growth in the timeframe. The increasing use of coiled tubing to force out the fluid from the bottom of the wellbore by pumping nitrogen gas is the key element supporting the segment’s growth.
- The onshore segment is foreseen to expand at the highest CAGR in the timeframe accredited to the increasing demand for onshore coiled tubing, a rapid rise in onshore exploration services, and increasing demand for energy across the globe.
- North America is expected to account for a substantially large share of the market, majorly accredited to the rising amount of exploration and production operations for natural gas and shale gas in the region. Moreover, the capacity of the United States to cater to 80% of the world’s energy demand is further adding traction to the market growth.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/coiled-tubing-market
For the purpose of this report, Reports and Data has segmented the global Coiled Tubing Market based on Services, Operations, Application, and Region:
Services Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
- Well Intervention
- Well Cleaning
- Well Completion
Operation Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
Application Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
Regional Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Table of Content:
Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 Research scope and assumptions
1.3 List of data sources
Chapter 2 Executive Summary
2.1 Coiled tubing – Industry snapshot and key buying criteria
Chapter 3 Coiled Tubing Market Variables, Trends, & Scope
3.1 Market segmentation & scope
3.2 Market size and growth prospects, 2018-2028
3.3 Coiled tubing – Value chain analysis
3.4 Coiled tubing technology outlook
3.5 Regulatory scenario
3.6 Market dynamics
3.6.1 Market driver analysis
220.127.116.11 Growing energy demand
18.104.22.168 Shift in trend towards developing unconventional resources
3.6.2 Market restraint analysis
22.214.171.124 Stringent environmental regulations
3.7 Key market opportunities prioritized
3.8 Industry analysis – Porter’s
3.9 PESTEL analysis
Chapter 8 Competitive Landscape
8.1 Vendor Landscape
8.2 Competitive Environment
8.3 Strategy Framework
Chapter 9 Company Profiles
9.1 Schlumberger Ltd.
9.1.1 Company overview
9.1.2 Financial performance
9.1.3 Product benchmarking
9.1.4 Strategic Initiatives
9.2 Industries and Services Catered
9.2.1 Company overview
9.2.2 Financial performance
9.2.3 Industries and services catered
9.2.4 Product benchmarking
9.3 Baker Hughes
9.3.1 Company overview
9.3.2 Industries and services catered
9.3.3 Product benchmarking
9.4.1 Company overview
9.4.2 Industries and services catered
9.4.3 Product benchmarking
9.5 Weatherford International Inc
9.5.1 Company overview
9.5.2 Industries and services catered
9.5.3 Product benchmarking
9.5.4 Strategic initiatives
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