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.
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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)
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)
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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.
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