Growth of oil & gas industry is expected to remain a key factor driving the global coil tubing market over the forecast period. Increasing spending in oil & gas projects, redevelopment of matured fields, discovery of new reserves, and increasing shale gas projects are the major factors expected to drive coil tubing market. Increasing coil tubing application in well clean outs, nitrogen pumping and gas production tubing in depleted gas wells is expected further complement the global market growth. Coil tubing market is expected to penetrate in tight reserves owing to its high flexibility and longevity along with corrosion resistance. Due to multiple advantages of coil tubing such as contained well pressure, quicker trip times and lower personnel requirement in oil & gas industry its demand is expected to increase over the forecast period. Coil tubing market is segmented on the basis of services such as well intervention services, drilling services and other services. Well intervention services can be segmented into well cleaning and well completion services (acid & chemical treatment, fishing, logging and perforation etc.). Rising demand of these services is projected to drive the global coil tubing market in future. Coil tubing market is further expected to grow over a foreseeable period owing to development of offshore and deep-water drilling markets. Growing energy demands are likely to influence the drilling industry, which in turn is likely to drive coil tubing market.
North America was the major coil tubing regional market and is expected to exhibit considerable growth over the forecast period. Increasing shale oil and gas extraction in the U.S. is expected to drive the regional market over the forecast period. Asia Pacific is a potential market and is expected to grow on account of increasing shale gas extraction in China. Increasing investments in coil tubing technology in the region is expected to further augment the Asia Pacific market growth. Increasing crude oil production in UAE, Saudi Arabia and Qatar is expected to drive coil tubing market growth in Middle East.
Some of the major companies operating in global coil tubing market include Schlumberger Ltd, Halliburton Co, Trican Well Services Ltd, Superior Energy Services Inc, Calfrac Well Services Ltd and Baker Hughes Inc.
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