GCC & North Africa Coiled Tubing Market Worth $886.5 Million By 2025

GCC & North Africa Coiled Tubing Market Growth & Trends

The GCC and North Africa coiled tubing market size is expected to reach USD 886.5 million by 2025, registering a CAGR of 4.8%, according to a new report by Grand View Research, Inc. Given the uncertainty in oil and gas industry, oil producers are increasingly utilizing cost effective well completion technologies like coiled tubing (CT).

Coiled tubing is mainly used for upstream oil and gas services such as well intervention and drilling. Moreover, it is a cost- and time-effective well intervention technology. Thus, companies are expected to increasingly opt for CT solutions owing to the rising cost of oil production and fluctuations in the selling prices of oil.

The demand for the product and its associated services in GCC and North America is significantly influenced by the production of oil and gas in the region. The regional market is anticipated to witness growth with a steady increase in well intervention activities, especially in the Middle East. The need to maximize oil and gas production within the existing oilfields coupled with a rising number of aging wells is driving the demand for cost-effective well intervention solutions like coiled tubing.

The future outlook for the market growth in the Middle East remains healthy due to sturdy investments by the National Oil Companies (NOCs) of the region. For instance, Abu Dhabi National Oil Company 9 ADNOC) in 2018 announced to significantly invest in the upstream oil and gas industry over the coming years to improve its oil capacity and offer extra 1 million barrels of oil per day by 2020. Such investments are likely to propel the industry growth.

Saudi Arabia dominated the market as the country is the largest producer of oil in GCC and North Africa. The country produced approximately 13% of the global oil and 30.7% of the Middle East and Africa oil in 2018.The oil production in the country grew from 10,665 thousand barrels per day in 2008 to 12,287 thousand barrels per day in 2018.

The top players in the GCC CT market include Baker Hughes Company, Halliburton, and Schlumberger Limited. These companies strive to gain competitive advantage in oilfield service market by aiming to reduce the cost of production by deploying innovative technologies like coiled tubing.

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GCC & North Africa Coiled Tubing Market Report Highlights

• Saudi Arabia dominated the market with a revenue share of 29% in 2018 owing to huge oil production capacity of the country

• Iran is expected to expand at a minimal CAGR of 3.5%, in revenue terms, from 2019 to 2025, due to the U.S. levied sanctions on Iran, which, in turn, are expected to hamper the oil production in Iran

• Onshore application led the market and accounted for the largest revenue share of 81% in 2018 owing to presence of large number of onshore oil wells in the region

• Well intervention service is predicted to expand at a CAGR of 4.9% from 2019 to 2025 owing to enhanced efficiency provided by the CT service for oil completion activities

• Offshore application is poised to witness the fastest CAGR of 5.0% from 2019 to 2025, as oil producers are increasingly exploring offshore resources for oil production

GCC & North Africa Coiled Tubing Market Segmentation

Grand View Research has segmented the GCC and North Africa coiled tubing market on the basis of service, operation, application, and region:

GCC & North Africa Coiled Tubing Services Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)

• Well Intervention

  • Well Completion

  • Well Cleaning

  • Others

• Drilling

• Others

GCC & North Africa Coiled Tubing Operation Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)

• Circulation/ Deliquification

• Pumping

• Logging

• Perforation

• Others

GCC & North Africa Coiled Tubing Application Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)

• Onshore

• Offshore

GCC & North Africa Coiled Tubing Regional Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)

• Saudi Arabia

• UAE

• North Africa

• Iran

• Kuwait

• Oman

• Iraq

• Syria

• Libya

List of Key Players of GCC & North Africa Coiled Tubing Market

• Schlumberger Limited

• Baker Hughes Company

• Halliburton

• Weatherford International plc

• Archer Limited

• Elite Coil Tubing Solutions Saudi Co.

• Smape S.r.l.

• Trican

• OiLSERV

• Sakson Drilling & Oil Services