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 the 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 a number of well intervention operations such as well completion and well cleaning that can be performed in a cost-effective manner through the 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. A significant boost in the production of tight oil particularly in the U.S has resulted in a significant rise in demand for coiled tubing. Canada is yet another prominent regional market, as there are a 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 a competitive edge in the oilfield service market, as the oil and gas exploration and production companies are aiming to minimize the cost of production through innovative technologies like coiled tubing.
To request a sample copy or view summary of this report, click the link below:
Further key findings from the report suggest:
North America is expected to register the fastest CAGR of 5.5% in terms of revenue, from 2020 to 2027, owing to accelerating production of tight oil in the country
Well intervention service is estimated to exhibit the fastest CAGR of 5.0% in terms of revenue from 2020 to 2027. The growth is attributed to rising demand from oil and gas producers to maximize production from the existing wells
Onshore application acquired the highest market share of 61.5% in 2019 owing to the abundant production of oil and gas from onshore fields
Offshore application is estimated to experience the fastest CAGR of 5.6% in terms of revenue, from 2020 to 2027, owing to rising investments in offshore fields on a global scale
In 2018, Baker Hughes Company was awarded a contract by Saudi Aramco for coiled tubing services and drilling for Marjan oilfield expansion
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)
Central & South America
Middle East & Africa
This report has a service guarantee. We stand by our report quality.
Your transaction & personal information is safe and secure.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
Avail customized purchase options to meet your research needs:
"The quality of research they have done for us has been excellent..."