New York, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Coiled Tubing Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Coiled Tubing Market Research Report: Information, By Service Type (Well Intervention, Drilling and others), By Application (Onshore and Offshore) - Forecast till 2030”.
Market Research Future’s Review on Coiled Tubing Market
The global coiled tubing market will grow at a 5.37% CAGR by 2030, states the latest Market Research Future report.
Eminent industry players profiled in the global coiled tubing market report include
- Schlumberger (US)
- Halliburton (US)
- Weatherford (US)
- Baker Hughes
- a GE Company LLC (US)
- Nabors Industries Ltd (UK)
- C&J Energy Services Inc (US)
- Trican (Canada)
- Calfrac Well Services Ltd (Canada)
- RPC Inc (US)
- Step Energy Services Ltd (US)
- Key Energy Services Inc (US)
- Among others.
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COVID-19 Analysis
The COVID-19 outbreak has affected the worldwide economy of different sectors that includes power generation industries, manufacturing, automotive, oil & gas, and others in different ways. The crisis disrupted the oil & gas industry’s supply chain and adversely impacted the production and exploration activities of the industry. The restrictions imposed during the lockdown have sharply declined the worldwide need for oil & gas due to the transportation sector coming to a standstill. Besides, the disruption in the supply and demand of oil & gas that led to huge financial losses resulted in pay cuts and job losses. As coiled tubing is a needed equipment for the production activities related to oil and gas, the fall in demand for oil & gas has disrupted the worldwide need for the coiled tubing industry.
Besides, the key oil-producing countries like Saudi Arabia, Russia, and the US have experienced a huge decline in the supply and demand of oil and gas that possessed a direct impact on the global oil & gas market. The impacts of the global price drop in oil coupled with the uncertainty in the measures and policies undertaken by government authorities have resulted in a catastrophic blow to the global economy, supply chain disruptions, and also choking off the supply and demand of oil & gas. But with the stabilization of the market, the need for coiled tubing is likely to regain its normal growth by 2021.
Browse In-depth Market Research Report (190 pages) on Coiled Tubing Industry
https://www.marketresearchfuture.com/reports/coiled-tubing-market-1738
Drivers
Increased Energy Consumption to Boost Market Growth
Rapid urbanization has resulted in increased energy consumption owing to industrial development. The rise in energy consumption has led to increased exploration as well as production operations that may boost market growth in the forecast period.
Opportunities
Rising Use of Gas in Vehicles to offer Robust Opportunities
The rising use of gas in vehicles and the rapid transition to gas power station from coal power station will offer robust opportunities for the market over the forecast period.
Restraints
Risks related to Coiled Tubing Operations to act as Market Restraint
The risks related to coiled tubing operations & regulations related to operational safety may act as market restraints over the forecast period.
Challenges
Rapid Development of EV Industry to act as Market Challenge
The booming electric vehicle industry and the implementation of strict government regulations towards environmental pollution from oil and gas products may act as market challenges over the forecast period.
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Market Segmentation
The global coiled tubing market has been bifurcated based on service type and application.
By service type, the well intervention segment will lead the market over the forecast period for the rise in aging wells.
By application, the onshore segment will dominate the market over the forecast period as this is more cost-effective and feasible for the use of smaller service rigs and self-contained, mobile coiled tubing rig for light operations. Besides, the increase in shale gas exploration in the United States along with the rise in drilling activities is also boosting the segmental growth.
Regional Analysis
North America to Lead Coiled Tubing Market
North America will lead the global coiled tubing market over the forecast period. Increase in unconventional resources in Canada and the US, the need for coiled tubing operations in the offshore field especially in the Gulf of Mexico along with other offshore fields in the US, increasing adoption in Canada & the US, the sudden explosion in the production of tight oil in the US, the accessibility of skilled manpower, increased E&P activities, and latest equipment & technologies, the presence of several key players, huge consumer base, recent developments of shale oil reserves, and the huge exploration & production of oil are adding to the global coiled tubing market growth in the region.
Segmentation of Market covered in the research:
Coiled Tubing Market Research Report: Information, By Service Type (Well Intervention, Drilling and others), By Application (Onshore and Offshore) - Forecast till 2030
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Report Scope:
| Report Attribute/Metric | Details |
| Market Size | 2030: Significant Value |
| CAGR | 5.37% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Schlumberger (US), Halliburton (US), Weatherford (US), Baker Hughes, a GE Company LLC (US), Nabors Industries Ltd (UK), C&J Energy Services, Inc (US), Trican (Canada), Calfrac Well Services Ltd (Canada), RPC Inc (US), Step Energy Services Ltd (US), and Key Energy Services Inc (US) |
| Key Market Opportunities | High expenditure in global upstream and operational activities |
| Key Market Drivers | Rising demand for well intervention operations is driving the coiled tubing market |
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
