Pune, April 10, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider's report, the size of Coiled Tubing Market reached USD 2.79 billion in 2022, and it is projected to attain USD 4.03 billion by 2030, expanding at a compound annual growth rate (CAGR) of 4.7% during the forecast period from 2023 to 2030.
Market Overview
Coiled tubing refers to a continuous length of steel tubing wound on a large spool, which is used in various operations in the oil and gas industry. It is typically made from high-strength, low-alloy steel and is available in a range of diameters, wall thicknesses, and lengths. Coiled tubing is primarily used for well intervention, completion, and stimulation services. It is deployed into oil or gas wells to perform various tasks, such as cleaning out debris, removing wellbore fluids, and delivering chemicals or gases for well stimulation.
Market Analysis
The coiled tubing market is set to experience significant growth during the forecast period due to the product's ability to reduce costs in oil and gas exploration. Compared to conventional operations, coiled tubing offers a range of benefits, including rapid mobilization, reduced handling time while running in and out of the hole, increased work performance, balanced well control, and improved safety. Another benefit of coiled tubing is its flexibility and adaptability. Coiled tubing can be used in a variety of applications, including drilling, completion, and production. This versatility makes it a valuable tool for companies looking to optimize their exploration processes and reduce costs.
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Key Company Profiles Listed in this Report Are:
- Altus Intervention
- Calfrac Well Services Ltd.
- Baker Hughes Company
- Halliburton
- Step Energy Services
- Key Energy Services, LLC.
- Oceaneering International, Inc.
- Schlumberger Limited
- Trican
- Weatherford International PLC
Impact of Recession on the Coiled Tubing Industry
During a recession, companies tend to cut back on their capital expenditures, which can negatively impact the coiled tubing market. This is because coiled tubing is primarily used in the oil and gas industry for well intervention, completion, and stimulation services, which are not considered essential during a downturn. However, it is worth noting that the impact of a recession on the market can vary depending on the severity and duration of the downturn, as well as other factors such as government policies and regulations.
Key Regional Developments
The coiled tubing market has been experiencing significant growth globally, with North America emerging as the dominant region in terms of both volume and revenue. This growth can be attributed to the increasing prominence of the shale gas industry in the region, which has propelled the demand for coiled tubing services. Furthermore, advancements in technology that improve the efficiency of well operations have further increased the usage of coiled tubing in North America.
Coiled Tubing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 2.79 Billion |
| Market Size by 2030 | US$ 4.03 Billion |
| CAGR | CAGR 4.7% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Coiled Tubing Market: Key Segments | • By Service (Well Intervention & Production [Well Completion, Well Cleaning, Others], Drilling, Others) • By Operation (Circulation, Pumping, Logging, Perforation, Others) • By Application (Onshore and Offshore) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
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Key Takeaway from Coiled Tubing Market Study
- The well completion segment is expected to dominate the market over the next few years. Coiled tubing is a continuous length of pipe that is wound on a spool and used in various oil and gas operations, including well intervention, drilling, and well completion.
- The pumping segment is expected to witness significant growth due to the increasing demand for well stimulation and enhanced oil recovery (EOR) techniques. Coiled tubing is an essential tool in pumping operations, as it enables the injection of fluids and chemicals into the wellbore at high pressure and flow rates.
Recent Developments Related to Coiled Tubing Market
- STEP Energy Services Ltd., a Canadian oilfield services company, has announced the launch of its ultra-deep coiled tubing services in the United States. This move expands the company's coiled tubing offerings and positions it as a leading provider of specialized oilfield services in the U.S.
- Logan, a leading manufacturer of oilfield equipment, has successfully completed a space-saving coiled tubing reeler project for OneSubsea, a global leader in subsea production systems. This new piece of equipment will enhance the efficiency of OneSubsea's operations by providing a more compact and versatile solution for coiled tubing management.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Coiled Tubing Market Segmentation, By Service
9. Coiled Tubing Market Segmentation, By Operation
10. Coiled Tubing Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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