New York, US, May 02, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Coiled Tubing Market Research Report Information by Service Type, Region, and Application - Forecast Till 2030”, the global Coiled Tubing market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 6.11%. The reports further predict the market will acquire nearly USD 5.88 Billion by the end of 2030. As per the documents, the Coiled Tubing market was valued at nearly USD 3.18 Billion in 2022.
Coiled Tubing Industry Overview:
The global Coiled Tubing industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising demand for well-intervention operations. Furthermore, the growing efforts by upstream companies to boost production from mature fields are also considered a crucial parameter supporting the global market's development. Moreover, the escalating demand for well-intervention operations is also predicted to enhance the performance of the market over the assessment period. In addition, the factors such as high expenditure in upstream & operational activities, growing demand for oil & gas, growing exploration & production activities for discoveries, advancements in exploration technology, the financial feasibility of exploration operations, and dwindling oil reserves in shallow water are also projected to catalyze the performance of the market over the review timeframe.
Competitive Analysis
The listing of the prominent leaders across the global Coiled Tubing market includes players such as:
- Schlumberger
- Step Energy Services Ltd
- Halliburton
- RPC Inc
- Weatherford
- Calfrac Well Services Ltd
- Baker Hughes
- Trican
- GE Company
- C&J Energy Services Inc
- Nabors Industries Ltd
- Among others.
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Market USP Covered
Market Drivers
The global Coiled Tubing industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising demand for well-intervention operations. Furthermore, the growing efforts by upstream companies to boost production from mature fields are also considered a crucial parameter supporting the global market's development. Moreover, the escalating demand for well-intervention operations is also predicted to enhance the performance of the market over the assessment period. In addition, the factors such as high expenditure in upstream & operational activities, growing demand for oil & gas, growing exploration & production activities for discoveries, advancements in exploration technology, the financial feasibility of exploration operations, and dwindling oil reserves in shallow water are also projected to catalyze the performance of the market over the review timeframe.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 5.88 Billion |
| CAGR during 2022-2030 | 6.11% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type, Application, and Region |
| Key Market Opportunities | Increasing demand for conventional fuels from developing economics |
| Key Market Dynamics | Rising demand for well-intervention operations |
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Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Coiled Tubing market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Segment Analysis
Among all the service types, the Well intervention segment secured the top globally for coiled Tubing in 2021. The increasing number of aging wells is the primary parameter causing a surge in the segment's performance. The segment is divided into good cleaning, well completion, and others, including circulation, pumping, well stimulation, and well perforation.
Among all the application areas, the Onshore segment ensured the top position across the global Coiled Tubing market in 2021. The primary parameter causing a surge in the segment's performance is using smaller service rigs and mobile, self-contained coiled tubing rigs for light operations. Moreover, the increase in shale gas exploration, particularly in the US, and the rise in drilling activities will likely enhance the segment's performance over the coming years.
Regional Analysis
The global Coiled Tubing market is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the North American region held the top position across the global Coiled Tubing industry in 2021 mainly because of the increase in unconventional resources in the US and Canada. Furthermore, the demand for coiled tubing operations in offshore fields in the Gulf of Mexico and some offshore fields in the US is also likely to enhance the performance of the regional market over the coming years.
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The Asia-Pacific regional Coiled Tubing market is anticipated to showcase considerable development over the coming years, given mainly to the demand for oil and gas from growing nations like China, Vietnam, and India.
The European region is anticipated to grow rapidly across the global Coiled Tubing market is anticipated to grow rapidly over the coming years owing to the factors such as changing energy balance and the use of renewable energy.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding 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.
