Farmington, May 09, 2023 (GLOBE NEWSWIRE) -- The Global Coiled Tubing Services Market Was Valued At $5.52 billion In 2022 And Is Expected To Expand $8.34 billion By 2030 at a CAGR Of 5.3% From 2022 To 2030. Key factors driving the growth of this market include the A growing need for well intervention operations, growing demand for oil, gas, and other petroleum products from the developing economies, and the increasing trend of developing unconventional oil blocks.
The NOCs and integrated oil companies have begun to invest more on worldwide upstream and operational activities. In addition, as the demand for oil and gas rises, the oil and gas upstream field is enhancing its operational responsibilities and increasing production. All of these elements are propelling the market for coiled tubing.
Request sample copy of report Coiled Tubing Services Market Size, Share & Trends Estimation Reports By Type Outlook (Well Intervention Service (Well completion, Well cleaning),Drilling Service, Others), By Application Outlook (Onshore, Offshore, Others), By Region and Forecasts, 2023 - 2030. published by Contrive Datum Insights.
Segmentation Overview:
Type Outlook:
In 2021, well intervention and production accounted for over 65.0% of the global market's revenue. In a well intervention, coiled tubing is preferred over conventional tubing because the latter must be fastened together. The former does not necessitate a workover apparatus because it can be installed directly during production. In addition, it is economical and applicable to high-pressure wells.
Application Outlook:
On the basis of application, the market is essentially divided into onshore and offshore segments. The onshore segment is anticipated to drive market expansion due to rising onshore exploration and massive investments in oil and gas production. Leading nations around the globe concentrated primarily on onshore exploration and production. Increasing potential for hydrocarbon recovery and booming oil and gas production are propelling the expansion of the offshore segment. Nevertheless, the onshore application is anticipated to dominate the coiled tubing service market during the forecast period.
Regional Analysis:
North America is projected to be the largest market between 2018 and 2023 owing to increasing unconventional resources in the United States and Canada. Additionally, demand for coiled tubing operations in offshore oil fields in the Gulf of Mexico and other offshore oil fields in the United States is expected to propel market growth.
According to the report, Due to the growing number of mature oil fields in Russia and the United Kingdom, Europe is expected to be the second largest market for coiled tubing services.
It is essential to take into account the specific local factors when analysing the Coiled Tubing Services Marketin each region, as market conditions and trends can vary significantly from region to region and even from country to country.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.3% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 8.34 billion |
| By Type |
|
| By Application |
|
| By Companies |
|
| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Restraining Factors:
There are a number of challenges that could slow the expansion of the global Coiled Tubing Services Market. Among the most important constraints are:
Risks associated with operations involving coiled tubing and operational safety regulations: Coiled tubing is a modest piece of equipment with a relatively thin wall thickness. As a result of the constant bending and straightening of the tubing, frequently at high levels of internal pressure, which can cause a minor flaw, whether caused by corrosion or mechanically, there is a high probability of operational damage.
Opportunity Analysis:
A number of promising new avenues for development and expansion exist in the international Coiled Tubing Services Market. Consider a few of the most promising prospects:
Increasing investigation and manufacturing in light of recent discoveries: Exploration as well as production operators are incentivized to explore new oilfields, particularly in offshore regions, due to technological advancements, diminishing oil reserves in shallow water, and the commercial viability of exploration projects. Consequently, this creates new opportunities for coiled tubing.
Key Segments Covered:
Top Market Players:
- Halliburton (US)
- Schlumberger (US)
- Baker Hughes Company (US)
- Weatherford (Switzerland)
- NexTier Oilfield Solution (US)
- Superior Energy Services (US)
- Trican (Canada)
- Altus Intervention (Norway)
- National Energy Services Reunited (US)
- RPC Inc. (US).
- Calfrac Well Services (Canada)
- Key Energy Services (US)
- Nine Energy Services (US)
- Pioneer Energy Services (US)
- Legend Energy Services (US)
- Oilserv (UAE)
By Type
- Well Intervention Service
- Well completion
- Well cleaning
- Drilling Service
- Others
By Application
- Onshore
- Offshore
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific:(Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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