Pune, Sept. 28, 2020 (GLOBE NEWSWIRE) -- The global coiled tubing services market size is expected to reach USD 6.73 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. The surging intervention services in onshore and offshore platforms is expected to spur opportunities for the market during the forecast period, states Fortune Business insights, in a report, titled “Coiled Tubing Services Market Size, Share & COVID-19 Impact Analysis, By Service (Well Intervention (Well Completion and Well Cleaning) and Drilling), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027.” The market size stood USD 5.52 billion in 2019.
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The report on coiled tubing services market contains:
- Grander insights into the market
- Precise data with thorough research
- Market dynamics and factors exhibiting market growth
- Detailed information about the eminent players
- COVID-19 impact
Market Driver:
Substantial Investments in E&P and Hydrocarbon Activities to Foster Growth
The rising oil demand has led to heavy investment in drilling operations, in turn, boosting the growth of the market. The surging economic development is expected to create opportunities for the market during the forecast period. The rising utilization of coiled tubing in well intervention activities and drilling operations will further stimulate the growth of the market for coiled tubing services. The growing knowledge about the effective production method of coiled tubing to produce large amounts of oil and gas will have an excellent impact on the market. Moreover, the growing production of hydrocarbon is expected to further fuel the demand for the market in the foreseeable future.
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COVID-19 to Adversely Impact Global Market
The oil and gas industry has witnessed a massive drop in revenue due to the occurrence of coronavirus. As per the International Energy Agency, oil demand has decreased by 29 million barrels per day (BPD) in April 2020 and by 23.1 million BPD in the second quarter. The shut-down of manufacturing facilities and services because of lockdown enactment in several nations, thus restricting the supply of oil and gas and inhibiting market growth. For instance, Aker Solutions has laid off 650 employees in the UK and Norway and a further notice has been issued for temporary layoffs of up to 6,000 in Norway.
Regional Analysis:
Rising Oil Production to Boost Market in North America
Geographically, the global market for coiled tubing services is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to dominate the global market owing to its potential for natural gas, shale gas, tight gas reserves, and oil production. As per the IEA report 2018, the United States covered 80% of the world’s energy demand growth. The market in Asia Pacific is expected to witness a significant growth rate owing to the ever-increasing oil and gas demand in developing countries. The implementation of new policies and regulations will further aid expansion in the region. The IEA reports state that the world oil demand is estimated to increase by 6.9mb/d by 2023 at an average of 1.2mb/d a year.
Key Development:
March 2020: Uzma Group, a Malaysian oil and gas services company was awarded three contracts worth USD 38.35 million through its units in Malaysia and Thailand. The contract includes well plug and abandonment (P&A) and coil tubing services
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Lists Of Key Companies Profiled In Coiled Tubing Services Market:
- Schlumberger (Texas, US)
- Baker Hughes, a GE Company (Texas, US)
- Halliburton (Texas, US)
- C&J Energy Services (Texas, US)
- Key Energy Services (Texas, US)
- Archer – the well company (Rogaland, Norway)
- Essential Coil (Calgary, Canada)
- COSL - China Oilfield Services Limited (Dongcheng District, Beijing)
- National Oilwell Varco (Texas, US)
- National Energy Services Company (Tarshid)
- BJ Services (Texas, US)
- Global Tubing, LLC (Texas, US)
- Calfrac Well Services (Calgary, Canada)
- Basic Energy Services (Texas, US)
- Superior Energy Services (Texas, US)
- Antech (United Kingdom)
- Pioneer Energy Services (Texas, US)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Coiled Tubing Services Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Coiled Tubing Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Well Intervention
- Well Completion
- Well Cleaning
- Drilling
- Well Intervention
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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