New York, United States, April 04, 2023 (GLOBE NEWSWIRE) -- The Global Coiled Tubing Market Size is to grow from USD 2.9 Billion in 2021 to USD 4.4 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period. The coiled tubing industry is being driven by upstream companies increased efforts to improve production from mature fields. During the forecast period, the product's ability to reduce overall costs in oil and gas exploration is expected to drive market growth.
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Coiled tubing is a long material pipe and surface equipment that was initially designed for the producing of wells. Coiled tubing has many advantages over traditional operations, including faster mobilization, less time spent on pipeline handling while running in and out of the hole, increased work performance, balanced well control, and increased safety. Coiled tubing's applications have expanded beyond traditional applications such as well cleaning and acid stimulation. It is becoming increasingly popular in coiled tubing drilling, fracturing, subsea, deeper wells, pipelines, and other applications. Favourable regulatory policies, as well as increased government initiatives and support, are also propelling the industry. During the study period, the industry is expected to advance due to rising demand from emerging economies, technological advancements, and a significant increase in R&D investments. The North American coiled tubing market is dominated by the United States. The country intends to increase its oil and gas production as a result of the conflict between Ukraine and Russia. The US government is attempting to lower petrol prices by establishing new public lands for drilling. Crude oil prices are volatile due to policy changes, fluctuations in demand and supply, and changes in the global market environment. The operating costs of providing coiled tubing services are relatively high. As a result, the market's growth is impeded by crude oil price volatility and high maintenance costs.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Coiled Tubing Market Size, Share, and COVID-19 Impact Analysis, By Application (Well Intervention, Drilling, and Others), By Operation (Pumping, Circulation, Logging, and Others), By Location (Onshore and Offshore), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here:
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The well intervention segment is expected to hold the largest market over the predicted period.
On the basis of application, the global coiled tubing market is categorized into well intervention, drilling, and others. The well intervention segment is expected to have the largest market over the forecast period. This is due to increased global demand for oil and gas products in various end-use applications such as building and construction, transportation, power generation, and others, which leads to increased demand for well intervention services that improve the production of operational and abandoned oil and gas wells.
The pumping segment held the largest share of the coiled tubing market.
Based on the operation, the global coiled tubing market is classified into pumping, circulation, logging, and others. The pumping segment accounted for the highest share of the coiled tubing market. The reason for the increase is an increase in demand for coiled tubing from a variety of fluid pumping operations, including oil well cementing, pressure testing, solvent pumping, acidizing treatments, and others.
The onshore segment is expected to grow at the fastest rate over the predicted period.
On the basis of location, the global coiled tubing market is differentiated into onshore and offshore. In terms of revenue, the onshore segment accounted for the largest share of the global market. The segment is expected to maintain its dominance throughout the forecast period because producing oil and gas from onshore wells is more cost-effective and feasible than producing oil and gas from offshore wells.
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The North American region holds the largest share of the Global Coiled Tubing Market.
North America dominated the market in terms of volume and revenue, accounting for more than 29.32% of global revenue in 2021. Because of the expansion of unconventional resources in the United States and Canada, North America is expected to be the largest market during the study period. Furthermore, demand for coiled tubing processes is expected to drive market expansion in the maturing offshore fields of the Gulf of Mexico, as well as other onshore fields in the United States.
During the study period, Asia Pacific is expected to grow the fastest. Oil and petrol demand from emerging economies such as India, Vietnam, and China are rapidly increasing in the region. The market is driven by demand for coiled tubing services in the well intervention market, particularly for completion and cleaning services. Because the GCC countries are the largest oil producers, the Middle East and Africa are estimated to remain key market regions during the forthcoming years. Furthermore, during the projected timeframe, new projects in Africa are expected to drive market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Coiled Tubing Market include Stewart & Stevenson, T&H Lemont, Tenaris, John Lawrie Group, Trident Steel Corporation, Gautam Tube Corporation, HandyTube, National Oilwell Varco, John Lawrie Group, Sandvik AB, Forum Energy Technologies, Inc., Schlumberger, Baker Hughes Company, The Abu Dhabi National Oil Company, CALFRAC WELL SERVICES LTD, Halliburton, Weatherford and Others.
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Recent Developments
In September 2022, STEP Energy Services Ltd., a subsidiary of STEP Energy Services Ltd., has acquired ProPetro's Coiled Tubing assets, which were used for services such as frac plug mill-out, wellbore clean-out, tubing-conveyed perforating, and nitrogen pumping, according to ProPetro Holding Corp. ProPetro chose to receive consideration in the form of cash and STEP shares, demonstrating its belief in STEP's ability to grow the business and create value.
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