Sep 13, 2019 (The Expresswire) -- The Global Coiled Tubing Market generated revenue of $3,875 million in 2017, which is poised to grow at a CAGR of 3.93% during 2018-2023.
The GlobalCoiled Tubing Marketgenerated revenue of $3,875 million in 2017, which is poised to grow at a CAGR of 3.93% during 2018-2023. Coiled tubing is widely used in the oil and gas industry for applications such as drilling, scale removal, gravel packing, and straddles for zonal isolation. Increased investments in oil and gas projects, the discovery of new oil reserves, and rising shale gas projects are the major growth drivers of the coiled tubing market. Thus, increasing demand from natural gas production is enhancing the growth of the coiled tubing market. The report covers Coiled Tubing Market size by Service and Market size by Applications, Coiled Tubing Market share by top 5 companies and also the market share by start-ups during the forecast period.
The report is titled, “Coiled Tubing Market: By Service (Well Intervention and Production, Drilling, Perforating, Fracturing, Engineering Services, Milling Services, Nitrogen Services and Others); By Operation (Circulation, Pumping, Logging, Perforation, Milling and Others); By Application (Wellbore, Cleanouts, Electrical Submersible Pump Cable Conduit, Fracturing, Pipeline Cleanout, Fishing, Cementing, Nitrogen Jetting); By End User (Oil and Gas Industry, Engineering Procurement and Construction Industry and others) and Geographic Analysis - Forecast (2018-2023).” It contains a detailed analysis of the competitive landscape of each segment, market players profiles with reference to their financial and business strategies, recent developments and expansions in the emerging markets, product portfolios. It determines the fastest and largest growing segments across the regions and the major competitors involved in the value chain of coiled tubings such as manufacturers, suppliers, distributors, importers, and exporters.
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Coiled Tubing Market: Leading Segments
Based on the type of service, the drilling segment of the global coiled tubing market is identified as the fastest growing and is projected to grow at a CAGR of 5.49% during the forecast period. The growth of this segment is attributed to the advantages offered by coiled tubing drilling techniques, as compared to conventional drilling techniques. In addition, the increasing number of drilling activities especially in the Middle East countries, contribute to the growth of the coiled tubing market.
As of 2017, the Americas dominated the global coiled tubing market with a share of 46.6% and generated a revenue of$1.76 billion. Americas is the second-largest producer of crude oil, and huge demand from the oil and gas sector is driving the coiled tubing market in the Americas. Moreover, the well intervention and production services of coiled tubing are gaining traction in this region.
Coiled Tubing Market: Growth Drivers and Disruptive Trends
• Recently, crude oil services in terms of prices and production costs are fluctuating around the world. These fluctuations are leading to a growing demand for cost-effective good intervention methods of coiled tubing, thereby driving the market.
• Investments in oil and gas projects coupled with the RandD of the mature projects are set to enhance the growth of the coiled tubing market Continuous research and technological advancements are key for the mature oil and gas sectors to stay ahead in the competition and innovations. These kinds of streamline activities are boosting the growth of the coiled tubing industry.
• Coiled tubing drilling offers a major advantage in its ability to work with surface pressure. This unique ability of the coiled tubing drilling is its major attribute whereby it can help maintain under balanced conditions and reduce potential damage in sensitive reservoirs. This unique advantage of coiled tubing drilling is gaining traction in the coiled tubing market, especially in Canada.
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Coiled Tubing Market: Competitive Landscape
At present, the core companies operating with a major share in the global Coiled Tubing market are Baker Hughes, Halliburton Company, Schlumberger Limited, Archer Ltd., and Key Energy Services. These main players are investing in RandD activities to expand sales in the coiled tubing market.
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