The global Coiled Tubing Market size is expected to reach USD 2.41 billion by 2030, expanding at a CAGR of 3.4% during the forecast period. The increasing investments in the production of shale gas and offshore drilling are expected to augment the market growth during the forecast period. The crude oil price crossed the USD 100-per-barrel threshold in February 2022 due to the Russia-Ukraine conflict. Owing to this, the U.S. government has asked oil & gas producing companies to ramp up their production. The production of U.S. shale oil is anticipated to increase by 109,000 barrels per day. This trend is expected to positively impact the coiled tubing market growth during the forecast period.
Coiled tubing is a long continuous length of
small-diameter steel pipe. Its applications include drilling, improving well
efficiency, removing sand, pumping fluids at high temperatures, hydraulic
fracturing, and well completions. As its cost-effectiveness sets it apart from
other technologies, its demand is expected to surge over the next few
years.Based on services, well intervention & production held the largest
revenue share of the global market in 2021, and this trend is expected to
continue across the forecast period. The well intervention services sector is
growing due to producers wanting to increase their productivity by applying
advanced enhanced oil recovery techniques and advancements in shale development
for which coiled tubing is the best suitable and cost-effective option.
Based on the region, North America is anticipated to
maintain its dominance in the global market during the forecast period, with
the U.S. being its key market. Factors such as the rising focus of the key oil
& gas players in the region on enhancing well efficiency, drilling new
wells & fracturing treatments, and the increasing production of shale gas
are pushing the demand for coiled tubing in the region. The global coiled
tubing market is highly competitive. Strategic initiatives such as mergers &
acquisitions and capacity expansions are being carried out by key market
players to expand their business. For instance, in December 2021, Nexus Energy
Technologies, Inc. and Lee Specialties Inc announced that the companies have
merged to form NXL Technologies, Inc. This merger is expected to help NXL
Technologies Inc. to become a market leader in coiled tubing and wireline
pressure control equipment.
Related Press Release@ Coiled Tubing Market Report
Coiled Tubing Market Report
Highlights
- Based on service, drilling is anticipated to register a CAGR of
3.1%, in terms of revenue, from 2022 to 2030. The price rise and the
shortage of oil & gas are augmenting the demand for the exploration of
new wells, thus, aiding the market growth
- Based on application, offshore is expected to register the fastest
CAGR of 4.1%, in terms of revenue. With technological advancements, the
low cost of offshore production compared to onshore is expected to drive
the segment growth during the forecast period
- Based on region, Asia Pacific is expected to register a CAGR of
3.7%, in terms of revenue, during the forecast period. Rising fuel demand
from countries such as India and China is anticipated to drive market
growth
- Based on operation, pumping is expected to register a CAGR of 3.6%,
in terms of volume, during the forecast period. Rising emphasis on raising
well efficiency is increasing injecting chemicals and coiled tubing
provides the best option here, as compared to others, which is expected to
drive the market growth
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