Global coiled tubing industry size is expected to witness an annual deployment of over 2,500 coiled tubing units by the end of 2026.
Shifting trends towards deep-water exploration activities, coupled with increasing exploration & production investments across both offshore and onshore drilling activities is likely to drive global coiled tubing market outlook.
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- Charts / Figures: 26
- Companies covered: 15
- Countries covered: 23
Coiled tubes possess the ability to perform multiple operations at a time, under variable pressure conditions, making them suitable for utilization in workover and repair activities across well sites. Coiled tubing is rapidly becoming the preferred choice for operators as they enhance operational efficiency.
In addition, coiled tubing offers various other advantages, such as less operational time, easy downhole operations, and rapid mobilization in live wells, which drives product adoption on a large scale across well sites. Growing adoption of new drilling techniques in well operations is expected to further create favorable conditions for industry expansion.
Increasing focus of both government and private organizations on shale oil and gas exploration in North America may augment coiled tubing industry growth. Additionally, depleting gas wells and declining production from shallow water sea-beds has generated massive demand for coiled tubing in performing complex operations.
Impressive product features, including high speed and increased efficiency for performing drilling operations at lower costs may provide impetus to global coiled tubing market growth. An upsurge in energy requirements over the last decade has shifted focus towards the development of new hydrocarbon energy resources, which may accelerate product deployment significantly. Moreover, increasing exploration & production investments in deep-water wells, along with the utilization of advanced drilling technologies is likely to amplify the demand for coiled tubing drilling services over the projected timeframe.
From onshore application, coiled tubing industry is expected to garner substantial gains on account of growing concerns for expanding the ongoing production index. Also, soaring E&P investments in a bid to exploit unconventional hydrocarbon resources may further favor technology deployment over 2020-2026.
Speaking in terms of regional contribution, coiled tubing market is expected to experience growth spurts in the Middle East & Africa (MEA) region. The regional industry growth can be accredited to rising investments towards augmenting the production of oil from mature fields. Besides, technological advancement in coiled tubing technology has facilitated enhanced performance of various well intervention operations and also raised the safety index of coiled tubing, which is likely to spur industry demand across the region. Moreover, widespread adoption of economical technologies for procuring oil from ores in order to raise the oil production index may also change the business outlook.
Global coiled tubing market is highly competitive with the presence of a multitude of players, who are vying for gaining precedence over the market. Mergers and acquisitions are the key strategies anticipated to underline the industry terrain over the forecast period. Major players operating within the coiled tubing market include Weatherford, Halliburton, Calfrac Well Services Ltd, Schlumberger Limited, C&J Energy Services, and Trican amongst other. Also, industry players are focusing on strategic acquisitions, technology advancement, and product differentiation to achieve profitability.
Partial Table of Contents (ToC) of the report:
Chapter 4 Coiled Tubing Market, By Service
4.1 Coiled tubing market share by service, 2019 & 2026
4.2 Well Intervention
4.2.1 Global market from well intervention, 2015 – 2026
4.2.2 Global market from well intervention, by region, 2015 – 2026
4.3 Well Cleaning
4.3.1 Global market from well cleaning, 2015 – 2026
4.3.2 Global market from well cleaning, by region, 2015 – 2026
4.4 Well Completion
4.4.1 Global market from well completion, 2015 – 2026
4.4.2 Global market from well completion, by region, 2015 – 2026
4.4.3 Fishing
4.4.3.1 Global market from well completion, by fishing, 2015 – 2026
4.4.3.2 Global market from well completion, by fishing, by region, 2015 – 2026
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