The global coiled tubing market is estimated to expand at a CAGR of 5.8% during the forecast period of 2020 to 2025. Hence, the market for coiled tubing is expected to gain a valuation of US$ 4.0 Bn by 2025. One of the key factors driving the global coiled tubing market include rising efforts of upstream enterprises to improve the production from the mature fields.
In recent years, NOCs and integrated oil companies have increased spending on their upstream and operational activities. Furthermore, a considerable growth in the demand for oil & gas has resulted into encouraging companies from the oil and gas upstream sector to advance their operational activities and boost their production capabilities. These factors, in turn, are fueling the demand opportunities in the coiled tubing market.
Decline in the oil reserves in shallow water, commercial feasibility of different exploration projects, and developments in the exploration technology are resulting into increase in the number of new oilfield exploration activities. This factor is driving the sales prospects in the global coiled tubing market.
Companies operating in the global coiled tubing market are increasing focus on the development of technologically advanced products. Hence, they are investing heavily in the R&D projects. Moreover, several players in the coiled tubing market are concentrated on the launch of new products. These factors are anticipated to help in the expansion of the global coiled tubing market.
North America is one of the prominent regions for the global coiled tubing market. Players in the market are expected to gain lucrative prospects in North America owing to many factors including increase in unconventional resources in Canada and the U.S. Furthermore, companies in the coiled tubing market are prognosticated to observe a rise in the demand for coiled tubing operations in the offshore fields from the Gulf of Mexico as well as many other onshore fields in the U.S.
Coiled tubing is expected to gain a significant traction on account of its efficient capability to support an expandable linear system while keeping the deployment process a reliable and routine operation which may drive growth of the coiled tubing market.
In a recent 30-stage fracturing operation of a Marcellus Shale natural gas well in Pennsylvania, the operator in charge found coiled tubing as an efficient and a quick fix for effectively dealing with a casing integrity problem encountered at the 12th stage. A leaking connection marked at the heel of the well was deemed to be the cause of the problem, which halted the completion of the rest of the 18 stages. Apart from the ability to hold against the pumping pressures of over a whopping 10,000 psi, the solution was also required to work out in an environment of stiff time restrictions.
The workover rig was one of the options considered to resolve the issue. However, high rental costs, logistical obstacles, and limited footprint availability on the mountainside work site discouraged the operator to adopt the workover rig solution. Another option was to run a cement squeeze to separate the exposed part of the wellbore. Unfortunately, the operator did not find this option suitable either, owing to the less reliability of the squeeze to bear the massive pumping pressures and longer time required.
Finally, coiled tubing came to the rescue which supported a wellbore integrity restoration technology which required only 24 hours to complete vital procedures such as pressure testing, installation, and cleanout run. With no drilling out required, the repairing of the parted pipe was in operation as soon as the coiled tubing was removed.
Another operation in Alaska saw the employment of coiled tubing to support a multi-joint expandable liner system in a distant multilateral well.
The increasing number of oil fields getting matured and a subsequent decline in the global production of oil volumes are compelling companies in the exploration process to adopt high-performing products. This has escalated the growth of the global coiled tubing market over the past few years. Coil tubing is likely to find its way in tight reserves in the offing due to its high longevity, flexibility, and corrosion resistance. Owing to its numerous advantages such as smaller trip times, contained well pressure, and less labor requirement, the market is expected to witness a significant growth in the near future.
The research report extensively covers all the important aspects of the global coiled tubing market. These aspects include, but are not limited to, market dynamics, competitive landscape, and technological developments. It profiles key players in the market along with their business strategies, latest developments, and contact information. The statistics pertaining to the market are presented at both global and regional levels.
The robust growth of the oil and gas industry is effectively supplementing the growth of the coiled tubing market. In addition, the increasing spending on oil and gas projects is fuelling the coiled tubing market. Moreover, the discovery of new reserves along with the redevelopment of mature fields is providing a significant boost to the growth of the market. Growth in shale gas exploration, especially in the U.S., coupled with the growing offshore and deep-water drilling activities across the globe is augmenting the coiled tubing market.
On the other hand, stringent government regulations pertaining to well intervention and drilling activities are hindering the growth of the market. Furthermore, the decreasing rig count is negatively influencing the growth of the market. However, the growing focus on unconventional reservoirs is unfolding ample growth opportunities for the coiled tubing market.
The key regions studied in the report are Asia Pacific, North America, Europe, and Rest of the World. North America is expected to command a large share in the global coiled tubing market throughout the forecast period. The rising extraction of shale oil and increasing exploration activities are contributing to the growth of the region. The coiled tubing market in North America is centralized in the U.S.
Asia Pacific is likely to exhibit a noteworthy CAGR during the same period, with China being a major contributor. The growth of the coiled tubing market can be attributed to the growing investments by private and public organizations in this field. The Rest of the World region is expected to emerge as a promising segment owing to increasing demand for innovative technologies in the Middle East for oil and gas exploration. The booming crude oil production in the U.A.E, Qatar, and Saudi Arabia is providing a fillip to the growth of the region.
Some of the key players in the coiled tubing market are Halliburton Co., Cwc well services Inc., Sanjel Corp., C&J Energy Services Inc., Calfrac Well Services Ltd., Baker Hughes Inc., and Aker Solutions ASA.
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