Market Research Future published a research report on “Coiled Tubing Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
Coiled tubing (CT) is a long metal pipe that is rolled over a large reel and brought to the well site during well repair and workover activities. Rise of horizontal drilling and prevalence of CT in oil & gas fields can induce its heavy demand. The global coiled tubing market report by Market Research Future (MRFR) examines the drivers and challenges to be faced by the industry for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its implications on the market are explored in high detail in the report.
The global Coiled Tubing Market is expected to expand at 5.37% CAGR during the forecast period. Advantages of CT including improved safety and well control, low mobilization time, and underbalanced operations are likely to influence its adoption rate. The rise in hydraulic fracturing, well cleaning, and change in well designs can convince oil & gas producers of its utilization. The discovery of new fields and renewal of licenses are other factors supporting the market demand. New avenues of coal-bed methane (CBD), tight-gas sand, and shale gas can provide plenty of opportunities for the market to expand its reach during the assessment period.
The COVID-19 pandemic has severely hampered the market owing to shutdown of oil & gas exploration activities worldwide. Uncertainty of government measures and oil crash prices can negatively impact market demand.
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Schlumberger, Nabors Industries Ltd, Step Energy Services Ltd, Calfrac Well Services Ltd, Baker Hughes, Weatherford, Key Energy Services Inc., C&J Energy Services, Inc, RPC Inc, Trican, and Halliburton are key players of the global coiled tubing market.
The segment study of thi world Coiled Tubing Market is based on application and service.
The service type based segments of the coiled tubing market are drilling, well intervention, and others. The well intervention segment can gain considerable traction due to the increased count of aging wells. The well intervention segments are well cleaning, and others. These others are well simulation, well perforation, pumping, and circulation. The well intervention segment can value at USD 2,603.7 Mn at 5.94% CAGR during the study period.
The application based segments of the coiled tubing global market are onshore and offshore. The onshore segment garnered a larger share of the world market in 2018. The greater feasibility and cost-effectiveness of offshore application can boost the expansion of the world coiled tubing market. The high utility of coiled tube in self-contained coiled tubing rig for light operations, smaller service rigs, and mobile can prompt the growth of the market. The rise in shale gas exploration activities and its growing demand in the US, along with increased drilling activities can fuel the onshore application segment. The onshore segment can rise from USD 3,704.1 million in 2018 to USD 5,095.6 million by 2023. The offshore segment can expand at 5.33% CAGR across the forecast period.
In the Asia Pacific region, the coiled tube market is expected to head in the study period. The rise in focus on the vast unexplored reserves and the identification of new oil fields can boost the expansion of the market the years to come. In APAC, the rise in the count of shale reservoirs that are present in China, requires a high count of coiled tubing units. This creates high growth prospects the coiled tubing services market in APAC. The supportive political environment, substantial hydrocarbon reserves, transparent regulatory structure, and the hike in demand for oil and gas across the APAC region can attractive foreign investment. To illustrate, the 100% FDI allowed by the Indian government for market segments, such as petroleum products, natural gas, and refineries can impel the expansion of the world coiled tube market in the years to come. The increased demand for offshore oil production and growing number of refinery projects can boost APAC market growth.
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Coiled Tubing Market Research Report 2019-2023
Chapter 1: Industry Overview
Chapter 2: Coiled Tubing Market International and Market Analysis
Chapter 3: Environment Analysis of Coiled Tubing
Chapter 4: Analysis of Revenue by Classifications
Chapter 5: Analysis of Coiled Tubing Market Revenue Market Status
Chapter 6: Analysis of Revenue by Regions and Applications
Chapter 7: Analysis of Coiled Tubing Market Key Manufacturers
Chapter 8: Sales Price and Gross Margin Analysis
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