Global Coiled Tubing Market Information by Service (Cleaning, Completion, Drilling, and others), and by Region – Forecast to 2022
Coiled Tubing Global Market – Overview
The Coiled Tubing Market is growing at the rapid pace; mainly due to the buoyant or sustaining Oil and Gas Industry. According to a recent study report published by the Market Research Future, Globally, the market for Coiled Tubing is regaining its momentum over the last couple of years and is expected to gain prominence over the forecast period. The market is forecasted to witness a thriving growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period.
Upstream oil & gas services market has considerably shrunk owing to the continual decline in oil prices since mid-2014. However, recent stabilization in the prices as well as reducing supply-demand gap is expected to revive the market in the next five years. Coiled tubing services are typically used during drilling, completion, and well intervention applications. The market for coiled tubing services is expected to grow at a moderate pace during the forecast period, on account of continuing production activities.
Although the oil and gas industry is still recovering from the recent price crisis, expected increase in shale gas projects, and rise in investments are going to provide with a boost in demand for the Coiling Tubing market. Advantages such as contained well pressure, quicker trip time and lower personnel requirements are some factors which will provide growth opportunities for the Coiled Tubing market.
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Real-Time Coiled Tubing is the current trend observed in the market. Real-Time Coiled Tubing combines intervention and diagnostic services to help operators monitor and optimize job performance in real-time, resulting in greater efficiency, increased reliability, and higher return on investment. SPECTRUM Real-Time Coiled Tubing Services can be combined with standard coiled tubing applications and down-hole tools to obtain vital well data in conjunction with other well intervention services to deliver customized intervention solutions and maximize a single trip down hole.
Coiled tubing is a cost effective solution for various applications across drilling, completions, and workover operations for an oil well.
Coiled Tubing Market – Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Coiled Tubing appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, technology, reputation and services.
Coiled Tubing services provide customers with reliable, efficient well intervention for vertical, horizontal, highly deviated, and live wells. Well established players try to offer customized service for job-specific requirements as per client’s need. They strive to deliver safe, cost-effective solutions for virtually any operational challenge, including high-pressure/high-temperature and H2S applications. Some key players also offer complete data acquisition to provide their clients with a comprehensive record of critical job parameters.
Their highly trained and experienced engineers analyze well characteristics and use advanced predictive modelling to determine the most effective solution to help maximize efficiency and productivity.
Competition based on the product and technology launch is trending among the well established players in the market. Every such product launch in the market further results in to competition getting intensified further.
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For instance; March 2017, Halliburton Introduced SPECTRUM FUSION Coiled Tubing Service. Hybrid coiled tubing services combine diagnostic and intervention capabilities in a single trip downhole. The FUSION service includes the first real-time system in the market using hybrid cable technology that combines fiber optic and electric to provide downhole communication and continuous power for a variety of diagnostic applications.
Another example is, in June 2017, Schlumberger Introduced Complete Cased Hole Formation Evaluation and Reservoir Monitoring from a Single Tool. Pulsar service delivers rig less formation evaluation and monitoring for any reservoir to improve drilling efficiency and well productivity
Coiled Tubing Global Market – Segments
The Global Coiled Tubing Market is segmented in to 2 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Application : Comprises Intervention, Cleaning & Completion, Drilling, and other applications.
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
The key players of Global Coiled Tubing Market report include- Baker Hughes Inc., Halliburton Co, Schlumberger Ltd., Superior Energy Services Inc., Archer Limited, C&J Energy Services Ltd., Calfrac Well Services Ltd, Cudd Energy Services, and Key Energy Services Llc.
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Coiled Tubing Global Market – Regional Analysis
Increasing exploration activities in the North American region are pushing the demand in the Coiled Tubing market. Africa d Middle East closely follow North America in the Coiled Tubing market mainly due to the increased investment in the recent times coupled with the development of new technology through innovation for the purpose of oil and gas application.
North America is expected to retain its majority share in the coiled tubing services market, growing at a steady pace during the forecast period. Middle East market is expected to grow at a comparatively faster pace up 2027.
European demand is expected to be driven by key countries such as Russia, U.K., and Norway.
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