Global Coiled Tubing Market – Overview
With the rebound of the oil and gas sector, the global coiled tubing market is also making a comeback. Market Research Future, a firm which specializes in market reports related to the Energy & Power sector among others, published in its recent report on Global Coiled Tubing Market Research Report – Forecast to 2027 that the sector is expected to briskly reach more than optimal revenue levels while continuing its growth trends with a robust CAGR%.
Due to their usage in oil and gas wells for interventions and sometimes for production tubing depleted gas wells, the global coiled tubing market has gained a significant market share. With the demand for coiled tubing expected to rise steadily, there are a lot of developments that are taking place. As coiled tubing has a multitude of diverse applications in the O & G sector, there is an amplified level of demand that is being witnessed by the sector. Originally, the use of coiled tubing was related to new wells but, citing the new developments and demand trends, their application was extended to that of depleted wells. Increased investment in the oil & gas sector, shorter rig up times, work time applications are the potential drivers that are transforming the demand for coiled tubing on a global stage.
Upswing in the levels of intervention, production activities & exploration are going to offer a considerable demand boost to the coiled tubing sector. Branching of its applications to drilling, subsea, fracturing, flow line and deeper wells is generating increased demand for the market. Increase in the number of shale gas projects have further supplemented the growth of this sector. Since the number of personnel required for operations are reduced, there is an increased demand focus on the global coiled tubing market. Government regulations and laws may challenge the growth of the global coiled tubing market.
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Global Coiled Tubing Market – Competitive Analysis
With the entry of new industry players in the global coiled tubing segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced products. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
The Key Players in the Coiled Tubing are
- Halliburton Co,
- Baker Hughes Inc.,
- Weatherford International,
- Superior Energy Services Inc.,
- Nabors Industries, Archer Limited,
- C&J Energy Services,
- Trican Well Services Ltd,
- Calfrac Well Services Ltd
- RPC, Inc. among others
Latest Industry Updates:
Dec 2017 Interventek has successfully completed the current API-17G specification shear and seal test procedure for its new 20,000-psi (1,379-bar) subsea in-riser Revolution Valve. The trials showed that the device could exceed the demands of the forthcoming API-17G standards for a wireline/coiled tubing class shear and seal valve. The valve completed six cut sequences comprising slickline, braided cable and coiled tubing with braided cable, followed by low and high-pressure liquid and gas seat tests after each sequence. Interventek plans further qualification testing early next year.
Nov 2017 At Kruse Energy’s auction in Odessa, BJ Services have sold over $25 million in coiled tubing assets, making it the company’s largest auction this year. Over 1,500 pieces of equipment were sold, including over 180 pieces sold on behalf of BJ Services, which decided to close its domestic coiled tubing division and enlisted Kruse Energy to sell all its coiled tubing assets.
Nov 2017 Paradigm Group has launched its latest flow technology, called Flexi-Coil, which is said to be the world’s first miniature flexible coiled tubing system for pipeline remediation. Flexi-Coil allows crews to unblock and remediate pipelines with a reach up to up 15 km from a platform, replacing what have traditionally been high-cost vessel remediations.
Oct 2017 Baker Hughes, a GE company, recently announced the introduction of its CIRCA coiled tubing simulation software, which enables coiled tubing service providers to maximize equipment performance and improve operational efficiency in well interventions.
March 2017 Halliburton has introduced SPECTRUM FUSION service, the newest offering in the SPECTRUM family of real-time coiled tubing services. 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.
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Global Coiled Tubing Market – Segments
The global coiled tubing market has been segmented on the basis of application and region.
On The Basis Of Application: Intervention, Drilling Cleaning & Completion and Other Applications.
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
Global Coiled Tubing Market – Regional Analysis
Geographically, global coiled tubing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Rest of the World. Increasing exploration activities in the North American region are pushing the demand in the Coiled Tubing market. Africa and 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.
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