Coiled tubing is a cost effective solution for various applications across drilling, completions, and workover operations for an oil well. The market for coiled tubing services had contracted significantly, on account of the prolonged oil price decline since mid-2014. Considerable supply excess had been a major factor resulting into the plummeting oil prices. However, the recent price stabilization as well as changing dynamics of oil producing countries has instigated a positive outlook for the upstream oil & gas services market. Coiled Tubing market is projected to grow at a moderate pace of 6% in the next six years, on account of continuing production activities as well as revival in drilling activities within the next couple of years.
The global coiled tubing market is expected to witness a growing demand with recent increase in oil and gas exploration and drilling processes. The oil and gas industry is recovering from a price slowdown with increased investment in exploration and production activities, globally, is expected to be the driver for coiled tubing market. Also, there is an increased demand for oil in growing economies such as in India, Indonesia, and Philippines, which is further driving the demand for new oil exploration and drilling activities. On the other hand, to reduce the cost associated with construction of new offshore facilities, oil and gas majors are also investing in enhanced oil recovery processes in ageing mature oil fields, which further drives the market for coiled tubing.
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.
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Industry Top Key Players:-
The key players in the global coiled tubing market are Baker Hughes (U.S.), Nabors Industries Ltd.. (Bermuda), Superior Energy Services Inc. (U.S.), Weatherford International Ltd.(U.S), Halliburton Company (U.S.), Archer Limited (Bermuda), C&J Energy Services, Inc. (U.S), Calfrac Well Services Ltd. (Canada), RPC, Inc. (U.S.), Trican Well Services (Canada), Sanjel Corporation (Canada), Key Energy Services (U.S.), and Schlumberger (France).
Latest Industry Updates:
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.
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.
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 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.
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Global Coiled Tubing Market Analysis:-
North America is expected to be the largest market for coiled tubing with increased oil and gas drilling activities in the region. Especially in U.S., in recent times, the country has established itself to be a major oil producing nation outside the OPEC through continuous extraction of shale oil and gas by unconventional drilling technologies. Moreover, the Middle East region is also witnessing increased oil and gas enhanced recovery projects along with new drilling projects after recent OPEC plans to continue oil production activities because of rising demand. In Asia Pacific region, China is increasing the number of its shale gas development projects, which is expected to result in rapid growth for the coiled tubing market. With increasing demand for oil and gas in countries such as India, Indonesia, Australia and Philippines, new oil and gas drilling projects are expected to increase, which will further drive the demand for coiled tubing
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