Coiled Tubing Market to Exhibit 6.75% CAGR During Forecast Period of 2019 to 2027 due to Proliferation in Drilling Activities to Propel Coiled Tubing Market Growth. North America to Capture Largest Coiled Tubing Market Share.
The latest report by Market Research Future has profiled 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) as some of the prominent players in the global coiled tubing market.
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Coiled Tubing Market Overview
Coiled tubing is a continuous length pipe with a smaller diameter used in oil & gas operations, well intervention operations, and drilling applications. Generally, a coiled tubing along with other associated drilling equipment is used for well remediation techniques in operational production wells. Lately, the coiled tubing technology is applied across a vast range of drilling and oil & gas well operations. This technology enables oil & gas operators to deploy tools and materials through the production of tubing, while well remedial works are performed in wells. Coiled tubing offers an advantage in well workover operations due to its strength, rigidity and the ability to circulate treatment fluids.
The global coiled tubing market is predicted to witness massive demand with a rise in the oil & gas exploration and drilling processes. The oil & gas industry is also projected to see higher investment in such exploration and drilling processes during the forecast period, hence, contributing substantially to the growth of the coiled tubing market. Moreover, reduction in costs associated with the construction of offshore facilities, key players in the market are expected to invest in enhanced oil recovery processes in mature oil fields, driving the coiled tubing market further. The global coiled tubing market is estimated to witness lucrative CAGR of 6.75% during forecast period, according to the report published by Market Research Future.
The global coiled tubing market is segmented on the basis of service type and application. By service type, the market is segmented into well intervention and drilling. The well intervention segment is further segmented into well completion and well cleaning. The well intervention segment is prognosticated to dominate the global coiled tubing market during the forecast period owing to the use of these services to improve production from an existing oil well throughout its shelf life.
By application, the global coiled tubing market has been segmented into onshore and offshore. With rapid shale gas development and unconventional drilling techniques, the popularity of coastal activities among oil & gas operators is on the rise. Supportive regulations have propelled resumption of new onshore oil & gas projects in the U.S., significantly driving the coiled tubing market.
Detailed Regional Analysis
The global coiled tubing market is regionally segmented into North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). North America is projected to hold the largest market share for coiled tubing services owing to increased oil & gas drilling activities in the region. The U.S. has recently established itself as a major oil & gas producing nation outside the OPEC through continuous extraction of shale oil & gas by unconventional drilling technologies. Additionally, the Middle East is predicted to witness increased oil & gas enhanced recovery projects with new drilling projects after recent OPEC plans to continue oil production activities to fulfill the rising demand. China is multiplying the number of its shale gas development projects, garnering fast growth in the Asia Pacific for coiled tubing services. With an increasing demand for oil & gas in countries like India, Indonesia, Australia, and the Philippines, new oil and gas drilling projects are estimated to grow in numbers, driving further growth in the coiled tubing market in the Asia Pacific.
March 2019: Government of Canada announced its investment of $40 million in a $ 112.6 million project to aid EVRAZ to make various upgrades to its facilities and its competitiveness in the oil country tubular goods (OCTG) market. This investment will also allow them to create new employment opportunities for the steel and aluminum workers in the country.
February 2019: Baker Hughes, a GE company, has recently introduced its latest frac plug ‘Millite’ which mills out more smoothly and aids better cleaning than any conventional frac plug, cutting costs and helping to retrieve first oil faster.
Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porters Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Coiled Tubing Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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