PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258810
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258810
Coiled Tubing Market Forecasts to 2028 - Global Analysis By Service, Operation, Application, End User and By Geography
According to Stratistics MRC, the Global Coiled Tubing Market is accounted for $1.87 billion in 2022 and is expected to reach $2.57 billion by 2028 growing at a CAGR of 5.4% during the forecast period. Coiled tubing is a long metal pipe that is enclosed by a huge reel on a well site for repair and workover activities. It is a continuous long metal pipe that may be inserted into a borehole to a depth of up to 15,000 feet. Coiled tubing is utilised in many different processes, including milling, drilling, rock fracturing, sidetracking, production tubing, low bottom hole pressure drilling, wellbore cleanout, mechanical isolation, and tube logging and perforating.
According to surveys, corrosion, mechanical damage, human mistake, and string manufacturing issues caused 80-90 % of coiled tubing string failures in the last two decades.
Market Dynamics:
Driver:
Global economic growth to underpin oil demand
The United States and OPEC are projected to boost their investment in exploration and production activities to meet increased demand for oil and gas, creating a profitable market for the energy and power sector. Tubing services will become increasingly popular as a result of the low cost of local feedstock and the United States' increased market share in new energy sources. Coiled tubing has various advantages over standard drilling and workover processes.
Restraint:
Volatility in crude oil prices and high maintenance cost
Crude oil prices are subject to policy changes, fluctuations in demand and supply, and changes in the global market environment. Crude oil prices have been influenced by the growing awareness of the need to protect the environment in both developing and developed economies. The maintenance cost of providing services utilising coiled tubing is relatively expensive. As a result, the market's expansion is impeded by the volatility of crude oil prices and the high maintenance expenses.
Opportunity:
Growing demand for well intervention operations
The market is growing as a result of increased production, exploratory operations, and unconventional resource development. The basic goals of well interventions are to maintain or increase production, extend the useful lives of the wells, and treat serious concerns with the wells. The upstream oil and petrol business is likewise upgrading operational procedures and increasing output. These variables work together to drive market demand.
Threat:
Challenging coiled tubing operations in offshore well interventions
Coiled tubing is a delicate piece of equipment, and the tubing has a thin wall. Some of the issues experienced by coiled tubing service providers during offshore well intervention and drilling activities include high pressure losses while pumping fluids, coiled tubing corrosion, coiled tubing rotation limitations, and logistical challenges with both road transport and offshore crane lifting.
COVID-19 Impact:
Lockdowns implemented as a result of the COVID-19 epidemic resulted in a brief ban on import and export, as well as manufacturing and processing activities across numerous industries, which reduced demand for oil and gas goods, affected the coiled tubing market. As a result, market growth in the second, third, and fourth quarters of 2020 will be lower. However, the market is likely to rebound by the end of 2021, as COVID-19 immunisation has begun in many economies throughout the world, which is expected to help the situation globally.
The well intervention & production segment is expected to be the largest during the forecast period
The well intervention & production segment is estimated to have a lucrative growth. While executing a well intervention, coiled tubing is preferable than conventional tubing because the latter must be screwed together. A workover rig is not required because the first alternative can be placed immediately during production without interrupting oil flow. Because of the growing popularity for the product in advanced operations for increased oil recovery and hydraulic and acid fracturing, key companies in the oil and gas industry are urged to use coiled tubing into their operations.
The pumping segment is expected to have the highest CAGR during the forecast period
The pumping segment is anticipated to witness the fastest CAGR growth during the forecast period, because of its ability to prevent damage to critical components such as downhole safety valves. The product is used in this operation to distribute fluids to a specific place in the well, such as when performing chemical washes or cementing perforations. Furthermore, the use of coiled tubing in the deployment of a complex pump can cut deployment costs by reducing the need for many units on site.
Region with highest share:
North America is projected to hold the largest market share during the forecast period. This is due to the existence of significant players as well as a large consumer base in the region. Furthermore, new advancements of shale oil deposits in the region are expected to fuel market expansion during the studied time frame. The massive production and exportation of oil is expected to fuel demand for coiled tubing services, which in turn is expected to fuel market expansion in the future years.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period. Oil and petrol demand from developing countries such as India, Vietnam, and China is increasing rapidly throughout the region. Oil fields are being developed by countries throughout the region. Cairn Oil & Gas and the Vedanta Company, for example, revealed in February 2022 that they had discovered a new oil well in Rajasthan, India.
Key players in the market:
Some of the key players profiled in the Coiled Tubing Market include: National Energy Services Reunited, Calfrac Well Services Ltd, BHGE, Altus Intervention, Halliburton, Weatherford International PLC, Baker Hughes Company, Schlumberger Limited, Superior Energy Services, C&J Energy Services, Nabors Industries Ltd., Archer Limited and Trican Well Service Ltd.
Key Developments:
In June 2020, Weatherford launched the Velox wellhead system, solution for operators needing to lock in pressure integrity while enhancing safety and improving efficiency.
In January 2020, Halliburton was awarded 7 contracts for drilling and completion services for the next phase of field development of the INPEX-operated Ichthys Project in the Browse Basin offshore northern Australia.
In September 2019, Baker Hughes Company announced the successful deployment of its SureCONNECT downhole intelligent wet-mate system, in BP's subsea wells. SureCONNECT enables real-time production monitoring and control of the completion system across the entire wellbore in multi-trip completions. This system allows operators to make data-driven decisions to optimize reservoir performance and proactively mitigate risks.
Services Covered:
- Drilling
- Well Intervention & Production
- Others Services
Operations Covered:
- Logging
- Perforation
- Pumping
- Other Operations
Applications Covered:
- Offshore
- Onshore
End Users Covered:
- Engineering Procurement
- Oil and Gas Industry
- Construction Industry
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Coiled Tubing Market, By Service
- 5.1 Introduction
- 5.2 Drilling
- 5.3 Well Intervention & Production
- 5.3.1 Well Cleaning
- 5.3.2 Well Completion
- 5.3.3 Other Well Intervention & Productions
- 5.4 Other Services
6 Global Coiled Tubing Market, By Operation
- 6.1 Introduction
- 6.2 Logging
- 6.3 Perforation
- 6.4 Pumping
- 6.5 Other Operations
7 Global Coiled Tubing Market, By Application
- 7.1 Introduction
- 7.2 Offshore
- 7.3 Onshore
8 Global Coiled Tubing Market, By End User
- 8.1 Introduction
- 8.2 Engineering Procurement
- 8.3 Oil and Gas Industry
- 8.4 Construction Industry
- 8.5 Other End Users
9 Global Coiled Tubing Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 National Energy Services Reunited
- 11.2 Calfrac Well Services Ltd
- 11.3 BHGE
- 11.4 Altus Intervention
- 11.5 Halliburton
- 11.6 Weatherford International PLC
- 11.7 Baker Hughes Company
- 11.8 Schlumberger Limited
- 11.9 Superior Energy Services
- 11.10 C&J Energy Services
- 11.11 Nabors Industries Ltd.
- 11.12 Archer Limited
- 11.13 Trican Well Service Ltd
List of Tables
- Table 1 Global Coiled Tubing Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Coiled Tubing Market Outlook, By Service (2020-2028) ($MN)
- Table 3 Global Coiled Tubing Market Outlook, By Drilling (2020-2028) ($MN)
- Table 4 Global Coiled Tubing Market Outlook, By Well Intervention & Production (2020-2028) ($MN)
- Table 5 Global Coiled Tubing Market Outlook, By Well Cleaning (2020-2028) ($MN)
- Table 6 Global Coiled Tubing Market Outlook, By Well Completion (2020-2028) ($MN)
- Table 7 Global Coiled Tubing Market Outlook, By Other Well Intervention & Productions (2020-2028) ($MN)
- Table 8 Global Coiled Tubing Market Outlook, By Other Services (2020-2028) ($MN)
- Table 9 Global Coiled Tubing Market Outlook, By Operation (2020-2028) ($MN)
- Table 10 Global Coiled Tubing Market Outlook, By Logging (2020-2028) ($MN)
- Table 11 Global Coiled Tubing Market Outlook, By Perforation (2020-2028) ($MN)
- Table 12 Global Coiled Tubing Market Outlook, By Pumping (2020-2028) ($MN)
- Table 13 Global Coiled Tubing Market Outlook, By Other Operations (2020-2028) ($MN)
- Table 14 Global Coiled Tubing Market Outlook, By Application (2020-2028) ($MN)
- Table 15 Global Coiled Tubing Market Outlook, By Offshore (2020-2028) ($MN)
- Table 16 Global Coiled Tubing Market Outlook, By Onshore (2020-2028) ($MN)
- Table 17 Global Coiled Tubing Market Outlook, By End User (2020-2028) ($MN)
- Table 18 Global Coiled Tubing Market Outlook, By Engineering Procurement (2020-2028) ($MN)
- Table 19 Global Coiled Tubing Market Outlook, By Oil and Gas Industry (2020-2028) ($MN)
- Table 20 Global Coiled Tubing Market Outlook, By Construction Industry (2020-2028) ($MN)
- Table 21 Global Coiled Tubing Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 22 North America Coiled Tubing Market Outlook, By Country (2020-2028) ($MN)
- Table 23 North America Coiled Tubing Market Outlook, By Service (2020-2028) ($MN)
- Table 24 North America Coiled Tubing Market Outlook, By Drilling (2020-2028) ($MN)
- Table 25 North America Coiled Tubing Market Outlook, By Well Intervention & Production (2020-2028) ($MN)
- Table 26 North America Coiled Tubing Market Outlook, By Well Cleaning (2020-2028) ($MN)
- Table 27 North America Coiled Tubing Market Outlook, By Well Completion (2020-2028) ($MN)
- Table 28 North America Coiled Tubing Market Outlook, By Other Well Intervention & Productions (2020-2028) ($MN)
- Table 29 North America Coiled Tubing Market Outlook, By Other Services (2020-2028) ($MN)
- Table 30 North America Coiled Tubing Market Outlook, By Operation (2020-2028) ($MN)
- Table 31 North America Coiled Tubing Market Outlook, By Logging (2020-2028) ($MN)
- Table 32 North America Coiled Tubing Market Outlook, By Perforation (2020-2028) ($MN)
- Table 33 North America Coiled Tubing Market Outlook, By Pumping (2020-2028) ($MN)
- Table 34 North America Coiled Tubing Market Outlook, By Other Operations (2020-2028) ($MN)
- Table 35 North America Coiled Tubing Market Outlook, By Application (2020-2028) ($MN)
- Table 36 North America Coiled Tubing Market Outlook, By Offshore (2020-2028) ($MN)
- Table 37 North America Coiled Tubing Market Outlook, By Onshore (2020-2028) ($MN)
- Table 38 North America Coiled Tubing Market Outlook, By End User (2020-2028) ($MN)
- Table 39 North America Coiled Tubing Market Outlook, By Engineering Procurement (2020-2028) ($MN)
- Table 40 North America Coiled Tubing Market Outlook, By Oil and Gas Industry (2020-2028) ($MN)
- Table 41 North America Coiled Tubing Market Outlook, By Construction Industry (2020-2028) ($MN)
- Table 42 North America Coiled Tubing Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 43 Europe Coiled Tubing Market Outlook, By Country (2020-2028) ($MN)
- Table 44 Europe Coiled Tubing Market Outlook, By Service (2020-2028) ($MN)
- Table 45 Europe Coiled Tubing Market Outlook, By Drilling (2020-2028) ($MN)
- Table 46 Europe Coiled Tubing Market Outlook, By Well Intervention & Production (2020-2028) ($MN)
- Table 47 Europe Coiled Tubing Market Outlook, By Well Cleaning (2020-2028) ($MN)
- Table 48 Europe Coiled Tubing Market Outlook, By Well Completion (2020-2028) ($MN)
- Table 49 Europe Coiled Tubing Market Outlook, By Other Well Intervention & Productions (2020-2028) ($MN)
- Table 50 Europe Coiled Tubing Market Outlook, By Other Services (2020-2028) ($MN)
- Table 51 Europe Coiled Tubing Market Outlook, By Operation (2020-2028) ($MN)
- Table 52 Europe Coiled Tubing Market Outlook, By Logging (2020-2028) ($MN)
- Table 53 Europe Coiled Tubing Market Outlook, By Perforation (2020-2028) ($MN)
- Table 54 Europe Coiled Tubing Market Outlook, By Pumping (2020-2028) ($MN)
- Table 55 Europe Coiled Tubing Market Outlook, By Other Operations (2020-2028) ($MN)
- Table 56 Europe Coiled Tubing Market Outlook, By Application (2020-2028) ($MN)
- Table 57 Europe Coiled Tubing Market Outlook, By Offshore (2020-2028) ($MN)
- Table 58 Europe Coiled Tubing Market Outlook, By Onshore (2020-2028) ($MN)
- Table 59 Europe Coiled Tubing Market Outlook, By End User (2020-2028) ($MN)
- Table 60 Europe Coiled Tubing Market Outlook, By Engineering Procurement (2020-2028) ($MN)
- Table 61 Europe Coiled Tubing Market Outlook, By Oil and Gas Industry (2020-2028) ($MN)
- Table 62 Europe Coiled Tubing Market Outlook, By Construction Industry (2020-2028) ($MN)
- Table 63 Europe Coiled Tubing Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 64 Asia Pacific Coiled Tubing Market Outlook, By Country (2020-2028) ($MN)
- Table 65 Asia Pacific Coiled Tubing Market Outlook, By Service (2020-2028) ($MN)
- Table 66 Asia Pacific Coiled Tubing Market Outlook, By Drilling (2020-2028) ($MN)
- Table 67 Asia Pacific Coiled Tubing Market Outlook, By Well Intervention & Production (2020-2028) ($MN)
- Table 68 Asia Pacific Coiled Tubing Market Outlook, By Well Cleaning (2020-2028) ($MN)
- Table 69 Asia Pacific Coiled Tubing Market Outlook, By Well Completion (2020-2028) ($MN)
- Table 70 Asia Pacific Coiled Tubing Market Outlook, By Other Well Intervention & Productions (2020-2028) ($MN)
- Table 71 Asia Pacific Coiled Tubing Market Outlook, By Other Services (2020-2028) ($MN)
- Table 72 Asia Pacific Coiled Tubing Market Outlook, By Operation (2020-2028) ($MN)
- Table 73 Asia Pacific Coiled Tubing Market Outlook, By Logging (2020-2028) ($MN)
- Table 74 Asia Pacific Coiled Tubing Market Outlook, By Perforation (2020-2028) ($MN)
- Table 75 Asia Pacific Coiled Tubing Market Outlook, By Pumping (2020-2028) ($MN)
- Table 76 Asia Pacific Coiled Tubing Market Outlook, By Other Operations (2020-2028) ($MN)
- Table 77 Asia Pacific Coiled Tubing Market Outlook, By Application (2020-2028) ($MN)
- Table 78 Asia Pacific Coiled Tubing Market Outlook, By Offshore (2020-2028) ($MN)
- Table 79 Asia Pacific Coiled Tubing Market Outlook, By Onshore (2020-2028) ($MN)
- Table 80 Asia Pacific Coiled Tubing Market Outlook, By End User (2020-2028) ($MN)
- Table 81 Asia Pacific Coiled Tubing Market Outlook, By Engineering Procurement (2020-2028) ($MN)
- Table 82 Asia Pacific Coiled Tubing Market Outlook, By Oil and Gas Industry (2020-2028) ($MN)
- Table 83 Asia Pacific Coiled Tubing Market Outlook, By Construction Industry (2020-2028) ($MN)
- Table 84 Asia Pacific Coiled Tubing Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 85 South America Coiled Tubing Market Outlook, By Country (2020-2028) ($MN)
- Table 86 South America Coiled Tubing Market Outlook, By Service (2020-2028) ($MN)
- Table 87 South America Coiled Tubing Market Outlook, By Drilling (2020-2028) ($MN)
- Table 88 South America Coiled Tubing Market Outlook, By Well Intervention & Production (2020-2028) ($MN)
- Table 89 South America Coiled Tubing Market Outlook, By Well Cleaning (2020-2028) ($MN)
- Table 90 South America Coiled Tubing Market Outlook, By Well Completion (2020-2028) ($MN)
- Table 91 South America Coiled Tubing Market Outlook, By Other Well Intervention & Productions (2020-2028) ($MN)
- Table 92 South America Coiled Tubing Market Outlook, By Other Services (2020-2028) ($MN)
- Table 93 South America Coiled Tubing Market Outlook, By Operation (2020-2028) ($MN)
- Table 94 South America Coiled Tubing Market Outlook, By Logging (2020-2028) ($MN)
- Table 95 South America Coiled Tubing Market Outlook, By Perforation (2020-2028) ($MN)
- Table 96 South America Coiled Tubing Market Outlook, By Pumping (2020-2028) ($MN)
- Table 97 South America Coiled Tubing Market Outlook, By Other Operations (2020-2028) ($MN)
- Table 98 South America Coiled Tubing Market Outlook, By Application (2020-2028) ($MN)
- Table 99 South America Coiled Tubing Market Outlook, By Offshore (2020-2028) ($MN)
- Table 100 South America Coiled Tubing Market Outlook, By Onshore (2020-2028) ($MN)
- Table 101 South America Coiled Tubing Market Outlook, By End User (2020-2028) ($MN)
- Table 102 South America Coiled Tubing Market Outlook, By Engineering Procurement (2020-2028) ($MN)
- Table 103 South America Coiled Tubing Market Outlook, By Oil and Gas Industry (2020-2028) ($MN)
- Table 104 South America Coiled Tubing Market Outlook, By Construction Industry (2020-2028) ($MN)
- Table 105 South America Coiled Tubing Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 106 Middle East & Africa Coiled Tubing Market Outlook, By Country (2020-2028) ($MN)
- Table 107 Middle East & Africa Coiled Tubing Market Outlook, By Service (2020-2028) ($MN)
- Table 108 Middle East & Africa Coiled Tubing Market Outlook, By Drilling (2020-2028) ($MN)
- Table 109 Middle East & Africa Coiled Tubing Market Outlook, By Well Intervention & Production (2020-2028) ($MN)
- Table 110 Middle East & Africa Coiled Tubing Market Outlook, By Well Cleaning (2020-2028) ($MN)
- Table 111 Middle East & Africa Coiled Tubing Market Outlook, By Well Completion (2020-2028) ($MN)
- Table 112 Middle East & Africa Coiled Tubing Market Outlook, By Other Well Intervention & Productions (2020-2028) ($MN)
- Table 113 Middle East & Africa Coiled Tubing Market Outlook, By Other Services (2020-2028) ($MN)
- Table 114 Middle East & Africa Coiled Tubing Market Outlook, By Operation (2020-2028) ($MN)
- Table 115 Middle East & Africa Coiled Tubing Market Outlook, By Logging (2020-2028) ($MN)
- Table 116 Middle East & Africa Coiled Tubing Market Outlook, By Perforation (2020-2028) ($MN)
- Table 117 Middle East & Africa Coiled Tubing Market Outlook, By Pumping (2020-2028) ($MN)
- Table 118 Middle East & Africa Coiled Tubing Market Outlook, By Other Operations (2020-2028) ($MN)
- Table 119 Middle East & Africa Coiled Tubing Market Outlook, By Application (2020-2028) ($MN)
- Table 120 Middle East & Africa Coiled Tubing Market Outlook, By Offshore (2020-2028) ($MN)
- Table 121 Middle East & Africa Coiled Tubing Market Outlook, By Onshore (2020-2028) ($MN)
- Table 122 Middle East & Africa Coiled Tubing Market Outlook, By End User (2020-2028) ($MN)
- Table 123 Middle East & Africa Coiled Tubing Market Outlook, By Engineering Procurement (2020-2028) ($MN)
- Table 124 Middle East & Africa Coiled Tubing Market Outlook, By Oil and Gas Industry (2020-2028) ($MN)
- Table 125 Middle East & Africa Coiled Tubing Market Outlook, By Construction Industry (2020-2028) ($MN)
- Table 126 Middle East & Africa Coiled Tubing Market Outlook, By Other End Users (2020-2028) ($MN)
