PUBLISHER: The Business Research Company | PRODUCT CODE: 1425335
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425335
Coiled Tubing Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on coiled tubing services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for coiled tubing services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The coiled tubing services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Coiled tubing services are employed for completions, workovers, and well cleanout operations to enhance downhole access using large-diameter pipe, serving as a reliable conduit for various operations. These services are particularly useful for running a casing patch in a well, allowing for precise and accurate placement of the patch and enabling the application of a specific amount of weight to secure it effectively.
The main services offered by coiled tubing services include well intervention and drilling. Well intervention involves safely entering a well with well control to perform various tasks beyond drilling, such as circulation, pumping, logging, and perforation. These operations find applications in both onshore and offshore settings.
The coiled tubing services market research report is one of a series of new reports from The Business Research Company that provides coiled tubing services market statistics, including coiled tubing services industry global market size, regional shares, competitors with coiled tubing services market share, detailed coiled tubing services market segments, market trends and opportunities, and any further data you may need to thrive in the coiled tubing services industry. This coiled tubing services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The coiled tubing services market size has grown strongly in recent years. It will grow from $4.78 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period for coiled tubing services can be attributed to various factors, including increased activity in oil and gas exploration and production, the cost-effectiveness of well interventions, enhanced efficiency in workover operations, the rise in unconventional resource extraction, the maintenance of aging wells, and the importance of reservoir monitoring and data acquisition.
The coiled tubing services market size is expected to see strong growth in the next few years. It will grow to $6.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period for coiled tubing services can be attributed to factors such as increasing deepwater exploration, a growing demand for well stimulation, the need for real-time monitoring, a focus on environmental sustainability, increasing demand in emerging markets, and the expansion of offshore exploration. Major trends in the forecast period include advancements in technology, the global expansion of coiled tubing services, a shift towards integrated service offerings, remote operations and automation, market consolidation and mergers, and a demand for high-performance materials.
The coiled tubing services market is poised for growth, driven by increasing investments in exploration and production (E&P) activities. Exploration and production involve the search for and extraction of oil and natural gas deposits, with well-coiled tubing playing a crucial role in activities such as drill stem tests (DST) and zone stimulation. Exxon Mobil Corporation, a prominent natural gas company, exemplifies this trend by committing a substantial $10 billion investment to an offshore project in Guyana in April 2022, aimed at boosting production to 1.2 million barrels per day. This significant investment underscores the market's positive trajectory, fueled by the expansion of E&P initiatives.
The coiled tubing services market is set to benefit from the increasing global demand for oil and gas. As essential energy sources and raw materials for various industries, oil and gas extraction operations employ coiled tubing services for well intervention, cleanouts, and stimulation. The International Energy Agency (IEA) reports that global oil demand is projected to increase by 2.3 million barrels per day in 2022, reaching a total of 101.6 million barrels per day. This surge in demand underlines the pivotal role coiled tubing services play in addressing the evolving needs of the oil and gas sector.
Technological innovations stand out as a key trend in the coiled tubing services market, with major companies leveraging next-generation automation technology to gain a competitive advantage. Baker Hughes, an energy technology company, introduced its fast all-electric tieback solution, showcasing advancements that contribute to a more than 15% reduction in project capital expenditure (CapEx) costs compared to conventional electro-hydraulic multiplexed (EH-Mux) systems. This emphasis on cutting-edge automation technologies reflects the market's commitment to operational efficiency and cost-effectiveness.
Major players in the coiled tubing services market are introducing new tools designed to enhance operational efficiency. Coiled tubing tools, such as the HydroHammer, IntelliPulser, and Intelli-Log, are specialized equipment that performs various functions in well intervention, drilling, and data acquisition within the wellbore using continuous tubing. WWT International, an oilfield service company, launched a coiled tubing tool portfolio featuring innovative tools like HydroHammer for challenging wellbore conditions, IntelliPulser with downhole sensors for adjustable control, and Intelli-Log, a rugged logging tool compatible with various applications.
In September 2022, STEP Energy Services, a prominent US-based provider of higher-capacity coiled tubing services, successfully acquired ProPetro Holding Corp for a deal value of $13.04 million. This acquisition solidifies STEP's standing as the foremost provider of deep-capacity coiled tubing services in North America. STEP Energy Services has established a substantial presence and garnered extensive expertise in key regions, notably the Permian Basin and other prominent oil- and gas-producing areas in the southern United States. The acquired ProPetro Holding Corp. is a well-established US-based oilfield services company, offering a comprehensive suite of services, including well drilling, stimulation, cementing, and coiled tubing services.
Major companies operating in the coiled tubing services market report are Schlumberger Limited, Baker Hughes Company, Halliburton Company, Pioneer Energy Services Corp., Calfrac Well Services Ltd., Cudd Energy Services, Archer Well Company Inc., C&J Energy Services Ltd., Superior Energy Services Inc., Weatherford International PLC, Oceaneering International Inc., Altus Intervention Limited, BJ Energy Solutions, National Oilwell Varco Inc., Key Energy Services Inc., Essential Energy Services Ltd., Nabors Industries Ltd., Sanjel Corporation, Trican Well Service Ltd., NexTier Oilfield Solutions Inc., RPC Inc., Precision Drilling Corporation, Nine Energy Service Inc., Basic Energy Services Inc., STEP Energy Services Ltd., Liberty Oilfield Services Inc., Keane Group Inc., Xtreme Drilling Corp., Canyon Services Group Inc., Patterson-UTI Energy Inc., Antech UK Ltd., Conquest Completion Services LLC
North America was the largest region in the coiled tubing services market in 2023. The regions covered in the coiled tubing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the coiled tubing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The coiled tubing services market includes revenues earned by entities by providing circulation, pumping, logging, and perforation services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.