Global Coiled Tubing Market is expected to grow at a CAGR of about 6% during the forecast period, 2016 to 2022
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.
Real-Time Coiled Tubing is the current trend observed in the market. Real-Time Coiled Tubing combines intervention and diagnostic services to help operators monitor and optimize job performance in real-time, resulting in greater efficiency, increased reliability, and higher return on investment. SPECTRUM Real-Time Coiled Tubing Services can be combined with standard coiled tubing applications and down-hole tools to obtain vital well data in conjunction with other well intervention services to deliver customized intervention solutions and maximize a single trip down hole.
Coiled tubing is a cost effective solution for various applications across drilling, completions, and workover operations for an oil well.
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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.
Upstream oil & gas services market has considerably shrunk owing to the continual decline in oil prices since mid-2014. However, recent stabilization in the prices as well as reducing supply-demand gap is expected to revive the market in the next five years. Coiled tubing services are typically used during drilling, completion, and well intervention applications. The market for coiled tubing services is expected to grow at a moderate pace during the forecast period, on account of continuing production activities.
North America will be the fastest growing Market
North America is expected to retain its majority share in the coiled tubing services market, growing at a steady pace during the forecast period. Middle East market is expected to grow at a comparatively faster pace between 2016 and 2022. European demand is expected to be driven by key countries such as Russia, U.K., and Norway.
Coiled Tubing Global Market – Regional Analysis
Increasing exploration activities in the North American region are pushing the demand in the Coiled Tubing market. Africa d 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.
North America is expected to retain its majority share in the coiled tubing services market, growing at a steady pace during the forecast period. Middle East market is expected to grow at a comparatively faster pace up 2027.