Coiled Tubing Market Forecast To 2033 : Trends, Segmentation, Product Type, Technology And Key Players

Posted by Amruta Pritam on April 19th, 2024

Overview and Scope

Coiled tubing refers to a long metal pipe that is rolled over or surrounded by a large reel. It is carried to the well site when any well repair or workover activities are undertaken. Also, it is used in improving the well and reservoir performance and for various processes on the site, including milling, drilling, and rock fracturing.

Sizing and Forecast

The coiled tubing market size has grown strongly in recent years. It will grow from .63 billion in 2023 to .98 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%.  The  growth in the historic period can be attributed to oil and gas exploration boom, cost-effectiveness, well intervention demand.

The coiled tubing market size is expected to see rapid growth in the next few years. It will grow to .32 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.  The growth in the forecast period can be attributed to continued energy demand, unconventional resource extraction, environmental and regulatory factors, global economic trends. Major trends in the forecast period include technological advancements, digitalization and data analytics, focus on sustainability, remote operations, market expansion in emerging economies, strategic collaborations, adoption in non-oil applications.

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Segmentation & Regional Insights

The coiled tubing market covered in this report is segmented –

1) By Service Type: Well Intervention, Drilling service, Perforating, Fracturing, Milling services

2) By Operation: Logging, Pumping, Circulation, Other Operations

3) By Application Type: Onshore, Offshore

North America was the largest region in the coiled tubing market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the coiled tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

Growing demand for oil and gas is expected to propel the growth of the coiled tubing market going forward. As the oil and gas demand increases globally, the need for revamping and refurbishing the existing oilfield will increase simultaneously. The coiled tubing unit is applied mainly in well cleanout, drilling and milling, gas lifting and induced flowing, fishing, drainage, high freezing point oil plugging removal, and plugging removal. For instance, in 2022, according to the statistics by International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, consumption of natural gas in India is expected to grow by 25 billion cubic meters (BCM), registering an average annual growth of 9% until 2024. India's oil consumption stood at almost 4.9 million barrels per day (BPD) in 2021, up from 4.65 million BPD in 2020. Therefore, the surge in demand for oil and gas is driving the growth of the coiled tubing market.

Key Industry Players

Major companies operating in the coiled tubing market report are Halliburton Company, Schlumberger NV, Baker Hughes Company, Weatherford International PLC, Oceaneering International Inc., Trican Well Service Ltd., Legend Energy Services, Superior Energy Services Inc., Basic Energy Services Inc., NexTier Oilfield Solutions LLC, Global Tubing LLC, Webco Industries, Sanjel Energy Services, Pioneer Energy Services Corp., Condor Energy Services, Archer Ltd., NOV Inc., Hunting Energy Services Inc., Cudd pressure control Inc., Nine Energy Service, Liberty Energy, Canyon Services Group Inc., Essential Energy Services Limited, Precision Drilling Corporation, Patterson-UTI Energy, Nabors Industries Limited, Ensign Energy Services Inc., Key Energy Services, Forbes Energy Services Ltd., Step Energy services

The coiled tubing market report table of contents includes:

1. Executive Summary

2. Coiled Tubing Market Characteristics

3. Coiled Tubing Market Trends And Strategies

4. Coiled Tubing Market - Macro Economic Scenario

5. Global Coiled Tubing Market Size and Growth

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31. Global Coiled Tubing Market Competitive Benchmarking

32. Global Coiled Tubing Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Coiled Tubing Market

34. Coiled Tubing Market Future Outlook and Potential Analysis

35. Appendix

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