DUBLIN–(BUSINESS WIRE)–The "Coiled Tubing Market by Fleet (Operator, Region), Service (Well Intervention Service (Well Completions & Mechanical Operations, Well Cleaning & Pumping Operations) Drilling Service, Others), Application (Onshore, Offshore), Region – Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global coiled tubing market size is projected to reach USD 4.0 billion by 2025, from an estimated USD 3.0 billion in 2020, growing at a post COVID-19 CAGR of 5.8% during the forecast period.
The global coiled tubing industry is driven mainly by the growing demand for well intervention operations, redevelopment of mature fields, and advancements in shale developments. The increasing demand for larger diameter coiled tubing and the evolution of intelligent coiled tubing units are likely to offer lucrative opportunities for the market players over the next five years.
The onshore segment, by application, is expected to be the fastest-growing market from 2020 to 2025
The coiled tubing market is witnessing high demand from onshore applications as new well drilling activities are rising in onshore locations at a faster pace than in the offshore fields. Also, most of the onshore fields in the Middle East and North America are in their declining phase, where pumping operations and mechanical operations performed through coiled tubing can improve the production from reservoirs.
Additionally, the development of domestic shale gas and tight oil reserves drive the major surge in crude oil and natural gas production in North America. This has resulted in the improved efficiency of the operations for increasing production from oil & gas wells. This increase in well intervention activities leads to a rise in coiled tubing operations in onshore wells.
North America: The largest and the fastest-growing region in the global coiled tubing market.
North America is expected to dominate the global coiled tubing market between 2020 and 2025. The North American oil production is rising drastically, with a growth rate of 7.7% from 2017 to 2018. Moreover, the continuous shale activities in the region are driving the demand for well intervention operations. The upstream operators, such as Total, ExxonMobil, Chevron, and Apache, also have a significant presence in North America. This creates more opportunities for oilfield service providers to capture long-term contracts.
- Growing Demand for Well Intervention Operations is Driving the Coiled Tubing Market
- Redevelopment of Mature Oilfields Demands Coiled Tubing Units for Production Enhancement
- Advancements in Shale Oil Extraction Require More Coiled Tubing Operations
- Rising Primary Energy Consumption from Asia-Pacific Will Boost the Coiled Tubing Market in the Region
- Risks Associated With Coiled Tubing Operations and Regulations Associated With Operational Safety Are Restraining the Market Growth
- Wireline Operations, Which Are a Cheaper Substitute of Coiled Tubing Operations, Hinder the Growth of the Coiled Tubing Market
- Increasing Exploration & Production Activities from New Discoveries Offer Lucrative Opportunities for the Coiled Tubing Market
- Evolution of Intelligent Coiled Tubing Technologies
- Challenging Coiled Tubing Operations in Offshore Well Interventions & Drilling Pose Challenges for the Coiled Tubing Market
- Impact of Covid-19 on Oil and Gas Production Activities
- Baker Hughes Company
- Nextier Oilfield Solutions
- RPC, Inc.
- Step Energy Services
- Superior Energy Services
- Altus Intervention
- National Energy Services Reunited (NESR)
- Basic Energy Services
- Oceaneering International
- Calfrac Well Services
- Key Energy Services
- Nine Energy Services
- Pioneer Energy Services
- Legend Energy Services
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