Home / Businesswire / Shale Gas Boom to Boost Growth in the Coiled Tubing Services Market | Technavio

Shale Gas Boom to Boost Growth in the Coiled Tubing Services Market | Technavio

LONDON–(BUSINESS WIRE)–#OilandGas–The latest market research report by Technavio
on the global
coiled tubing services market
predicts a CAGR of around 4% during
the period 2017-2021.

The report segments the global coiled tubing services market by
application (onshore and offshore) and by geography (the Americas, EMEA,
and APAC). It provides a detailed illustration of the major factors
influencing the market, including drivers, opportunities, trends, and
industry-specific challenges.

Here are some key findings of the global coiled tubing services
market, according to Technavio energy

  • Increased exploration of unconventional sources: a major market driver
  • In 2016, the coiled tubing services for onshore application dominated
    the market with 60% of the market share
  • The Americas dominated the global coiled tubing services market with
    close to 58% share in 2016
  • Archer, Baker Hughes, Halliburton, Schlumberger, and Superior Energy
    Services are the leading players in the market

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Market growth analysis

Increased exploration of unconventional sources is one of the major
factors driving the global coiled
tubing services market
. Unconventional oil and gas resources
encompass shale gas, coal bed methane, gas hydrates, tight oil, oil
sands, and others. These resources are difficult to exploit and
expensive to produce. Technological advances and operational
efficiencies have driven cost reductions, thus spurring the exploitation
of unconventional resources. The shale gas boom in the US witnessed the
rise of unconventionally produced natural gas supplies. Huge discoveries
of oil sands in Canada have revealed infinite opportunities for oil
exploration. The rise in exploration and production (E&P) activity in
countries such as China, Indonesia, Mexico, Brazil, and India is likely
to bring in high investments during the forecast period, which portrays
a positive outlook for the global coiled tubing services market.

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Geographical analysis

Technavio researchers anticipate high growth for the global coiled
tubing services market
in the Americas owing to the increase in
production activities in the Gulf of Mexico and increase in shale gas
production activities. The constant increase in oil demand in the
transportation sector in the US and Canada makes North America the
largest consumer of crude oil worldwide. The support extended by
governments of different countries in terms of new exploration policies
and opening of new offshore fields, especially in the US, is expected to
drive the demand.

According to Thanikachalam Chandrasekaran, a lead analyst at Technavio
for research on oil
and gas
, “The coiled tubing services market in the
Americas is dominated by the US, Canada, and Mexico. Increase in rig
count in these countries, supported by government regulations and
policies, has made these countries the top markets for coiled tubing
services in the region.”

Competitive vendor landscape

The market is concentrated in nature with large players holding a
majority of the market share. The market is also marked by the presence
of numerous local and regional companies providing oilfield services.
Strategies adopted by the players to succeed in the global coiled tubing
services market include mergers and acquisitions, joint ventures,
contracts, agreements, as well as partnerships. Key vendors of well
intervention services include Archer, Baker Hughes, Halliburton,
Schlumberger, and Superior Energy Services.

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coiled tubing services market
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