The global coiled tubing (CT) market is expected to
reach USD 4.9 billion by 2025, according to a new report by Grand View
Research, Inc. Globally, declining oil production and increasing number of exploration
& production activities are anticipated to drive the market growth in the
next eight years. In addition, a shift in the trend for developing
unconventional oil blocks globally, will boost the market demand.
Regulations in countries
enhancing exploration & production activities will be a supporting factor
for the market growth. Favorable initiatives by Chinese and the U.S.
governments in the form of relaxed provision of FDI, tax incentives, and other
financial aids is estimated to back up the industry growth. However, public
concerns and several bans concerning harmful impacts of the technology mainly
in countries such as South Africa, France, Tunisia, Romania, and Bulgaria are
anticipated to remain key challenges for the industry players over the next few
years.
Well intervention is a major
service provided by CT technology. the service is carried out in to extend the
life of a producing well by improving its performance. Some of the well
intervention service includes well completion, well cleaning, and wireline.
Sand clean out is the most common well intervention application. It is a
complex process and requires pumping a fluid or gasses into the well.
U.S. coiled tubing market revenue by services, 2014 -
2025 (USD Million)
Browse full research report on Coiled
Tubing Market
Further key findings from the report suggest:
- The global
coiled tubing market was worth USD 3.25 billion in 2015. The market is
expected to grow at a CAGR of 5.1% from 2017 to 2025
- Pumping in
terms of coiled tubing unit was the major segment in the year 2016 and is
expected to grow at a CAGR of 3.9% from 2017 to 2025
- Circulation
operational segment is expected to be the fastest-growing segment over the
forecast period
- Offshore
segment is expected to be the fastest growing segment, owing to newly
discovered oil wells in the deep waters
- North America
was the largest market in 2015. It is expected to gain share on account of
increasing E&P activities, particularly in the deep sea.
- Asia Pacific
market is expected to grow at a CAGR of 5.8% from 2017 to 2025, owing to
favorable government regulations and rising foreign investment in the
region
- Market is
moderately consolidated and experiences the presence of giant and large
companies across the value chain
- Schlumberger,
Baker Hughes, Halliburton, Weatherford International Inc, Archer Limited,
Calfrac Well Services Ltd, Cudd Energy Services, Superior Energy Services
Inc., Trican Well Service Ltd., and C&J Energy Services, Inc. are the
prime companies operating in the market.
For more information: http://www.grandviewresearch.com
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