Market Research Report
Coiled Tubing Market by Operation (Pumping, Circulation, Logging, and Others), Location (Onshore and Offshore), Application (Well Intervention, Drilling, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
|Coiled Tubing Market by Operation (Pumping, Circulation, Logging, and Others), Location (Onshore and Offshore), Application (Well Intervention, Drilling, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030|
Published: October 31, 2021
Allied Market Research
Content info: 240 Pages
Delivery time: 2-3 business days
The global coiled tubing market was valued at $3.0 billion in 2020, and is projected to reach $4.7 billion by 2030, growing at a CAGR of 4.5% from 2021 to 2030.
Coiled tubing is the flexible tubing equipment derived from submarine pipeline engineering during the Second World War. Coiled tubing equipment is widely used in oilfield applications including drilling, completion, oil production, workover, gathering, and liquid transportation. It is the most important application in the exploration and development of oil & gas fields. Rise in well intervention projects across the globe is anticipated to fuel the demand for coiled tubing equipment in the coming years.
Rise in demand for petroleum products from developing economies and increase in demand for oil & gas products from developing economies and rapid growth of polymer products which are derived from petroleum hydrocarbons significantly contribute toward the growth of the global coiled tubing market. However, reduction in number of fuel stations owing to rapid growth of electric vehicle industry and stringent government regulations associated with operational safety of coiled tubing are expected to hamper the growth of the market, globally. Conversely, rise in investment toward oil & gas exploration and production activities is expected to create potential growth opportunities for key players operating in this market.
The coiled tubing market is segmented on the basis of operation, location, application, and region. By operation, the market is classified into pumping, circulation, logging, and others. On the basis of location, it is categorized into onshore and offshore. As per application, it is classified into well intervention, drilling, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Other companies operating in the coiled tubing market are: Basic Energy Services, Weltec, Expro Group, Superior Energy Services, Inc., Deepwell AS, and Hunting Energy Services.