PUBLISHER: Azoth Analytics | PRODUCT CODE: 1020871
PUBLISHER: Azoth Analytics | PRODUCT CODE: 1020871
The Global Coiled Tubing Market was valued at USD 2985.67 Million in the year 2020. Rising demand for oil and natural gas, improved viability of Deepwater and ultra-Deepwater projects and price regulations of oil drive offshore exploration activities are the few factors responsible for high CAGR of the market over the forecast period. Escalating demand for recoverable resources and augmented exploration, production, and completion activities are the key drivers that propel the growth in the coiled tubing services market. CT services are used to enhance both oil and natural gas production; hence, increasing focus on natural gas production is another main driver for the CT services to grow.
The outbreak of the COVID-19 has affected the global economy of various sectors, including the oil & gas, manufacturing, automotive, and power generation industries in multiple ways. The COVID-19 pandemic has disrupted the supply chain of the oil & gas industry and has negatively influenced the exploration and production activities in the industry.
High spending in global upstream and operational activities have begun to rise from the NOCs and the integrated oil companies. For instance, in February 2021, Baker Hughes and Akastor ASA announced a joint venture that will combine Baker Hughes's Subsea Drilling Systems business and MHWirth AS, a wholly-owned subsidiary of Akastor ASA. The joint venture company will offer a broader portfolio of offshore drilling equipment.