The Onshore is expected to dominate the Global Coiled Tubing Services Market in the forecast period
Global Demand of Energy & Increasing demand of Reservoir Optimization
process are the factors driving the market growth.
According to TechSci Research report, “The Global Coiled Tubing
Services Market - By Region, Competition, Forecast & Opportunities, 2029”. The Global Coiled Tubing
Services Market is expected to grow with a CAGR of 7.25% during the forecast
period. The coiled tubing services market is expected to be dominated by the
well-intervening application segment during the forecast period. Exploration
and production activities of new oil and gas deposits are expected to create
huge opportunities for the explored markets. North America dominates the coiled
tubing service market, with most of the demand coming from the United States,
Canada, and countries such as the Gulf of Mexico. Coiled tubing services are
most popular in well intervention applications because they enable functions
such as stimulation, drilling, fluid pumping, fishing, sand control and zoning.
· Increased investment in well efficiency improvement and well cleanup is
expected to impact the well intervention industry. Wells require prepared or
mechanical measures such as fishing, drilling production wells, stripping,
covering or packing and increasing production to empty reservoirs. The demand
for these services is expected to drive the coiled tubing drilling segment
during the forecast period. Demand for well intervention operations in emerging
offshore fields in the Gulf of Mexico and other onshore fields in the US is
driving the coiled tubing service market. · In addition, continued shale gas
exploration activity in North America and some Asia-Pacific regions with large
upstream operators is expected to provide long-term contract opportunities in
the coiled tubing services market. As of 2019, the number of spiral hoses in
the world was 1678 units. There were 665 coiled hose units in North America,
with 432 units in the United States and 233 units in Canada. · In July 2020,
Ukrgasvy dobuvannya JSC published a tender for the procurement of well
construction and maintenance services for oil and gas wells located in fields
using spiral tubing and nitrogen compressor equipment. The initial price was
97.4 million UAH. Therefore, the coiled tubing services market is primarily
driven by the growing well intervention activities, which are expected to
constitute a dominant share in all applications.
In March 2019, Global Tubing LLC recently introduced Duracoil 130 for
high pressure environments. It has a ldowntime and life, wear resistance that
minimizes downtime, and expanded operating thresholds. These are the factors
driving the market growth.
Browse over xx market data Figures spread through 180 Pages and an
in-depth TOC on " Global Coiled Tubing Services Market.”
Based on region north America is dominating, the mature oil and gas
fields of the Permian Basin and Bakken Ford require interventions to increase
the productivity of these wells. Therefore, the market for coiled tubing
services in the United States is growing primarily through drilling and
rebuilding mature fields. Thus, North America is estimated to be the largest
market and is expected to lead to the drilling of new wells, expansion of well
production and an increase in the number of new horizontal wells.
Key market players
in the Global Coiled Tubing Services Market include:
- Schlumberger Limited
- Halliburton Company
- Baker Huges
- Weatherford International
PLC
- Calfrac Well Services Ltd
- National Oilwell Varco
- China Oilfield Services
Limited
- C&J Energy Services
- Key Energy Services
- National Energy Services
Company
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“Advancements in coiled tubing technology have enabled operations in
deeper and more challenging environments, including offshore platforms and
subsea wells. Coiled tubing's ability to be spooled and transported compactly
allows for interventions in areas that would be difficult to access using
traditional methods. This drive to explore and produce from deeper and more
remote locations contributes to the demand for coiled tubing services. Coiled
tubing services offer cost-effective solutions for well interventions compared
to alternatives like workover rigs. The ability to perform multiple operations
within a single run minimizes downtime and reduces overall costs. Companies are
drawn to coiled tubing services as a means of maximizing returns on their
investments while maintaining efficient operations. These factors are helping
the market growth.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Coiled Tubing Services Market
– Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented By Application (Drilling, Completion, and Well
Intervention), By Location of Deployment (Onshore and Offshore), By Service
Intervention (Well Completion & Well Cleaning) By Region, Competition 2018-2028”, has
evaluated the future growth potential of Global Coiled Tubing Services Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Coiled
Tubing Services Market.
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