Global Coiled Tubing Services Market, By Service Type (Well Intervention, Drilling, Others), Application (Onshore, Offshore), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights of Coiled Tubing Services Market
Coiled tubing services market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the market to grow at a CAGR of 11.8% in the above-mentioned forecast period.
The coiled tubing enhance downhole access using large-diameter pipe with high tensile strength. This provides a reliable conduit for downhole operations and expands your ability to use the broad range of Weatherford tools. Coiled tubing services are of various types such as the well intervention, drilling and others.
The factors such as the increasing consumption of oil and gas leading to the overall growth of the economy, surging levels of investment for the development and production of hydrocarbon are expected to emerge as the significant factors accelerating the growth of coiled tubing services market in the forecast period of 2022 to 2029. In addition to this, rising initiatives of the government and other private entities for exploration and production activities will further aggravate the growth of the coiled tubing services market in the above-mentioned forecast period. However, the fluctuating prices of raw material results as a growth restraint for the market.
Furthermore, the rapid mobilization and lesser environmental footprints and development of deep-water and ultra-deep water are also anticipated to generate lucrative opportunities for the coiled tubing services market in the forecast period of 2022 to 2029. On the flip side, the volatile crude oil prices and high maintenance cost will pose as a challenge for the coiled tubing services market.
This coiled tubing services market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on coiled tubing services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Coiled Tubing Services Market Scope and Market Size
The coiled tubing services market is segmented on the basis of service type and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- The coiled tubing services market on the basis of service type has been segmented as well intervention, drilling and others. Well intervention has been bifurcated into well completion and mechanical operations and well cleaning and pumping operations.
- On the basis of application, the coiled tubing services market has been segmented into onshore and offshore.
Coiled Tubing Services Market Country Level Analysis
The coiled tubing services market is analyzed and market size, volume information is provided by service type and application as referenced above.
The countries covered in the coiled tubing services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the coiled tubing services market during the forecast period owing to the increasing shale gas production along with rising demand of petrochemicals are thereby contributing to the hefty deployments of coiled tubing services solutions in the forecast period of 2022 to 2029. Asia-Pacific, on the other hand, is expected to show a lucrative growth due to the increasing consumption of oil and gas and various other factors.
The country section of the coiled tubing services market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Coiled Tubing Services Market Share Analysis
The coiled tubing services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Coiled tubing services market.
Some of the major players operating in the coiled tubing services market report are Schlumberger Limited, Baker Hughes Company, Halliburton., Basic Energy Services, Inc., NexTier Oilfield Solutions Inc, ARCHER & CO., Essential Energy Services Ltd., China Oilfield Services Limited, Superior Energy Services, Inc., NO, Inc., NESCO, Forum Energy Technologies, Inc., Calfrac Well Services Ltd., Cudd Energy Services, AnTech Ltd, and Patterson-UTI Energy, Inc. among others.
Recent Developments
- In January 2020, Halliburton was awarded seven contracts for drilling and completion services for the Ichthys Project, which is operated by INPEX and is located in the Browse Basin off the coast of northern Australia.
- In September 2021, Energean (an independent E&P company focused on developing resources in the Mediterranean and the North Sea) and Halliburton have agreed to work together on a three to five well drilling and completions campaign. This agreement increased demand for coiled tubing services and is expected to expand the company's project portfolio.
- In June 2020, The Velox Wellhead System was introduced by Weatherford as a solution for operators who need to lock in pressure integrity while improving safety and efficiency.
- In January 2021, Equinor has signed a long-term frame agreement with Altus Intervention AS, a subsidiary of the international Altus Intervention Group AS, for the delivery of Integrated Wireline Services. On a total of 22 installations, this agreement covers the provision of fully integrated intervention services, such as mechanical wireline, cased hole logging, and tractor conveyance.
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