Coiled Tubing Market - Rapid Growth & Dynamic Forecast To 2027
Coiled tubing (CT) is a long metal pipe that is rolled over a large reel and brought to the well site during well repair and workover activities. Rise of horizontal drilling and prevalence of CT in oil & gas fields can induce its heavy demand. The global coiled tubing market report by Market Research Future (MRFR) examines the drivers and challenges to be faced by the industry for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its implications on the market are explored in high detail in the report.
The global coiled tubing market is expected to expand at 5.37% CAGR during the forecast period. Advantages of CT including improved safety and well control, low mobilization time, and underbalanced operations are likely to influence its adoption rate. The rise in hydraulic fracturing, well cleaning, and change in well designs can convince oil & gas producers of its utilization. The discovery of new fields and renewal of licenses are other factors supporting the market demand. New avenues of coal-bed methane (CBD), tight-gas sand, and shale gas can provide plenty of opportunities for the market to expand its reach during the assessment period.
The COVID-19 pandemic has severely hampered the market owing to shutdown of oil & gas exploration activities worldwide. Uncertainty of government measures and oil crash prices can negatively impact market demand.
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The global coiled tubing market has been segmented by service type and application.
Based on service type, the coiled tubing market has been divided into well intervention, drilling, and others. The well intervention segment is dominating the market due to the increasing number of aging wells. The well intervention segment is further sub-segmented into well cleaning, well completion, and others, which include well perforation, well simulation, pumping, and circulation.
On the basis of application, the global coiled tubing market has been divided into onshore and offshore. The onshore segment held a larger share of the market in 2018 as it is more feasible and cost-effective compared to the offshore application due to the use of smaller service rigs and mobile self-contained coiled tubing rig for light operations. Further, the rise in shale gas exploration, particularly in the U.S., and growing drilling activities is estimated to fuel the growth of onshore applications worldwide.
In Asia Pacific, major coiled tubing companies are focusing on this region due to its vast unexplored reserves and new oil field discoveries. The use of CT in well cleaning and other upstream processes can induce the market demand. Moreover, a large number of shale reservoirs are present in China which requires a high number of coiled tubing units. Furthermore, substantial hydrocarbon reserves, supportive political environment, transparent regulatory structure, and the high demand for oil and gas make the region an attractive market for foreign investment. For instance, the Indian government has allowed 100% FDI in many sectors such as petroleum products, natural gas, and refineries. This has led to an increase in offshore oil production and refinery projects in the country.
Europe can also command a huge share of the global coiled tubing market owing to abundance of oil wells and pressure for reducing lifting costs. Russia seems to hold a large market share owing to its massive oil fields, awareness of CT technology, and improvements in well preparation times.
Schlumberger, Nabors Industries Ltd, Step Energy Services Ltd, Calfrac Well Services Ltd, Baker Hughes, Weatherford, Key Energy Services Inc., C&J Energy Services, Inc, RPC Inc, Trican, and Halliburton are key players of the global coiled tubing market.
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