Coiled Tubing Market Size Worth $4.72 Billion By 2027 | CAGR: 4.8%: Grand View Research, Inc.

SAN FRANCISCO, Feb. 18, 2020 /PRNewswire/ — The global coiled tubing market size is expected to reach USD 4.72 billion by 2027, expanding at a CAGR of 4.8% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to grow on account of increasing need to maximize oil and gas output from existing oil and gas wells. Rising demand for primary energy for transportation, power generation, and household activities has resulted in increased consumption of oil and gas in major economies. As a result, there are increasing investments in exploration and production activities in unconventional oil and gas reserves.

Key suggestions from the report:

North America is expected to register the fastest CAGR of 5.5% in terms of revenue, from 2020 to 2027, owing to accelerating production of tight oil in the country
Well intervention service is estimated to exhibit the fastest CAGR of 5.0%, in terms of revenue from 2020 to 2027. The growth is attributed to rising demand from oil and gas producers to maximize production from the existing wells
Onshore application acquired the highest market share of 61.5% in 2019 owing to abundant production of oil and gas from onshore fields
Offshore application is estimated to experience the fastest CAGR of 5.6% in terms of revenue, from 2020 to 2027, owing to rising investments in offshore fields on global scale
In 2018, Baker Hughes Company was awarded the contract by Saudi Aramco for coiled tubing services and drilling for Marjan oilfield expansion

Read 153 page research report with ToC on “Coiled Tubing Market Size, Share & Trends Analysis Report By Services (Well Completion, Drilling), By Operations (Circulation, Pumping), By Application, By Region, And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/coiled-tubing-ct-market

Coiled Tubing (CT) plays a significant role in enabling upstream oil and gas players to produce oil in a cost effective way. It can be used on live wells as the product can be inserted into the well while the oil and gas production is ongoing. Moreover, there are number of well intervention operations such as well completion and well cleaning that can be performed in a cost effective way through utilization of coiled tubing. It can endure greater tensile and compressive forces when perforating highly deviated and horizontal wells.

North America was the largest regional market for coiled tubing in 2019. The region is predicted to maintain its dominance in the forthcoming years. Significant boost in the production of tight oil particularly in U.S has resulted in significant rise in demand for coiled tubing. Canada is yet another prominent regional market, as there are number of deviated wells in the country, for which CT is largely used for well intervention and drilling services.

The top three players in the global coiled tubing market include Halliburton, Baker Hughes Company, and Schlumberger Limited. These companies gain competitive edge in oilfield service market as the oil and gas exploration and production companies are aiming to minimize cost of production through innovative technologies like coiled tubing.

Grand View Research has segmented the global coiled tubing market on the basis of service, operation, application, and region:

Coiled Tubing Services Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)

Well Intervention

Well Completion
Well Cleaning
Others

Drilling
Others

Coiled Tubing Operation Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)

Circulation/Deliquification
Pumping
Logging
Perforation
Others

Coiled Tubing Application Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)
Coiled Tubing Regional Outlook (Volume, Units; Revenue, USD Million, 2016 – 2027)

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa

Find more research reports on Drilling & Extraction Equipments Industry, by Grand View Research:

Offshore Mooring Systems Market – Rapid expansion of oil and gas E&P from the offshore fields along with the rising development of high temperature gas hydrate basins for sustainable future growth is expected to drive offshore mooring systems market over the forecast period.
Well Intervention Market – Presence of vast unexplored hydrocarbon rich reserves both in onshore and offshore basins coupled with significant dependence of various economies in the industry is expected to propel the well intervention market growth in near future.
Positive Displacement (PD) Pumps Market – The volatility in the oil and gas industry is expected to dip the revenue of large players. However, the demand for cost-effective and easy-to-install pumps in midstream and downstream is estimated to balance the overall appetite. The fluctuation in oil prices is expected to lead the PD pumps market toward consolidation.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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