The global Coiled Tubing Market is expected to reach USD 4.67 Billion by 2028 at a CAGR of 5.3%, according to a recent report by Reports and Data. The high production of oil and gas across the globe and the rising usage of coiled tubing in well intervention and drilling are the key factors driving the market growth. Coiled tubing refers to an elongated metal pipe that is deployed for interventions in oil and gas wells. The coiled tubing does not depend on gravity and can potentially pump the chemicals from the coil and push it through the hole. It has also been actively deployed for open drilling and milling operations.
Growing demand for energy from across the world due to rapid urbanization and industrialization has significantly contributed to market growth. The increasing number of industries has boosted the energy consumption from almost all the sectors, which have further bolstered the exploration and production operations. This has propelled the market growth and is projected to be a significant trend over the estimated timeframe. Additionally, the progress of the energy and oil and gas industry are the key elements further stimulating the market growth.
Request Free Sample: https://www.reportsanddata.com/sample-enquiry-form/3896
The outbreak of the COVID-19 pandemic significantly impacted the market growth with a rapid decline in energy and oil, and gas across the globe due to social restrictions and subsequent lockdowns. The impact on the prices of crude oil and production activities has further restrained the market growth. Additionally, the environmental risks associated with the flaws in coiled tubing and the exploration activities are projected to impede the expansion of the market.
Key companies operating in the market include Baker Hughes Company, Schlumberger Limited, National Oilwell Varco, C&J Energy Services, Global Tubing, LLC, Pioneer Energy Services, and Halliburton.
Key Highlights from the Report:
- Well intervention segment is expected to account for a significant share of the market in the forthcoming years owing to the increasing emphasis of the oil and gas industry on bolstering the production from existing wells and reserves.
- In 2019, Global Tubing LLC introduced a coiled tubing designed especially for high-pressure situations. The coiled tubing, Duracoil 130, has an augmented fatigue life and increased resistance to abrasion.
- Circulation is the most common use of coiled tubing, and the segment is expected to register lucrative growth in the timeframe. The increasing use of coiled tubing to force out the fluid from the bottom of the wellbore by pumping nitrogen gas is the key element supporting the segment’s growth.
- The onshore segment is foreseen to expand at the highest CAGR in the timeframe accredited to the increasing demand for onshore coiled tubing, a rapid rise in onshore exploration services, and increasing demand for energy across the globe.
- North America is expected to account for a substantially large share of the market, majorly accredited to the rising amount of exploration and production operations for natural gas and shale gas in the region.
For the purpose of this report, Reports and Data has segmented the global Coiled Tubing Market based on Services, Operations, Application, and Region:
Services Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
- Well Intervention
- Well Cleaning
- Well Completion
- Others
- Drilling
- Others
Read More : https://www.reportsanddata.com/report-detail/coiled-tubing-market
Operation Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
- Circulation/Deliquification
- Pumping
- Logging
- Perforation
- Others
pplication Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
- Offshore
- Onshore
Regional Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
Ask For Discount: https://www.reportsanddata.com/discount-enquiry-form/3896
Thank you for taking out time to read our report. We also offer report customization according to client’s requirement. Kindly connect with us to know more about customization plan and our team will offer you the report as per the modifications.
About Us:
Our in-house experts assist our clients with advice based on their proficiency in the market that helps them in creating a compendious database for the clients. Our team offers expert insights to clients to guide them through their business ventures. We put in rigorous efforts to keep our clientele satisfied and focus on fulfilling their demands to make sure that the end-product is what they desire. We excel in diverse fields of the market and with our services extending to competitive analysis, research and development analysis, and demand estimation among others, we can help you invest your funds in the most beneficial areas for research and development.
Contact Us:
John W
Head of Business Development
Reports And Data | Web: www.reportsanddata.com/
Direct Line: +1-212-710-1370
E-mail: [email protected]
A novel research report on Global Coiled Tubing Market has been recently published by Reports and Data covering latest trends and key market developments during the forecast period from 2018 to 2028.
The report offers an in-depth analysis of forecast insights, market size, emerging trends, revenue growth, top companies, growth factors, restraints and opportunities in the global Coiled Tubing market.
The report also offers an accurate analysis of competitive landscape, sales statistics and regional manufactures.
The data has been extracted through extensive research and is further validated by professionals and experts in the industry.
The report uses charts, graphs, tables and figures to visually reflect the statistical data collected and makes it easier for readers to understand the market situation.
The report also provides insights of the top key companies operating the market.Top Key Players:Baker Hughes Company, Schlumberger Limited, National Oilwell Varco, C Energy Services, Global Tubing, LLC, Pioneer Energy Services, and Halliburton.
