Global Coiled Tubing Market Size By Service Type, By Application, By Diameter, By Geographic Scope And Forecast
Report ID: 38866|No. of Pages: 202
Global Coiled Tubing Market Size By Service Type, By Application, By Diameter, By Geographic Scope And Forecast
Coiled Tubing Market Size And Forecast
Coiled Tubing Market size was valued at USD 2.9 Billion in 2023 and is projected to reach USD 3.18 Billion by 2030, growing at a CAGR of 4.7% during the forecast period 2024-2030.
The coiled tubing market refers to the global industry involved in the manufacturing, distribution, and utilization of coiled tubing equipment and services. Coiled tubing, typically made of steel, is used in various oil and gas operations, including well intervention, drilling, and production enhancement. It is deployed into oil and gas wells to perform various tasks such as cleaning, logging, perforating, and fracturing without the need for conventional pipe removal. The market encompasses equipment manufacturers, service providers, operators, and end-users across different geographic regions.
Global Coiled Tubing Market Drivers
The market drivers for the Coiled Tubing Market can be influenced by various factors. These may include:
- Exploration and production (E&P) activities have increased due to the increasing demand for gas and oil around the world. This has resulted in the use of coiled tubing units for stimulation, well intervention, and completion operations in both conventional and unconventional reservoirs.
- Cost and Operational Efficiency: Compared to more conventional techniques like wireline and workover rigs, coiled tubing technology provides well intervention and workover operations at a lower cost. Reducing downtime and requiring no rig deployment to accomplish multiple operations increases operational efficiency and decreases project costs overall.
- Technological Developments: The capabilities and effectiveness of coiled tubing operations are improved by ongoing developments in coiled tubing tools, materials, and equipment. The market is growing because of innovations including composite tubing, sophisticated telemetry, and real-time monitoring systems that allow for deeper, longer, and more complex well treatments.
- A Greater Emphasis on Unconventional Resources: Specialized well intervention techniques are needed to exploit unconventional oil and gas resources, such as tight oil, shale gas, and coalbed methane. The need for coiled tubing services is fueled by the suitability of coiled tubing units for applications such horizontal well cleanouts, nitrogen kick-offs, and hydraulic fracturing in unconventional reservoirs.
- Aging Oil and Gas Infrastructure: In order to maximize production and prolong asset life, aging oil and gas wells need constant maintenance, remediation, and optimization. The need for coiled tubing services is fueled by the ability of operators to handle problems including wellbore cleanouts, scale building, and sand management.
- Techniques for Enhanced Oil Recovery (EOR): Well intervention and stimulation are required when enhanced oil recovery techniques like as gas injection, water flooding, and chemical treatments are used. When employing EOR techniques to boost hydrocarbon recovery rates and enhance reservoir sweep efficiency, coiled tubing units are essential.
- Emphasis on Operational Safety and Well Integrity: Industry standards and regulatory regulations place a strong emphasis on how crucial it is to ensure operational safety and well integrity in oil and gas operations. Interventions using coiled tubing are less invasive and safer than traditional workover techniques, which lowers environmental hazards and improves well integrity assurance.
- The need for coiled tubing services is influenced by shifting industry dynamics, including energy transition programs, geopolitical risks, and fluctuating oil prices. Coiled tubing technology is being used by operators because they are looking for economical ways to maximize production, provide operational flexibility, and adjust to shifting market conditions.
Global Coiled Tubing Market Restraints
Several factors can act as restraints or challenges for the Coiled Tubing Market. These may include:
- High Initial Investment: The equipment, technology, and trained labor needed for the deployment of coiled tubing units are expensive initially. This may provide a challenge for smaller firms or those with limited resources.
- Dependency on Oil and Gas business: There is a direct relationship between the oil and gas business and the Coiled Tubing Market. The demand for coiled tubing services can be directly impacted by economic downturns, changes in oil prices, and regulatory changes within the oil and gas sector, which can result in market instability.
- Environmental and Regulatory Concerns: The use of specific chemicals, tools, and methods related to coiled tubing operations may be restricted by severe environmental rules and safety requirements in the oil and gas sector. Adherence to these standards could raise operating expenses and impede market expansion.
- Competition from Alternative methods: Hydraulic fracturing, wireline, and snubbing are some of the alternative well intervention methods that compete with coiled tubing. Market potential may be restricted if operators choose to use alternate technologies rather than coiled tubing, contingent on particular well conditions and project requirements.
- Technical Difficulties: Wellbore integrity problems, equipment malfunctions, and restrictions on accessing specific well conditions or depths are some of the technical difficulties that coiled tubing operations must overcome. Continuous innovation and technology breakthroughs are necessary to overcome these obstacles, which could limit market expansion.
- Geopolitical Instability: In key oil-producing regions, geopolitical tensions, trade disputes, and regional conflicts can cause supply chain disruptions, make investment decisions more difficult, and raise uncertainty in the Coiled Tubing Market. Political unrest in important markets may cause project cancellations or delays, which would hinder market expansion.
- Reduction in Exploration and Production: The oil and gas industry may see a decline in exploration and production due to changes in renewable energy sources and fluctuations in oil prices. This may have an immediate impact on the need for coiled tubing services, especially in areas with high fossil fuel dependency.
- Limited Technological Adoption: Although coiled tubing technology has advanced, some operators may show reluctance to accept new methods or tools because they have doubts about their dependability, efficiency, or suitability for their current setup. This resistance to innovation might restrict prospects for revenue growth and impede market expansion.
Global Coiled Tubing Market Segmentation Analysis
The Global Coiled Tubing Market is Segmented on the basis of Service Type, Application, Diameter, and Geography.
Coiled Tubing Market, By Service Type
- Well Intervention: This segment involves using coiled tubing units for various well intervention operations such as cleanouts, milling, fracturing, and acidizing to maintain or enhance well productivity.
- Drilling: Coiled tubing drilling (CTD) is a specialized technique where coiled tubing is used as a conduit for drilling operations in certain types of wells, including extended reach and horizontal wells.
Coiled Tubing Market, By Application
- Onshore: This segment focuses on coiled tubing services and equipment used in onshore oil and gas fields for well interventions, drilling, and other operations.
- Offshore: Coiled tubing services and equipment tailored for offshore oil and gas fields, which may require specialized equipment due to the unique challenges of offshore operations.
Coiled Tubing Market, By Diameter
- Small Diameter Coiled Tubing: Typically refers to coiled tubing with smaller diameters, often used for precision operations such as logging, cleanouts, and nitrogen lifting.
- Large Diameter Coiled Tubing: This segment covers coiled tubing with larger diameters, commonly employed in operations such as milling, fracturing, and hydraulic workovers.
Coiled Tubing Market, By Geography
- North America: Market conditions and demand in the United States, Canada, and Mexico.
- Europe: Analysis of the COILED TUBING MARKET in European countries.
- Asia-Pacific: Focusing on countries like China, India, Japan, South Korea, and others.
- Middle East and Africa: Examining market dynamics in the Middle East and African regions.
- Latin America: Covering market trends and developments in countries across Latin America.
Key Players
The major players in the Coiled Tubing Market are:
- Schlumberger
- Baker Hughes
- Halliburton
- Weatherford
- Trican
- Altus Intervention
- Others:
- Calfrac Well Services Ltd.
- Step Energy Services
- Key Energy Services, LLC
- Oceaneering International, Inc.
- National Energy Services Reunited (NESR)
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2030 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Schlumberger, Baker Hughes, Halliburton, Weatherford, Trican, Others:, Calfrac Well Services Ltd., Step Energy Services, Key Energy Services, LLC, National Energy Services Reunited (NESR). |
| SEGMENTS COVERED | By Service Type, By Application, By Diameter, And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Analyst’s Take
The coiled tubing market is experiencing steady growth driven by the increasing demand for energy, particularly from the oil and gas industry. The market is witnessing significant technological advancements aimed at improving the efficiency and effectiveness of coiled tubing operations. Factors such as the rising adoption of horizontal drilling techniques, growing exploration and production activities in unconventional oil and gas reserves, and the need for cost-effective and time-efficient well intervention solutions are propelling market growth.
Moreover, the expansion of shale gas exploration and development projects, particularly in regions like North America, is expected to provide lucrative opportunities for market players. However, challenges such as fluctuating oil prices, stringent environmental regulations, and concerns regarding well integrity and safety pose potential restraints to market growth.
Overall, with increasing investments in oil and gas exploration and production activities, coupled with ongoing technological advancements, the coiled tubing market is poised for continued growth in the foreseeable future.
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Verified Market Research.
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter’s Five Forces Analysis
4. Coiled Tubing Market, By Service Type
• Well Intervention
• Drilling
5. Coiled Tubing Market, By Application
• Onshore
• Offshore
6. Coiled Tubing Market, By Diameter
• Small Diameter Coiled Tubing
• Large Diameter Coiled Tubing
7. Regional Analysis
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Argentina
• Chile
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
8. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
9. Competitive Landscape
• Key Players
• Market Share Analysis
10. Company Profiles
• Schlumberger
• Baker Hughes
• Halliburton
• Weatherford
• Trican
• Altus Intervention
• Others
• Calfrac Well Services Ltd.
• Step Energy Services
• Key Energy Services, LLC
• Oceaneering International, Inc.
• National Energy Services Reunited (NESR)
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
|
|
| Demand side |
|
|
Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
| Qualitative analysis | Quantitative analysis |
|---|---|
|
|
