The global coiled tubing (CT) market is expected to reach USD 4.9 billion by 2025, according to a new report by Grand View Research, Inc. Globally, declining oil production and increasing number of exploration & production activities are anticipated to drive the market growth in the next eight years. In addition, a shift in the trend for developing unconventional oil blocks globally, will boost the market demand.
Regulations in countries enhancing exploration & production activities will be a supporting factor for the market growth. Favorable initiatives by Chinese and the U.S. governments in the form of relaxed provision of FDI, tax incentives, and other financial aids is estimated to back up the industry growth. However, public concerns and several bans concerning harmful impacts of the technology mainly in countries such as South Africa, France, Tunisia, Romania, and Bulgaria are anticipated to remain key challenges for the industry players over the next few years.
Well intervention is a major service provided by CT technology. the service is carried out in to extend the life of a producing well by improving its performance. Some of the well intervention service includes well completion, well cleaning, and wireline. Sand clean out is the most common well intervention application. It is a complex process and requires pumping a fluid or gasses into the well.
U.S. coiled tubing market revenue by services, 2014 – 2025 (USD Million)
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Further key findings from the report suggest:
- The global coiled tubing market was worth USD 3.25 billion in 2015. The market is expected to grow at a CAGR of 5.1% from 2017 to 2025
- Pumping in terms of coiled tubing unit was the major segment in the year 2016 and is expected to grow at a CAGR of 3.9% from 2017 to 2025
- Circulation operational segment is expected to be the fastest-growing segment over the forecast period
- Offshore segment is expected to be the fastest growing segment, owing to newly discovered oil wells in the deep waters
- North America was the largest market in 2015. It is expected to gain share on account of increasing E&P activities, particularly in the deep sea.
- Asia Pacific market is expected to grow at a CAGR of 5.8% from 2017 to 2025, owing to favorable government regulations and rising foreign investment in the region
- Market is moderately consolidated and experiences the presence of giant and large companies across the value chain
- Schlumberger, Baker Hughes, Halliburton, Weatherford International Inc, Archer Limited, Calfrac Well Services Ltd, Cudd Energy Services, Superior Energy Services Inc., Trican Well Service Ltd., and C&J Energy Services, Inc. are the prime companies operating in the market.
For more information: http://www.grandviewresearch.com