A recent report published by Infinium Global Research on coiled tubing market provides in-depth analysis of segments and sub-segments in the global as well as regional coiled tubing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional coiled tubing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global coiled tubing market. According to the report, the global coiled tubing market is projected to grow at a healthy CAGR over the forecast period of 2019-2025.
In recent years, the coiled tubing (CT) services have changed significantly. It is driven by the increased use of CT units in place of well servicing units when completing horizontal wells. Coiled tubing is utilized in a number of areas such as down-hole jobs, well stimulation, and as part of well intervention programs. Coiled tubing drilling is also used to drill a well in certain instances. One of the major advantages of using coiled tubing in drilling is that it needs less time to trip in and out of the well, due to the coiled pipe.
Increase in horizontal drilling and the rising offshore production across the globe are the major driving factors of the coiled tubing market. Demand for deployment tools is growing worldwide owing to the steady increase in well intervention activities brought about by the continuous efforts needed to maintain and maximize production within existing oilfields. The more intervention is going to be conducted due to the number of aging wells is increasing. Furthermore, factors such as growth in shale gas exploration, the rising capital spending in upstream operations globally are also driving the market growth. However, stringent government regulations and declining rig count are restraining the market growth. Moreover, the increasing focus on unconventional reservoirs is expected to provide ample growth opportunities to the market.
Geographically, North America dominates the global coiled tubing market due to ongoing projects and developments in offshore drilling, enhanced coiled tubing services, an increase in demand for energy in the US, Canada, and Mexico. Around 50% of coiled tubing services are provided in North America, with the USA being the biggest market. The continuous investment in the Middle East region by NOCs along with the ever-increasing technological challenge. The Middle East region will witness a steady increase in demand for well intervention services. This region is already considered to be the market with one of the highest saturation rates of well intervention services for both onshore and offshore.
The report on global coiled tubing market covers segments such as service type, and applications. On the basis of service type, the sub-markets include well intervention, well completion, well cleaning, and other service types. On the basis of applications, the sub-markets include onshore, and offshore.
The report provides profiles of the companies in the market such as Halliburton Company, Baker Hughes Inc., Schlumberger Ltd, C&J Energy Services Inc., Calfrac Well Services Ltd, Superior Energy Services Inc., Archer, Key Energy Services Inc., Nabors Industries Ltd (Bermuda), Sanjel Corporation, and Other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of coiled tubing market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.