- Report ID: BMRC 1003 | Number of pages: 200 | Publish Date: Apr 2020
Status: Published | Category: Heavy Industry | Delivery Timeline:
"Coiled Tubing Market is valued at USD 3.17 billion in 2019 and expected to reach USD 4.10 billion by 2025 with the CAGR of 6.5% over the forecast period."
Rising oil and gas production with increasing penetration of coiled tubing in well intervention services is driving the global coiled tubing market.
A coiled tubing (CT) is a long metal pipe which used during oil recovery. Coiled tubes are made from very low-alloy carbon-steel. Coiled tubing is used in a great number of well-intervention applications. In the oil and gas industries, it is used for interventions in oil and gas wells and sometimes as production tubing in depleted gas wells. Coil tubing can perform almost any operation for oiler operations if used correctly. The coiled tubing is injected into the prevailing production string, unwound from the reel and inserted into the well. Coiled tubing is chosen over conventional straight tubing because conventional tubing has got to be screwed together. The usage of coiled tubing has many advantages like well pressure, small trip times and less labor requirement than traditional method.
Coiled tubing market report is segmented on the basis of service, operation, application and by regional & country level. Based upon service, coiled tubing market is classified into well intervention, drilling and others. Based upon well intervention, coiled tubing market is subdivided into well completion, well cleaning and others. Based upon operation, coiled tubing market is classified into circulation/deliquification, pumping, logging, perforation and others. Based upon application, coiled tubing market is classified into onshore and offshore.
The regions covered in this coiled tubing market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of image-based cytometer is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
coiled tubing market report covers prominent players are
Market Dynamics –
Rising oil and gas production around the world with increasing penetration of Coiled Tubing (CT) in well intervention services is key factors driving the coiled tubing market. According to Organization for Economic Co-operation and Development (OECD), from 2017, oil demand will reach 104.7 mb/d, up 6.9 mb/d by 2023. Moreover, the need to increase oil and gas production from existing wells is expected to play a key role in coiled tubing market growth. However, stringent government rule and regulation and high cost maintenance will hamper the growth of coiled tubing market. Moreover, due to technological advancements in oil and gas industries for cost-effective services will enhance opportunity in the coiled tubing market during forecast period.
Market Regional Analysis –
North America is expected to dominate with the largest market for coiled tubing due to awareness regarding benefits of coiled tubing technology. Specially, U.S. and Canada are the topmost consumers among others in coiled tubing unit in the world. Additionally, presence of expertise, advanced equipment and technologies and increased exploration and production activities are the major factors supporting the regional coiled tubing market growth.
The Europe market has steady growth in coiled tubing over the forecast period. In this region, coiled tubing demand increases due to rising innovation of oilfields. The regional oilfield service companies are focusing towards cost effective solutions such as coiled tubing to gain a competitive advantage over other industry participants and to maximize their revenues.
In the future, Middle East and Africa market for coiled tubing is expected to observe lucrative growth. These regions become more dominant in terms of conventional onshore oil production. Moreover, increasing investment technologies such as coiled tubing unit manufacturing will enhance the growth of market region during forecast period.
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Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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Coiled Tubing Market 2020 By Operation: (Circulation/Deliquification, Pumping, Logging, Perforation, Others), By Application (Onshore, Offshore) Forecast to 2025