1880 S Dairy Ashford Rd, Suite 650, Houston, TX 77077

1880 S Dairy Ashford Rd, Suite 650, Houston, TX 77077

Coiled Tubing Market to Reach USD 4.21 Billion by 2031 Driven by Booming Exploration and Production Activities


The SNS Insider report highlights a promising future for the coiled tubing market, estimating its size to reach USD 4.21 Billion by 2031, reflecting a projected CAGR of 4.7% during the forecast period of 2024-2031.

Download Sample Copy of Report: https://www.snsinsider.com/sample-request/1196 

Some of Major Key Players in this Market:

  • Altus Intervention
  • Calfrac Well Services Ltd.
  • Baker Hughes Company
  • Halliburton
  • Step Energy Services
  • Key Energy Services, Llc.
  • Oceaneering International, Inc.
  • Schlumberger Limited
  • Trican
  • Weatherford International Plc.

Rising Demand for Enhanced Oil Recovery Techniques Fuels Coiled Tubing Market Growth

The Coiled Tubing Market is witnessing significant growth due to the increasing demand for enhanced oil recovery (EOR) techniques in mature oil fields. Traditional well intervention methods are often cumbersome and time-consuming. Coiled tubing, on the other hand, offers a faster, more cost-effective solution for well cleaning, stimulation, and other intervention procedures. This is driving the adoption of coiled tubing across the oil and gas industry. The development of deepwater and ultra-deepwater exploration projects presents an upsurge in growth opportunities. The Increase in drilling, completion, and intervention services in both onshore and offshore platforms is fuelling demand for coiled tubing services. The trend towards extended reach wells, where conventional drilling methods become impractical, further Drive market growth.

Government and private entities are increasingly focusing on exploration and production activities due to the vast potential of shale and tight gas reserves. Oil and gas companies are investing heavily in reducing production costs and maximizing productivity. Mature oil fields, such as the Permian Basin and Bakken Ford, necessitate well intervention operations to amplify production. Consequently, coiled tubing has become a preferred choice for oilfield operators seeking to enhance well productivity. The increasing demand for oil and gas is prompting the oil and gas upstream sector to improve operational efficiency and increase production, further driving the coiled tubing market.

The coiled tubing operations are susceptible to damage due to the constant bending and straightening of the relatively thin-walled tubing, especially under high pressure. Corrosion, mechanical wear, and human error can also lead to string failures. Studies indicate that 85-91% of coiled tubing string failures in the past two decades were attributed to these factors.

Recent Developments Shaping the Market Landscape

June 2022: John Lawrie Metals, a leading metal recycling and processing company, expanded its decommissioning facility at Montrose Port, potentially increasing the availability of scrap metal for coiled tubing production.

June 2022: Sandvik’s acquisition of PCD tools manufacturer Frezite could enhance the development of advanced cutting tools used in coiled tubing operations.

March 2022: ArcelorMittal’s acquisition of John Lawrie Metals signifies a growing focus on using recycled steel in coiled tubing manufacturing, potentially promoting sustainable practices in the industry.

Enquiry Before Buy: https://www.snsinsider.com/enquiry/1196 

Segment Analysis

By service, the Well intervention & production dominated the market in 2023, accounting for over 62% of the global revenue. Coiled tubing offers significant advantages over conventional tubing in well intervention scenarios. Unlike conventional methods that require screwing together multiple tubing sections, coiled tubing allows for direct insertion during ongoing production, eliminating the need for a workover rig. coiled tubing is cost-effective and suitable for high-pressure wells. The rising preference for coiled tubing in advanced operations like enhanced oil recovery and hydraulic & acid fracturing is encouraging key players in the oil and gas industry to integrate this technology into their operations.

  • Well Intervention & Production
  • Well Completion
  • Well Cleaning
  • Others

By application, the onshore segment holds a dominant revenue share of over 60% in the global market (2023). This dominance is likely to continue due to the cost-effectiveness of onshore oil and gas production compared to offshore operations. Moreover, the growing use of fracturing and shale oil extraction is anticipated to further propel segment growth throughout the forecast period.

  • Onshore
  • Offshore

By Operation:

 

  • Circulation
  • Pumping
  • Logging
  • Perforation
  • Others

Impact of Global Uncertainties

The report acknowledges the potential impact of global uncertainties such as the Russia-Ukraine war on the coiled tubing market. Increasing energy prices could affect the cost of raw materials and finished coiled tubing products. The sanctions and export restrictions could limit access to specific technologies and expertise required for coiled tubing operations. An economic slowdown could also reduce market growth. Reduced investments in exploration and production activities due to economic constraints could lead to a decline in coiled tubing demand. the increasing focus on energy security and the need

Regional Analysis

The SNS Insider report identifies North America region dominates coiled tubing market, accounting for more than 25% of the global revenue in 2023. The region’s dominance can be attributed to the flourishing shale gas industry, which heavily Depends on coiled tubing for well intervention and production optimization. Technological advancements aimed at enhancing well efficiency further drive the adoption of coiled tubing in North America.

The Asia Pacific region is projected to exhibit a promising CAGR of 3.6% in terms of revenue during the forecast period. This growth is Driven by the growing demand for oil and gas in developing economies like India, Vietnam, and China. These countries are actively pursuing oil field development projects, creating significant opportunities for the coiled tubing market. For instance, the discovery of a new oil well in Rajasthan, India, by Cairn Oil & Gas and Vedanta Group in February 2022 exemplifies the region’s focus on exploration activities.

Key Takeaways

The report emphasizes the important role of enhanced oil recovery (EOR) techniques in driving market growth. Coiled tubing’s efficiency and cost-effectiveness in well intervention for mature oil fields position it as a preferred solution.

The report highlights the diversification of coiled tubing applications beyond traditional onshore production. Deepwater exploration, extended reach wells, and unconventional resources like shale gas and tight oil are presenting new growth avenues for the market.

The report pinpoints North America’s established market position and the promising growth potential of the Asia Pacific region driven by rising energy demand and exploration activities.

Buy Complete Report: https://www.snsinsider.com/checkout/1196 

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Our staff is dedicated to giving our clients reliable information, and with expertise working in the majority of industrial sectors, we’re proud to be recognized as one of the world’s top market research firms. We can quickly design and implement pertinent research programs, including surveys and focus groups, and we have the resources and competence to deal with clients in practically any company sector.

Contact Us:

Akash Anand – Head of Business Development & Strategy

info@snsinsider.com

Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)