San Francisco,18 October 2018: According to a report published by Grand View Research, Inc.; coiled tubing market is expected to reach a valuation of around USD 4.9 billion by 2025.
Reduction of oil production from the existing wells and rise in exploration and production activities can propel the market during the forecast period (2014 to 2025). Supportive government policies are also expected to support the market growth.
Increasing demand for the oil and gas in applications including transportation and power production among the other has increased the growth in consumption of primary energy sources. Demand for effective oil recovering techniques have increase due to rising cost of extracting oil from existing wells and recovery of matured oil wells. Thus, growing shale projects and advancements in other unconventional resources is likely to boost the product demand in the coming years.
Worldwide coiled tubing market can be segmented on the basis of services, operation, application, and region.
Based on services, the market can be categorized into well intervention, drilling, and others.
CT is considered as less expensive and time-saving solution for well intervention and drilling operations. At the time of production, the tube is injected into the tubing against the pressure of the well to remove the tubing from the well for fixing the problem. In 2016, the well intervention segment dominated the market and accounted for over 66% of the overall market in terms of revenue. This service is being employed for extending the life of a producing well by refining its performance.
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As per operation, the market can be bifurcated into pumping, circulation/deliquification, perforation, logging, and others.
In 2016, pumping segment was the largest segment and is projected to expand at a CAGR of 5.2% during 2017 to 2025. The circulation segment is expected to exhibit rapid growth during the forecast period. This is most commonly used operation and used for cleaning light debris. It is a substitute fill removal approach that is used to pump down the production tubing.
On the basis of application, the market can be classified into offshore and onshore.
In 2016, the Offshore application segment estimated for over 45% of the total market. The common offshore applications comprise well interventions or production for extending well life.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa.
Promising by the U.S. and Chinese governments in the form of tax incentives, and other financial aids is likely to support the industry. However, public concerns and several bans regarding harmful impacts of the technology in some countries including South Africa, Tunisia, France, Romania, and Bulgaria are expected to pose challenges for the market participants. The market is expected to grow significantly in countries such as Russia, Argentina, Algeria, and Poland during the projected period.
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In 2016, North America was the leading market and estimated for over 42% of the overall market share in terms of revenue. Factors such as availability of skilled manpower, high E&P activities, and accessibility of advanced technologies and equipment are driving the growth in this region. The U.S. and Canada together accounted for the major share in global market.
Asia Pacific is one of the attractive markets over the forecast period. This region is likely to expand at a CAGR of 5.8% during 2017 to 2025 due to supportive government regulations and increasing foreign investment. Presence of potential oil reserves in countries including China, Indonesia, Australia, and India along with rise in investments through FDI channels in the market is likely to create many opportunities for the players.
Key companies operating in the market include Weatherford International Inc.; Superior Energy Services Inc.; C&J Energy Services, Inc.; Industries and Services Catered; and Schlumberger Ltd.
The market is moderately consolidated with the presence of several established companies in the market. Major companies operating in the market includes international E&P companies, individual equipment and oilfield service corporations, microseismic and proppants companies.
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