Enjoy complimentary customisation on priority with our Enterprise License!
The coiled tubing market size is forecast to increase by USD 1,135.27 million and estimated to grow at a CAGR of 5.68% between 2023 and 2027. The report includes historic market data from 2017 to 2021. The market is witnessing a growing demand for advanced automated drilling rigs, driven by an increase in deep and ultra-deep-water drilling projects. The exploration and discovery of potential reserves further contribute to this trend.
To learn more about this report, View Report Sample
The growing demand for new-generation automated drilling rigs is a primary trend in the coiled tubing market. Oil and gas E&P operations present hazards, prompting rig operators to prioritize safety and efficiency. To achieve this, they are turning to technological advances, particularly automation. The new generation of automated drilling rigs reduces human intervention in remote and hazardous drilling zones, minimizing potential errors on both onshore and offshore oil fields. These rigs can construct complex boreholes and extended-reach wells in onshore oilfields.
Due to their benefits, there is a high demand for new-generation drilling rigs, leading to increased oil and gas production and reduced operating costs for E&P companies. This rising demand for automated drilling rigs is expected to contribute significantly to the growth of the global coil tubing market in the forecast period.
The market share growth by the onshore segment will be significant during the forecast period. The growth of the global coiled tubing market in the onshore segment is attributed to the increased drilling activities propelled by the global rise in energy demand, which has forced oil and gas companies to explore and drill deeper into more remote reservoirs with harsh geographical environments.
Get a glance at the market contribution of various segments View the PDF Sample
Increased focus on unconventional reserves, such as tar sands and shale gas, is expected to stimulate the growth of the segment in the forecast period. Although the focus is now shifting more toward offshore activities, onshore activities are expected to continue to dominate the coiled tubing market, driven by the increase in the exploration of unconventional resources and production tubing of depleted gas wells.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The coiled tubing market in North America is expected to grow rapidly during the forecast period. The constant increase in oil demand from the transportation sector in the US and Canada makes North America the largest consumer of crude oil worldwide.
In 2020, the outbreak of COVID-19 had a negative impact on the coiled tubing market in North America. However, post the lifting of lockdowns, manufacturing operations of drilling rigs resumed, and oil and gas prices have been recovering since the beginning of 2021. However, public movement and transport will increase due to a reduction in COVID-19 cases as well as the lifting of lockdowns. This is contributing to an increase in crude oil demand. It is expected to increase the recovery and investment in oil and gas projects by exploration and production companies. During the forecast period, it is expected that these factors will support the recovery of the regional market.
The market is being driven by increased exploration of unconventional sources, such as shale gas, coal bed methane, gas hydrates, tight oil, and oil sands. Technological advancements and cost efficiencies have made these resources more accessible, leading to a rise in their usage. The shale gas boom in the US and significant oil sands discovery in Canada are examples of the growing supply of unconventional resources. The use of horizontal drilling and hydraulic fracturing has further increased the recovery of oil and gas from low-permeability geologic plays, particularly in shale formations. This trend is expected to drive the demand for coiled tubing services in the forecast period, as companies seek to profit from these unconventional resources through hydraulic fracturing techniques. Mergers and acquisitions are also common strategies adopted by energy companies to expand their presence in the fracking business in different parts of the world.
Environmental concerns associated with oil and gas exploration and production (E&P) activities pose a major challenge for the coiled tubing market. Oil and gas drilling activities can lead to oil spills, air and water pollution, and climate change due to methane emissions. The use of drilling fluids releases toxic chemicals into the water, affecting the surrounding environment. Produced water, a by-product of drilling, also contributes to environmental waste. Deep-water exploration involves air gun firing, harming marine species' hearing. Fracking, used for unconventional oil and gas extraction, requires toxic chemicals and large water quantities, further impacting the environment. Violating environmental regulations can result in significant penalties. Strict regulations may hinder drilling projects and market growth in the future.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Coiled Tubing Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altus Intervention - The company offers coiled tubing solutions such as Annular fracturing services, Catenary CT services, and CIRCA coiled tubing software.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The coiled tubing market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Coiled Tubing Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
167 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.68% |
|
Market growth 2023-2027 |
$ 1135.27 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
5.16 |
|
Regional analysis |
North America, Middle East and Africa, Europe, APAC, and South America |
|
Performing market contribution |
North America at 37% |
|
Key countries |
US, Canada, Saudi Arabia, China, and Russia |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Altus Intervention, Baker Hughes Co., Forum Energy Technologies Inc., Halliburton Co., HandyTube Corp., National Energy Services Reunited Corp., NexTier Oilfield Solutions Inc., NOV Inc., Oceaneering International Inc., RPC Inc., Sandvik AB, Schlumberger Ltd., STEP Energy Services Ltd., Superior Energy Services Inc., Tenaris SA, Trican Well Service Ltd., Trident Steel Corp., Weatherford International Plc, Webco Industries Inc., and Yantai Jereh Petroleum Equipment and Technologies Co. Ltd. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
