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Coiled Tubing Market Analysis North America, Middle East and Africa, Europe, APAC, South America - US, Russia, China, Saudi Arabia, Canada - Size and Forecast 2024-2028

Coiled Tubing Market Analysis North America, Middle East and Africa, Europe, APAC, South America - US, Russia, China, Saudi Arabia, Canada - Size and Forecast 2024-2028

Published: Aug 2024 175 Pages SKU: IRTNTR71202

Market Overview at a Glance

$1.21 B
Market Opportunity
5.73%
CAGR
5.33
YoY growth 2023-2024(%)

Coiled Tubing Market Size 2024-2028

The coiled tubing market size is forecast to increase by USD 1.21 billion at a CAGR of 5.73% between 2023 and 2028.

  • The market is experiencing significant growth due to several key factors. The increasing global demand for oil and gas is driving market expansion. Additionally, the trend toward new-generation automated drilling rigs is gaining momentum, leading to increased adoption of coiled tubing technology. Furthermore, fluctuating prices of raw materials present both opportunities and challenges for market participants. Producers can benefit from price volatility by optimizing their operations and reducing costs, while suppliers face the risk of increased production costs. Overall, the market is poised for continued growth, with these trends and challenges shaping its future development.

    • What will be the Size of the Coiled Tubing Market During the Forecast Period?

    Coiled Tubing Market Size

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  • The market encompasses the production and application of metal pipes, commonly referred to as coiled tubing, in various sectors of the oil and gas industry. This market is characterized by continuous mobilization for pipeline handling and well intervention services, enabling efficient work performance in drilling, well cleanout, acid stimulation, and fracturing processes. Coiled tubing plays a pivotal role in well control, safety, and technological advancements, including the integration of nitrogen compressor equipment and the adoption of coiled tubing drills for deeper wells and subsea applications. The market's growth is driven by the increasing exploration and production of unconventional resources, such as shale oil and petrochemicals, as well as the expanding use of coiled tubing in hydrocarbon exploration and conventional fuels production.
  • Overall, the market demonstrates a robust and dynamic trajectory, underpinned by continuous innovation and the evolving needs of the oil and gas industry.

    • How is this Coiled Tubing Industry segmented and which is the largest segment?

    The coiled tubing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

    • Application
      • Onshore
      • Offshore
    • Service
      • Well intervention
      • Drilling services
      • Others
    • Geography
      • North America
        • Canada
        • US
      • Middle East and Africa
        • Europe
          • APAC
            • China
          • South America

          By Application Insights

          • The onshore segment is estimated to witness significant growth during the forecast period.

          The market expansion In the onshore sector is driven by the escalating energy demand, leading oil and gas companies to explore and drill deeper into reservoirs with challenging geographical conditions. The exploration of unconventional resources, including tar sands and shale gas, is projected to boost market growth. While offshore activities gain attention, onshore activities are anticipated to continue dominating the market due to the increasing focus on unconventional resources and the production tubing of depleted gas wells. Coiled tubing is utilized in various applications, such as drilling, oil well intervention, stimulation, reperforation, fluid pumping, fishing, sand control, and well cleanout, among others.

          Technological advancements in coiled tubing, including smart control systems, nitrogen pumping, saturation monitoring, and subsea applications, are further fueling market growth. The market encompasses diverse industries, including crude oil, petrochemicals, hydrocarbon exploration, and industrialization, among others. Coiled tubing is essential for conventional fuels, such as coal power stations and gas power stations, as well as for gas vehicles. Despite challenges from operational damage, corrosion, and mechanical damage, the market is expected to continue its growth trajectory.

          Coiled Tubing Market Size

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          The Onshore segment was valued at USD 2.01 billion in 2018 and showed a gradual increase during the forecast period.

          Regional Analysis

          • North America is estimated to contribute 35% 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.

          Coiled Tubing Market Share by Geography

          For more insights on the market share of various regions, Request Free Sample

          The North American the market is experiencing significant growth due to the region's status as the largest consumer of crude oil worldwide, driven by the transportation sector In the US and Canada. Despite the oil price slump in 2020, which led to the shutdown of several oil and gas E&P companies, the subsequent recovery in crude oil demand saw the US become the top producer and consumer. Coiled tubing plays a crucial role in various applications such as drilling, oil well intervention, stimulation, reperforation, fluid pumping, fishing, sand control, and well cleanout In the exploration and production of crude oil, natural gas, and unconventional resources.

          Technological advancements in coiled tubing, including nitrogen pumping, saturation monitoring, and smart control systems, are enhancing operational efficiency and safety in deeper wells and offshore fields. Additionally, the use of coiled tubing in petrochemicals, shale oil extraction, hydrocarbon exploration, and industrialization is expanding its application scope. The market is further boosted by the increasing demand for petroleum products in conventional fuels, coal power stations, gas power stations, and gas vehicles.

          Market Dynamics

          Our  researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

          What are the key market drivers leading to the rise In the adoption of Coiled Tubing Industry?

          Rising global oil and gas demand is the key driver of the market.

        • The coiled tubing industry plays a significant role in oil and gas production, particularly in well intervention, drilling, and stimulation processes. Mobilization and pipeline handling are crucial aspects of coiled tubing operations, ensuring work performance and well control during various applications such as sand control, fluid pumping, fishing, and nitrogen pumping. Safety is a top priority In the industry, with technological advances continually being implemented to mitigate operational damage from corrosion and mechanical damage. In the context of hydrocarbon exploration and production, coiled tubing is employed in diverse sectors, including offshore fields, unconventional resources, and conventional fuels. Nitrogen compressor equipment is essential for nitrogen pumping applications, while rigs utilize coiled tubing for drilling and well intervention services.
        • Technological advancements have led to the integration of smart control systems, enhancing operational efficiency and productivity. Coiled tubing is instrumental in various industries, including petrochemicals, shale oil extraction, and hydrocarbon exploration. Applications include well cleanout, acid stimulation, and fracturing, as well as subsea and deeper wells. The increasing demand for crude oil, natural gas, petroleum products, and their derivatives for energy generation in industries and transportation further boosts the coiled tubing industry's growth. Environmental protection remains a key consideration, with ongoing efforts to minimize operational impact and ensure sustainable practices.

          • What are the market trends shaping the Coiled Tubing Industry?

          Growing demand for new-generation automated drilling rigs is the upcoming market trend.

        • The coiled tubing industry plays a crucial role in oil and gas exploration and production, particularly in ensuring work performance, safety, and operational efficiency. With a focus on reducing costs and minimizing risks, technological advances have been instrumental in enhancing coiled tubing's capabilities. For instance, automation in coiled tubing operations, such as nitrogen pumping, saturation monitoring, and well intervention services, has become increasingly popular. This automation reduces the need for human intervention in hazardous locations, thereby improving safety. Furthermore, it allows for the handling of pipeline operations, well control, sand control, fluid pumping, fishing, and stimulation, including acid stimulation and fracturing, in deeper wells and subsea environments.
        • Technological advancements have also expanded the application of coiled tubing to unconventional resources like shale oil extraction and hydrocarbon exploration. In addition, the integration of smart control systems and nitrogen compressor equipment has improved the overall performance of coiled tubing drills. The demand for these advancements continues to rise, as they contribute to environmental protection by reducing operational damage, such as corrosion and mechanical damage, and increasing the utilization of crude oil, natural gas, and petrochemicals in industries like coal power stations, gas power stations, and gas vehicles.

          • What challenges does the Coiled Tubing Industry face during its growth?

          Fluctuating prices of raw materials is a key challenge affecting the industry growth.

        • The coiled tubing industry experiences significant influence from the price fluctuations of key raw materials, including steel, metal alloys, iron, and composites. These materials are essential for manufacturing coiled tubing, and their cost variations can impact market dynamics. Macroeconomic factors, such as inflation, labor costs, and regulatory policy changes, influence the pricing of these raw materials. For instance, the price of iron ore has risen from USD155 per ton in February 2021 to USD205 in May 2021. The intensifying competition among raw material suppliers due to the increasing number of production facilities across various industries like construction, manufacturing, and automotive further increases the burden of raw material costs on suppliers.
        • This trend is crucial for The market, as it influences the pricing and performance of coiled tubing applications in sectors such as oil well intervention, drilling, stimulation, reperforation, fluid pumping, fishing, sand control, and pipeline handling. Additionally, technological advances in areas like nitrogen pumping, saturation monitoring, smart control systems, and subsea coiled tubing drilling are shaping the market landscape. Applications in offshore fields, unconventional resources, petrochemicals, hydrocarbon exploration, coal power stations, gas power stations, gas vehicles, industrialization, and petroleum products are among the primary areas of growth for the market.

          • Exclusive Customer Landscape

          The coiled tubing market forecasting 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 coiled tubing market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

          Coiled Tubing Market Share by Geography

           Customer Landscape

          Key Companies & Market Insights

          Companies are implementing various strategies, such as strategic alliances, coiled tubing market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

          Altus Intervention - The market encompasses a range of services, including annular fracturing and catenary CT. The former involves the application of hydraulic pressure to enhance oil and gas production, while the latter refers to the deployment of coiled tubing in a suspended, catenary state. Additionally, advanced coiled tubing software, such as CIRCA, assists in optimizing operations and enhancing efficiency. These solutions cater to various industries and applications, providing operators with effective and versatile methods for enhancing production and maximizing resource recovery.

          The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

          • 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.
          • Yantai Jereh Petroleum Equipment and Technologies Co. Ltd.

          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 industry 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.

          Research Analyst Overview

          The coiled tubing industry plays a vital role In the energy sector, providing essential services for pipeline handling, drilling, and oil well intervention. This market is characterized by continuous advancements in technology, which have led to improved work performance, well control, and safety. Coiled tubing is a versatile solution for various applications, including stimulation, reperforation, fluid pumping, fishing, sand control, and well cleanout. Its flexibility and adaptability make it an ideal choice for both onshore and offshore fields, enabling efficient and cost-effective operations. Technological advances have significantly impacted the coiled tubing industry. For instance, the integration of smart control systems has enhanced operational efficiency and productivity.

          Nitrogen pumping and saturation monitoring have become essential practices to ensure the integrity of wells and pipelines, especially in deeper wells and subsea environments. The importance of safety and environmental protection cannot be overstated In the coiled tubing industry. Operational damage, corrosion, and mechanical damage are common challenges that must be addressed to minimize risks and ensure sustainable operations. Nitrogen compressor equipment plays a crucial role in maintaining well integrity and reducing the risk of operational damage. The energy landscape is evolving, with an increasing focus on unconventional resources such as shale oil extraction and hydrocarbon exploration. Coiled tubing services have become indispensable In these applications, providing cost-effective and efficient solutions for drilling and well intervention.

          The petrochemical industry also benefits from coiled tubing technologies. Coiled tubing drills are used extensively In the production of petrochemicals, while metal pipes are employed in various applications, including the transportation of crude oil and petroleum products. The coiled tubing industry's technological advancements have also extended to conventional fuels, with applications in coal power stations and gas power stations. Furthermore, the use of coiled tubing in gas vehicles is gaining popularity as the world transitions to cleaner energy sources. Industrialization and the growth of infrastructure have led to an increased demand for coiled tubing services. The industry's ability to adapt to changing market dynamics and technological advancements positions it for continued growth and success.

          In conclusion, the coiled tubing industry is a dynamic and innovative market that plays a crucial role In the energy sector. Its versatility and adaptability have made it an essential solution for various applications, from drilling and well intervention to pipeline handling and hydrocarbon exploration. The industry's commitment to safety, environmental protection, and technological advancements ensures its continued relevance and growth In the evolving energy landscape.

          Market Scope

          Report Coverage

          Details

          Page number

          175

          Base year

          2023

          Historic period

          		 2018-2022

          Forecast period

          2024-2028

          Growth momentum & CAGR

          Accelerate at a CAGR of 5.73%

          Market growth 2024-2028

          USD 1205.7 million

          Market structure

          Fragmented

          YoY growth 2023-2024(%)

          5.33

          Key countries

          US, Russia, China, Saudi Arabia, and Canada

          Competitive landscape

          Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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          What are the Key Data Covered in this Coiled Tubing Market Research and Growth Report?

          • CAGR of the Coiled Tubing industry during the forecast period
          • Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
          • Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
          • Accurate predictions about upcoming growth and trends and changes in consumer behaviour
          • Growth of the market across North America, Middle East and Africa, Europe, APAC, and South America
          • Thorough analysis of the market’s competitive landscape and detailed information about companies
          • Comprehensive analysis of factors that will challenge the coiled tubing market growth of industry companies

          We can help! Our analysts can customize this coiled tubing market research report to meet your requirements.

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          Table of Contents not available.

          Research Methodology

          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

          • Manufacturers and suppliers
          • Channel partners
          • Industry experts
          • Strategic decision makers

          Secondary sources

          • Industry journals and periodicals
          • Government data
          • Financial reports of key industry players
          • Historical data
          • Press releases

          DATA ANALYSIS

          Data Synthesis

          • Collation of data
          • Estimation of key figures
          • Analysis of derived insights

          Data Validation

          • Triangulation with data models
          • Reference against proprietary databases
          • Corroboration with industry experts

          REPORT WRITING

          Qualitative

          • Market drivers
          • Market challenges
          • Market trends
          • Five forces analysis

          Quantitative

          • Market size and forecast
          • Market segmentation
          • Geographical insights
          • Competitive landscape

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          Frequently Asked Questions

          Coiled Tubing market growth will increase by $ 1205.7 mn during 2024-2028.

          The Coiled Tubing market is expected to grow at a CAGR of 5.73% during 2024-2028.

          Coiled Tubing market is segmented by Application( Onshore, Offshore) Service( Well intervention, Drilling services, Others, APAC, South America)

          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., Yantai Jereh Petroleum Equipment and Technologies Co. Ltd. are a few of the key vendors in the Coiled Tubing market.

          North America will register the highest growth rate of 35% among the other regions. Therefore, the Coiled Tubing market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

          US, Russia, China, Saudi Arabia, Canada

          • Rising global oil and gas demandThe demand for oil and gas is continuously increasing due to the rising demand for and consumption of energy globally. The consumption of oil and gas will increase during the forecast period due to the rising industrialization and urbanization in developing countries is the driving factor this market.
          • such as India and China. The global urban population grew from 51.65% (of the total population) in 2010 to 56.1% in 2021 is the driving factor this market.
          • as per the World Bank Group. As developing countries are urbanizing rapidly is the driving factor this market.
          • they are also witnessing substantial growth in the demand for energy. Thus is the driving factor this market.
          • the consumption of liquid fuels and natural gas has increased. According to the US EIA is the driving factor this market.
          • the global consumption of petroleum and liquid fuels in March 2021 was 96.0 million barrels of oil per day (mbpd) is the driving factor this market.
          •  which is an increase of over 4.5 mbpd compared with that in March 2020. According to the same source is the driving factor this market.
          • the average global consumption of petroleum and liquid fuels in 2021 is expected to be around 97.5 mbpd is the driving factor this market.
          • which is an increase of over 5.5 mbpd as compared with March 2020. Subsequently is the driving factor this market.
          • oil and gas E and P companies are increasing their drilling activities to boost the production of oil and gas and meet the increasing demand. Owing to this is the driving factor this market.
          • the active rig count is increasing globally is the driving factor this market.
          • which is expected to also foster the growth of the global coiled tubing market in the forecast period. The increasing number of collaborations among players in the oil and gas sector is expected to aid the growth of the market. For instance is the driving factor this market.
          • in June 2021 is the driving factor this market.
          • XCMG Construction Machinery is the driving factor this market.
          • a construction machinery manufacturer is the driving factor this market.
          • announced that it would partner with Dangote Industries Limited is the driving factor this market.
          • a Nigeria-based multinational industrial conglomerate is the driving factor this market.
          • to construct the world's largest oil refinery project at Lekki Free Zone in Lagos is the driving factor this market.
          • Nigeria. Overall is the driving factor this market.
          • the number of oil and gas wells drilled has significantly increased is the driving factor this market.
          • and with new discoveries is the driving factor this market.
          • which are yet to be explored and drilled for production is the driving factor this market.
          • the upstream sector is expected to witness higher demand for coiled tubing. This is expected to greatly boost the global coiled tubing market during the forecast period. is the driving factor this market.

          The Coiled Tubing market vendors should focus on grabbing business opportunities from the Onshore segment as it accounted for the largest market share in the base year.