Major players in the coiled tubing market are Halliburton, Schlumberger, Baker Hughes, Weatherford International, Oceaneering International, Trican Well Services, Legend Energy Services, Superior energy services, Basic Energy Services, NexTier Oilfield Solutions, Global Tubing LLC, Webco Industries, Sanjel Corporation, and Pioneer Energy Services.
New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Coiled Tubing Global Market Report 2022" - https://www.reportlinker.com/p06319505/?utm_source=GNW
The global coiled tubing market is expected to grow from $3.01 billion in 2021 to $3.31 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The coiled tubing market is expected to reach $4.29 billion in 2026 at a CAGR of 6.6%.
The coiled tubing market consists of the sales of coiled tubing services by entities (organizations, sole traders, and partnerships) that are used to carry out big wirelines and pump chemicals through them.Coiled tubing refers to a long metal pipe that is rolled over or surrounded by a large reel.
It is carried to the well site when any well repair or workover activities are undertaken. Also, it is used in improving the well and reservoir performance and for various processes on the site, including milling, drilling, and rock fracturing.
The main types of coiled tubing markets are well intervention, drilling services, perforating, fracturing, and milling services.Well intervention refers to an operation carried out on an oil or gas well.
It is the ability to safely enter a well with good control to do several tasks other than drilling.The various operations include logging, pumping, circulation, and others.
The various applications include onshore and offshore.
North America was the largest region in the coiled tubing market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the coiled tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The coiled tubing market research report is one of a series of new reports that provides coiled tubing market statistics, including coiled tubing industry global market size, regional shares, competitors with a coiled tubing market share, detailed coiled tubing market segments, market trends and opportunities, and any further data you may need to thrive in the coiled tubing industry. This coiled tubing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Growing demand for oil and gas is expected to propel the growth of the coiled tubing market going forward.As the oil and gas demand increases globally, the need for revamping and refurbishing the existing oilfield will increase simultaneously.
The coiled tubing unit is applied mainly in well cleanout, drilling and milling, gas lifting and induced flowing, fishing, drainage, high freezing point oil plugging removal, and plugging removal.For instance, in 2022, according to the statistics by International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, consumption of natural gas in India is expected to grow by 25 billion cubic meters (BCM), registering an average annual growth of 9% until 2024.
India’s oil consumption stood at almost 4.9 million barrels per day (BPD) in 2021, up from 4.65 million BPD in 2020. Therefore, the surge in demand for oil and gas is driving the growth of the coiled tubing market.
Real-time 3D profiling is a key trend gaining popularity in the coiled tubing market.Major companies operating in the coiled tubing sector are developing and investing in real-time 3D to meet consumer demand.
For instance, in 2022, Schlumberger, a US-based oilfield services company introduced the GeoSphere 360* 3D reservoir mapping-while-drilling service at the International Petroleum Technology Conference (IPTC).Real-time 3D profiling of reservoir items is provided using modern cloud and digital technology.
This increases reservoir understanding and well placement, allowing complex reservoir returns to be maximized.
In March 2022, Baker Hughes, a US-based industrial service company acquired Altus Intervention for an undisclosed amount.This acquisition will expand Baker’s existing portfolio of oilfield technologies and solutions and boost the company’s life-of-well capabilities.
Also, it will enable Baker Hughes’s strategy to transform its operations by advancing its technological capabilities and giving its customers the best possible solutions with high efficiency. Altus Intervention is a Norway-based company that provides intervention services and produces equipment for coiled tubing, precision manipulation, perforation, ballistics, and plug and abandonment services.
The countries covered in the coiled tubing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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