Market Research Future (MRFR) presumes the Coiled Tubing Market size to expand at 5.70% CAGR during the forecast period. The global market for coiled tubing is expected to see significant growth during the forecast period. The coiled tubing industry is powered by growing efforts by upstream companies to increase production from mature fields.
In addition, major oil-producing countries such as the US, Russia, and Saudi Arabia have seen a sharp decline in demand and supply of oil and gas, which has had a direct effect on the global oil and gas market.
The effects of the global oil price drop and the uncertainty in the policies and measures taken by the government authorities have caused a catastrophic blow to the worldwide economy, disruption of supply chains, and choking off demand and the supply of oil and gas. However, as the market stabilizes, demand for coiled tubing is expected to steadily regain its average growth rate by early 2021.
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The global Coiled Tubing Industry has been segmented into Service Type and Application.
- By service type, the good intervention segment to lead the global market
The good intervention segment is leading the Coiled Tubing Market due to the increasing number of aging wells. The good intervention segment is divided into good completion, well cleaning, and others, including good perforation, well stimulation, pumping, and circulation.
- By application, the onshore segment to capture the largest market share
The onshore segment held a greater Coiled Tubing Market share in 2018 as it is more feasible and cost-effective than offshore applications due to the use of smaller service rigs and mobile, self-contained coiled tubing rigs for light operations. Furthermore, the rise in shale gas exploration, especially in the US, and the increase in drilling activities are estimated to drive the growth of onshore applications worldwide.
North America to dominate the global market
North America is expected to be the largest market between 2018 and 2023, led by the rise in unconventional resources in the US and Canada. Furthermore, demand for coiled tubing operations in offshore fields in the Gulf of Mexico and other offshore fields in the US is expected to boost the market growth.
Eminent Coiled Tubing Market players are focused on ventures and acquisitions to meet the competitive edge in the coiled tubing industry. Mergers and acquisitions are one of the main tactics adopted by leading players to gain market share.
In addition, product upgrades, along with the development of a robust supply network, are some of the other major strategies pursued by global players to improve their current market shares. As a result, the global market trend for coiled tubing will see substantial growth over the forecast period.
In June 2020, Weatherford introduced the Velox Wellhead System, a solution for operators who need to lock in pressure integrity while improving safety and enhancing efficiency.
In January 2020, Halliburton was given seven contracts for drilling and completion services for the next stage of field development of the INPEX-operated Ichthys Project in the Browse Basin offshore northern Australia.
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