Coiled Tubing Market Sees Explosive Growth Globally

According to latest research report published by Market Data Forecast, the global Coiled Tubing Market size is expected to reach USD 5.06 billion by 2029, which is a significant increase from USD 3.54 billion in 2023 with rising in a decent CAGR of 7.36% during the forecast period of 2024-2029.

The global coiled tubing market is expected to grow in a considerable way. The growth of the market is attributed to the benefits of coiled tubing over wirelines that the former does not rely on gravity. Therefore, chemicals can be injected into the wellbores of highly deviated wells with the usage of the product.

Global Coiled Tubing Market Report Scope:
• Market Size (2029): USD 5.06 Billion
• Market Size (2023): USD 3.54 Billion
• CAGR (2024 to 2029): 7.36%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: Type, End-Use, Service, and Geography
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: Schlumberger Ltd, Halliburton, Baker Hughes Inc., Archer, Trican Well Service Ltd, C&J Energy Services Inc., Key Energy Services Inc., RPC Inc.

Drivers:

The growth of the coiled tubing market is fueled by the growing number of mature fields in various areas and by rising energy consumption. Also, the market will witness significant expansion. This is due to the increased exploration and production activities in the newly discovered oil and gas field.
Further, due to its ability to enhance various operations, including sand management, zonal isolation, fluid pumping, stimulation, re-perforation, and fishing, these services are the most prevalent options in well-intervention applications. The demand for this will be influenced by the rising capital expenditures on well-cleaning and performance enhancement. In addition, the coiled tubing market is also driven by the need for well-intervention operations in mature offshore fields in the Gulf of Mexico and other onshore areas in the United States. Furthermore, there are ongoing shale gas exploration efforts in several Asia-Pacific nations and North America, wherein significant upstream players are present.
Another major development in the coiled tubing market is the increasing demand for the latest generation autonomous drilling rigs. So, risks associated with oil and gas E&P operations force rig operators to put efficiency and safety first. Also, this generation minimizes human interference in dangerous and distant drilling zones. Hence, it reduces the possibility of mistakes in onshore and offshore oil fields.

Restraints:

The expansion of the coiled tubing market is affected by high maintenance costs and volatility of crude oil prices. Changes in supply and demand, shifts in the global market environment, and policy changes all have an impact on crude oil prices. Moreover, the rising awareness of environmental conservation in both developed and emerging nations has affected petroleum prices. Thus, providing coiled tubing services requires comparatively high maintenance costs.
Functional damages over a long time affect the coiled tubing market. Studies show that 80 to 90 percent of spiralled string failures in the past 20 years have been attributed to production problems, corrosion, mechanical damage, and human error. The narrow-walled coiled tubing is a small component of machinery. So, frequent bending and straightening under high internal pressure and a little imperfection, whether mechanical or growing corrosion, raise the possibility of operational harm.
Also, the coiled tubing market faces serious challenges owing to environmental issues arising from oil and gas exploration and production operations. Similarly, methane emissions from energy source drilling operations frequently result in oil spills, contamination of the air and water, and climate change. Furthermore, using drilling fluids produces harmful chemicals in the water, which impacts the ecosystem.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/coiled-tubing-market

Key Insights from the report:
• Based on type, the onshore segment led the market and accounted for the largest share of the global market in 2023.
• Based on end-use, the oil and gas segment captured the highest share of the global market in 2023.
• Based on service, the Well intervention and production segment dominated the market in 2023.
• North America dominated the coiled tubing market in 2023. Europe accounted for the second-highest share of the global market in 2023 and on the other hand, the Asia-Pacific region is estimated to grow at the fastest CAGR during the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Type
• Offshore
• Onshore

By End-Use:
• Oil & Gas Industry
• Construction Industry
• Engineering Procurement
• Others

By Service:
• Well Intervention & Production
• Drilling
• Perforating
• Fracturing
• Engineering Services
• Milling Services
• Nitrogen Services
• Others

By Region:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions

2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline

3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemiology

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market

5. Market Segmentation
5.1 By Type
5.1.1 Introduction
5.1.2 Offshore
5.1.3 Onshore
5.1.4 Y-o-Y Growth Analysis
5.1.5 Market Attractiveness Analysis
5.1.6 Market Share Analysis

5.2 By Service
5.2.1 Introduction
5.2.2 Well Intervention and Production
5.2.3 Drilling
5.2.4 Perforating
5.2.5 Fracturing
5.2.6 Engineering Services
5.2.7 Milling Services
5.2.8 Nitrogen Services
5.2.9 Others
5.2.10 Y-o-Y Growth Analysis
5.2.11 Market Attractiveness Analysis
5.2.12 Market Share Analysis

5.3 By End-Use
5.3.1 Introduction
5.3.2 Oil and Gas Indsutry
5.3.3 Construction Industry
5.3.4 Engineering Procurement
5.3.5 Others
5.3.6 Y-o-Y Growth Analysis
5.3.7 Market Attractiveness Analysis
5.3.8 Market Share Analysis

6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.3.3 By Service
6.1.3.4 By End-Use

6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Service
6.1.4.4 By End-Use
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Service
6.1.5.4 By End-Use

6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada

6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France

6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea

6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa

7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter's Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry

8. Market Leader Analysis
8.1 Schlumberger Ltd
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Halliburton
8.3 Baker Hughes Inc
8.4 Archer
8.5 Trican Well Service Ltd
8.6 C&J Energy Services Inc
8.7 Key Energy Services Inc
8.8 RPC Inc
8.9 Sanjel Corporation
8.10 Nabors Industries Ltd

9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches

10. Market Outlook and Investment Opportunities

11. Appendix
a) List of Tables
b) List of Figures

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