The latest report on Coiled Tubing Market by Infinium Global Research gives complete coverage of the Coiled Tubing Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Coiled Tubing such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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An Increase it Horizontal Drilling and the Rising Offshore Production Across the Globe are the Major Driving Factors of the Coiled Tubing Market
In recent years, the coiled tubing (CT) services have changed significantly. It is driven by the increased use of CT units in place of well servicing units when completing horizontal wells. Coiled tubing is utilized in a number of areas such as down-hole jobs, well stimulation, and as part of well intervention programs. Coiled tubing drilling is also used to drill a well in certain instances. One of the major advantages of using coiled tubing in drilling is that it needs less time to trip in and out of the well, due to the coiled pipe.
An increase in horizontal drilling and the rising offshore production across the globe are the major driving factors of the coiled tubing market. Demand for deployment tools is growing worldwide owing to the steady increase in well intervention activities brought about by the continuous efforts needed to maintain and maximize production within existing oilfields.
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Stringent Government Regulations and Declining Rig Count are Restraining Market Growth
The more intervention is going to be conducted due to the number of aging wells is increasing. Furthermore, factors such as growth in shale gas exploration, the rising capital spending in upstream operations globally are also driving the market growth. However, stringent government regulations and declining rig count are restraining market growth. Moreover, the increasing focus on unconventional reservoirs is expected to provide ample growth opportunities to the market.
Geographically, North America dominates the global coiled tubing market due to ongoing projects and developments in offshore drilling, enhanced coiled tubing services, an increase in demand for energy in the US, Canada, and Mexico. Around 50% of coiled tubing services are provided in North America, with the USA being the biggest market. The continuous investment in the Middle East region by NOCs along with the ever-increasing technological challenge. The Middle East region will witness a steady increase in demand for well intervention services. This region is already considered to be the market with one of the highest saturation rates of well intervention services for both onshore and offshore.
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- Comprehensive analysis of global as well as regional markets of the Coiled Tubing.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.