Market Research Future published a research report on “Coiled Tubing Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
The global coiled tubing market is expected to gain an unprecedented value of USD 7,091.2 million by 2023 with a CAGR of 5.37% during the forecast period (2018–2023). The report covers segmentation and the market dynamics for a better glimpse of the global market in the coming years. Coiled tubing is a long metal pipe, which is welded into a tube and supplied on large reels. Coiled tubing is primarily used for pumping chemicals into oil wells. Coiled tubing can be easily installed in an oil well, which is one of its most beneficial features. However, its high technological complexities could hamper market growth during the forecast period.
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Some of the prominent players operating in the global Coiled Tubing Market report are Schlumberger Limited, Halliburton, Weatherford, Baker Hughes, a GE Company, LLC, Nabors Industries Ltd, Superior Energy Services, Inc., Superior Energy Services, Inc., Calfrac Well Services Ltd, RPC, Inc., STEP Energy Services Ltd, and Key Energy Services, Inc..
Schlumberger Limited announced its ACTive Q-CT real-time downhole flow measurement service, which delivers real-time injection diagnostics and evaluation of the well. This helped the company acquire more accurate results in terms of pressure, temperature, and fluid velocity during interventions in real time. Thus, this development has helped the company offer its customers an easy decision-making process to save valuable time.
Step Energy Services Ltd. strategizes to acquired Tucker Energy Services Holdings, Inc. for USD 275 million. This acquisition includes four fracturing spreads representing 192,500 horsepower, two coiled tubing spreads, and 15 wireline units.
The global coiled tubing market is segmented based on service type and application.
On the basis of service type, the global coiled tubing market is segmented into well intervention, drilling, and others. In 2017, the well intervention segment held the maximum market share and was valued at USD 2,603.7 million. This value can rise to USD 3,688.8 million by 2023. This segment is expected to grow with the fastest CAGR of 5.94% during the forecast period.
On the basis of application, the global coiled tubing market is segmented into onshore and offshore. In 2017, the onshore segment held the maximum market share and was valued at USD 3,704.1 million. This value can rise to USD 5,095.6 million by 2023. This segment is expected to grow with the fastest CAGR of 5.33% during the forecast period.
On the basis of region, the market is segmented in to North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is anticipated to lead the coiled tubing market during the forecast period, followed by Europe. The booming shale oil and gas extraction activities and increasing exploration and production activities in this region are some of the factors that are expected to drive the market during the forecast period. Additionally, the upcoming and ongoing projects and developments in offshore drilling, favorable government regulations, improved coiled tubing services, and rise in demand for energy are expected to have a positive impact on the growth of the coiled tubing market in North America.
The global coiled tubing market is expected to reach USD 7,019.2 million at a CAGR of over 5.37% by the end of the forecast period.
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Global Coiled Tubing market Following Details Segment by Table of Contents:
- Coiled Tubing market Overview
- Manufacturers Profiles
- Coiled Tubing market Competition, by Players
- Coiled Tubing market Size by Regions
- North America Coiled Tubing Revenue by Countries
- Europe Coiled Tubing Revenue by Countries
- Asia-Pacific Coiled Tubing Revenue by Countries
- South America Coiled Tubing Revenue by Countries
- Middle East and Africa Revenue Coiled Tubing by Countries
- Coiled Tubing market Segment by Type
- Coiled Tubing market Segment by Application
- Coiled Tubing market Size Forecast to 2023
- Sales Channel, Distributors, Traders and Dealers
- Research Findings and Conclusion
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