The Coiled Tubing Market size was valued at USD 2.79 Bn in 2022 and is expected to reach USD 4.03 Bn by 2030 and grow at a CAGR of 4.7% over the forecast period 2023-2030.
Coiled tubing is a continuous steel or composite tube used in the oil and gas industry for conveyance and deployment purposes. They are utilized in oilfields, well intervention services, drilling, onshore and offshore projects, and all forms of well-work over activities and come in a variety of diameters, lengths, and tapered profiles.
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Coiled tubing may be mechanized and fitted to function without interrupting other operations, allowing it to reach greater depths. This offers a significant advantage over traditional setups. The coiled tubing reel, tubing guide, injector head, pressure control system, and power pack are some of the main pieces that make up a coiled tubing apparatus, often known as CT Strings. Coiled tubing has several uses in the energy industry, and based on current trends, the market is likely to increase steadily over the next few years.
Global upstream and operational expenses are both high.
Increasing demand for oil and gas, the upstream sector of the oil and gas industry.
Coiled tubing is a relatively thin-walled piece of equipment with a modest appearance.
Corrosion, human mistakes, mechanical damage, and string production issues have all been linked to failures.
Technological advancements in exploration
The financial feasibility of exploration ventures and the declining oil reserves in shallow water.
Both road haulage and offshore crane hoisting pose logistical obstacles.
Pumping fluids with high-pressure losses, coiled tubing corrosion, and coiled tubing rotation inability.
IMPACT OF COVID-19:
The emergence of COVID-19 has had a variety of effects on the worldwide economy, including the oil and gas, automotive, industrial, and power generating industries. The COVID-19 epidemic interrupted the oil and gas industry's supply chain and harmed the industry's an exploration and production activities. As the transportation industry has ground to a halt, lockdown limitations have dramatically reduced worldwide demand for oil and gas. Furthermore, the interruption in oil and gas demand and supply has resulted in job losses and wage cutbacks in the industry, resulting in huge financial losses. The drop in oil and gas demand has disrupted worldwide demand for coiled tubing, which is an essential piece of equipment for oil and gas production operations. Furthermore, major oil-producing countries such as the United States, Russia, and Saudi Arabia have experienced a severe drop in oil and gas demand and production, which has had a direct impact on the global oil and gas market. The impact of the global oil price reduction, as well as the uncertainties surrounding government policies and initiatives, have dealt a devastating blow to the global economy, disrupting supply chains and cutting both demand and supply of oil and gas. Demand for coiled tubing is predicted to slowly restore its typical growth rate by early 2021 as the market stabilizes.
In 2022, well intervention and production had the highest revenue share percent in the global market. In a good intervention, coiled tubing is chosen over standard tubing since the latter must be screwed together. The former does not require a workover rig since it may be introduced in the middle of a manufacturing run. It is also cost-effective and suitable for use in high-pressure wells.
In terms of revenue, circulation is predicted to grow at a positive rate throughout the projection period, based on operations. This process is utilized when the weight of a hydrostatic head restricts the flow of formulation fluids. Injecting nitrogen to circulate fluid out of the well is the best approach.
In 2022, the onshore sector had the highest revenue share percent in the worldwide market. Because onshore wells are more cost-effective and possible to produce oil and gas from than offshore wells, the category is likely to maintain its dominance during the projection period. Furthermore, the increased use of fracturing and shale is expected to boost segment growth throughout the projection period.
On the Basis of Service:
Well Intervention & Production
On the Basis of Operation:
On the Basis of Application:
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Because of the greater resource base for coiled tubing in North America, the number of shale fields is increasing, followed by Latin America and Canada. In 2021, the United States had the most Coiled Tubing Units per year, followed by Russia, while Western Europe had the least.
It is the world's largest and fastest-growing market. A number of emerging Russian and Eastern European equipment producers have favored worldwide demand. APAC countries have the potential for both impact and wealth, making it a viable market. Increased population in China and India has resulted in increased energy demands. The market in the Middle East is increasing slowly as numerous onshore fields in the area decline.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players of the market are Altus Intervention, Calfrac Well Services Ltd., Baker Hughes Company, Halliburton, Step Energy Services, Key Energy Services, Llc., Oceaneering International, Inc., Schlumberger Limited, Trican, Weatherford International Plc. and Other Players
Altus Intervention-Company Financial Analysis
|Market Size in 2022
|US$ 2.79 Billion
|Market Size by 2030
|US$ 4.03 Billion
|CAGR 4.7% From 2023 to 2030
|Report Scope & Coverage
|Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
|• By Service (Well Intervention & Production [Well Completion, Well Cleaning, Others], Drilling, Others)
• By Operation (Circulation, Pumping, Logging, Perforation, Others)
• By Application (Onshore and Offshore)
|North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Altus Intervention, Calfrac Well Services Ltd., Baker Hughes Company, Halliburton, Step Energy Services, Key Energy Services, Llc., Oceaneering International, Inc., Schlumberger Limited, Trican, Weatherford International Plc
|•Global upstream and operational expenses are both high.
•Increasing demand for oil and gas, the upstream sector of the oil and gas industry.
|•Coiled tubing is a relatively thin-walled piece of equipment with a modest appearance.
Ans: - Coiled Tubing Market Size was valued at USD 2.67 Bn in 2021.
Ans: - Global upstream and operational expenses are both high.
Ans: - 3 segments of the Coiled Tubing Market.
Ans: - The major key players of the market are Altus Intervention, Calfrac Well Services Ltd., Baker Hughes Company, Halliburton, Step Energy Services, Key Energy Services, Llc., Oceaneering International, Inc., Schlumberger Limited, Trican, Weatherford International Plc
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
184.108.40.206 United Kingdom
220.127.116.11 South Korea
18.104.22.168 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Coiled Tubing Market Segmentation, by Service
8.1 Well Intervention & Production
8.1.1 Well Completion
8.1.2 Well Cleaning
9. Coiled Tubing Market Segmentation, by Operation
10. Coiled Tubing Market Segmentation, by Application
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Altus Intervention
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Calfrac Well Services Ltd.
12.3 Baker Hughes Company
12.5 Step Energy Services
12.6 Key Energy Services, Llc.
12.7 Oceaneering International, Inc.
12.8 Schlumberger Limited
12.10 Weatherford International Plc
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
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