Pune, India -- (SBWIRE) -- 10/23/2018 -- Market Scenario:
Coiled tubing is a continuous length smaller diameter pipe that is used in oil and gas operations for well intervention operations and drilling applications. Typically, coiled tubing along with other associated drilling equipment are used for well remediation techniques in operational production wells. In recent times, the coiled tubing technology has been used across wide range of oil and gas well operations and drilling operations. The coiled tubing technology enable oil and gas operators to deploy tools and materials through production tubing while well remedial works are performed in wells. In well workover operations, coiled tubing offers advantage through its strength and rigidity and the ability to circulate treatment fluids.
The global coiled tubing market is expected to witness a growing demand with recent increase in oil and gas exploration and drilling processes. The oil and gas industry is recovering from a price slowdown with increased investment in exploration and production activities, globally, is expected to be the driver for coiled tubing market. Also, there is an increased demand for oil in growing economies such as in India, Indonesia, and Philippines, which is further driving the demand for new oil exploration and drilling activities. On the other hand, to reduce the cost associated with construction of new offshore facilities, oil and gas majors are also investing in enhanced oil recovery processes in ageing mature oil fields, which further drives the market for coiled tubing.
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However, with increased concerns about oil and gas operations safety and the subsequent stringent government regulations act as major restraints for the global coiled tubing market. On the other hand, focus on recent oil and exploration activities has shifted to the deep-water areas, where increasing drilling activities are executed. This acts as an opportunity for the market along with development in unconventional drilling technologies.
The global coiled tubing market is segmented on the basis of service type and by application. Based on service type, the market is segmented as well intervention services and drilling services. The well intervention services are further classified as well completion and well-cleaning activities. Well intervention services are expected to command the largest market share with these services being carried out to improve production from an existing oil well throughout its operational lifetime.
Based on application, the market is segmented as onshore and offshore applications. With increasing shale gas development and unconventional drilling techniques, onshore drilling activities are gaining huge popularity among oil and gas operators. With supportive regulations, many new onshore oil and gas drilling projects are performed in the U.S., which acts a driver for coiled tubing market. In these drilling projects, the coiled tubing offers advantages such as contained well pressure along with quicker trip times.
The global Coiled Tubing market is projected to expand at 6.75% CAGR during the forecast period.
Global Coiled Tubing Market
North America is expected to be the largest market for coiled tubing with increased oil and gas drilling activities in the region. Especially in U.S., in recent times, the country has established itself to be a major oil producing nation outside the OPEC through continuous extraction of shale oil and gas by unconventional drilling technologies. Moreover, the Middle East region is also witnessing increased oil and gas enhanced recovery projects along with new drilling projects after recent OPEC plans to continue oil production activities because of rising demand. In Asia Pacific region, China is increasing the number of its shale gas development projects, which is expected to result in rapid growth for the coiled tubing market. With increasing demand for oil and gas in countries such as India, Indonesia, Australia and Philippines, new oil and gas drilling projects are expected to increase, which will further drive the demand for coiled tubing
Key Players
The key players in the global coiled tubing market are Baker Hughes (U.S.), Nabors Industries Ltd.. (Bermuda), Superior Energy Services Inc. (U.S.), Weatherford International Ltd.(U.S), Halliburton Company (U.S.), Archer Limited (Bermuda), C&J Energy Services, Inc. (U.S), Calfrac Well Services Ltd. (Canada), RPC, Inc. (U.S.), Trican Well Services (Canada), Sanjel Corporation (Canada), Key Energy Services (U.S.), and Schlumberger (France).
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