Albany, NY -- (SBWIRE) -- 02/05/2016 -- The Global Coiled Tubing Market in Oil and Gas Industry has been growing at a high rate on account of the shale revolution in the nations. However, Steep decline in the Oil reserves in established fields has created an unstable environment for the oil field services and related industries but the fluctuation in the crude oil prices has proved to be the major growth driver for this industry. Prospective acceleration in recoverable resources alongside increased exploration & production expenditure, increasing shale gas ventures alongside expansion in Oil and Gas ventures would relatively deescalate the impact of the Steep decline in the Oil reserves in established fields.

During 2016-21, Global Coiled Tubing in Oil and Gas Industry is anticipated to grow at a CAGR of 2.45 % on account of anticipating low crude oil prices leading to an accelerated demand for cost-effective well intervention methods globally.

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Moreover, an increase in crude oil prices will induce the U.S. dollar to appreciate making it tougher for the economy to exercise traditional & conventional well practises and will result in worsening the Exploration & Production operations in the coming years.

According to Azoth Analytics research report "Global Coiled Tubing (CT) Market: Trends, Opportunities and Forecasts (2016-2021) – (By Application – Well Intervention, Drilling, Completion; By Location – Onshore, Offshore; By Region-Europe/Africa/ Middle East/ Asia Pacific/ North America/ South America)", Global Coiled Tubing market is projected to exhibit a positive growth during 2016 – 2021 at a CAGR of 2.45 % wherein market in Middle East, Africa, Asia Pacific is expected to rise. On the basis of application, market is segmented by Application (Well Intervention, Drilling Services & Well Completion), By Location of Application (Offshore & Onshore) and By Geography (North America, South America, Middle East, Europe/Africa/Russia and Asia Pacific).

North America has dominated the revenue contribution share in 2015 and the region is forecast to continue its domination through 2021 because of high exploration and production activities in Texas. African, Asia-Pacific, and the Middle East are expected to grow rapidly owing to high demand for energy in these regions leading to an increase in exploration activities leading to growth in the CT operations. Few of the leading companies operating in Global Coiled Tubing Market includes Schlumberger, Halliburton Co., Baker Hughes Inc., Weatherford International Ltd. and many more.

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The industry, sector and the segment is defined and the historic market trend is figured out through various paid databases. The next stage involves comprehensive primary research in which the various stakeholders of the market segment (e.g. Coiled Tubing Equipment Manufacturers, Service providers, dealers/distributors in case of Coiled Tubing Products) are contacted, interviewed and their insights taken. The insights from the experts/stakeholders are triangulated with the historical market trends. Further, Back-of-the-Envelope calculation for the market estimation is made through proper understanding of the market as well as future business strategies of the companies engaged in the market.

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- To gain an in-depth understanding of Global Coiled Tubing Market.
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