Home Energy services Coiled Tubing Market Expected To Reach $ 4.7 Billion By 2030

Coiled Tubing Market Expected To Reach $ 4.7 Billion By 2030


Coiled Tubes Market

The increasing demand for conventional fuels from developing economies is driving the growth of the global coiled tubing market.

PORTLAND, OREGON, UNITED STATES, December 13, 2021 /EINPresswire.com/ — The coiled tubes market the size was valued at $ 3.0 billion in 2020 and is expected to grow to $ 4.7 billion by 2030, with a CAGR of 4.5% from 2021 to 2030. Coiled tube is the continuously manufactured tubular product , usually made of steel and flexible enough to be wound onto a large spool. The coiled tube unit includes a number of necessary equipment including reel, injector head, control booth, power pack, well control stack assembly and others. It is commonly used in operations such as borehole cleaning, fishing operations, new and existing well stimulation, drilling, production and well response services. The main advantages associated with coiled tube technology are safe and efficient operation of live wells, rapid mobilization, reduced production time, reduced manpower, lower costs, etc.

The significant development of end-use industries such as oil and gas, mining, manufacturing, construction, automotive and others is fueling the demand for oil and gas for their various operations, which is expected to in turn stimulate the growth of the coiled tubes market. . In addition, increased investment in horizontal drilling and offshore oil and gas exploration and production is driving the market growth globally. However, the implementation of strict government regulations on environmental pollution due to the combustion of oil and gas and the rapid development of the electric vehicle industry are the key factors hampering the growth of the global market in the years to to come.

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According to the transaction, the pumping segment held the highest market share of around 36.1% in 2020 and is expected to maintain its dominance during the forecast period of the coiled pipe market. This is due to the increased demand for coiled tubing from various fluid pumping operations such as oil well cementing, pressure testing, solvent pumping, acidification treatments and others. Further, the need for acid pumping operations to open the pores of limestone layers is increasing, which drives the market growth during the forecast period.

Based on location, the onshore segment holds the biggest part, in terms of revenue, and is expected to maintain its dominance over the forecast period. This growth is attributed to increased demand for oil and gas and related products, which has resulted in increased demand for coiled tubing. In addition, the increase in onshore sites is propelling market growth, as onshore sites are easily mined and production takes fewer years compared to offshore. In addition, 70.0% of the global oil and gas originates from onshore sites, which notably contributes to the growth of the coiled pipe market during the forecast period.

Based on the applications, the well intervention segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to increasing demand for oil and gas products across the world in various end-use applications including building and construction, transportation, power generation and others, increasing demand for well intervention services to improve production of operational and abandoned oil and gas. well.

On the basis of region, the market is analyzed into four major regions such as North America, Europe, Asia-Pacific, and LAMEA. North America has captured the dominant share in 2020 and is expected to maintain this dominance in the Coiled Tubing market trend during the forecast period. This is attributed to the presence of key players and a huge consumer base in the region.

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In addition, recent developments in shale oil reserves in the region are expected to further fuel the growth of Coiled Tubes market during the analyzed period. The huge production and export of petroleum is expected to fuel the demand for coiled tubing services, which in turn is expected to fuel market growth in the years to come.

The Coiled Tubes Market analysis covers detailed information about the major players in the Coiled Tubes industry. Major players operating and described in the report include Altus Intervention, Calfrac Well Services Ltd., Baker Hughes Company, Halliburton, Step Energy Services, Key Energy Services, LLC, Oceaneering International, Inc., Schlumberger Limited, Trican, and Weatherford International PLC.

Other players operating in the value chain of the global coiled pipe market are Basic Energy Services, Weltec, Expro Group, Superior Energy Services, Inc., Deepwell AS and Hunting Energy Services.

Impact of COVID-19 on the market

The global coiled tube market has grown steadily in 2020, due to the outbreak of the COVID-19 pandemic. The epidemic has had a negative impact on various industries and countries, thus shrinking the workforce across the world, which in turn has decreased consumer spending and hence the demand for oil and gas products, vehicles, construction equipment and the like, which hampered the coil. growth of the tube market. However, due to the lockdown imposed across the world, there is a gap between supply and demand, which has resulted in the supply of equipment used in the production of coiled tubes being stopped. In Europe, economies such as Germany, France, Spain and Italy were following strict measures, such as maintaining social distancing and limiting travel, to prevent the spread of the coronavirus. Moreover, such security measures have been observed all over the world which has further impacted the growth of the global market.

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