The Coiled Tubing Services Market is segmented by Application (Drilling, Completion, and Well Intervention), Location of Deployment (Onshore and Offshore), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The global coiled tubing services market is expected to grow at a CAGR of more than 6% over the period of 2020-2025.
Factors, such as the rising number of mature fields in several regions, clubbed with increasing energy demand, are driving the coiled tubing industry at a global level. As the coiled tubing units are used while drilling, completion and intervention operations, new discoveries, and shale oil and gas are promulgating the coiled tubing service market. However, the volatile crude oil prices and high maintenance cost are the factors which are playing a crucial role in restraining the growth of the coiled tubing services market.
The coiled tubing services market is expected to be majorly driven by the well intervention segment during the forecast period, which is preferred being done through coiled tubing technique.
The development of deepwater and ultradeep water is expected to create an opportunity for the studied market.
North America has dominated the coiled tubing services market, with the majority of the demand coming from the United States and Gulf of Mexico.
Scope of the Report
The coiled tubing services market report include:
Location of Deployment
Middle-East and Africa
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Key Market Trends
The Well Intervention Segment to Dominate the Market
Coiled tubing well intervention is preferred as the coiled tubing unit allows for operations such as stimulation, re-perforation, fluid pumping, fishing, sand control, and zonal isolation.
The increasing capital expenditure on well performance enhancement and well cleaning is expected to drive the well intervention segment.
Likewise, for depleting reservoirs, the well requires completion or mechanical operation such as fishing, perforation of producing wells, scale removing, setting a plug or packer, and finally increasing the production. Demand for these services is driving the well intervention segment for coiled tubing.
The demand for well intervention operations in maturing offshore fields in the Gulf of Mexico and other onshore fields in the United States is driving the coiled tubing services market.
Moreover, the continuous shale activities in North America and some Asia Pacific countries, with presence of major upstream operators are presenting long-term contract opportunity for the coiled tubing services market.
Therefore, the coiled tubing services market is majorly driven by the rising well intervention operations demand, which is expected to account for substantial share among different applications.
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North America to Dominate the Market
North America has the greatest number of rigs globally and the number of wells a rig can drill each year is rising at a significant rate. So, the coiled tubing services in the North American region has dominated the global market and accounted for the major market share.
The increasing production and exploration activities, coupled with growth in unconventional resources in major countries, like the United States and Canada, are expected to be important factors in the industry during the forecast period.
The United States is considered to be the ground for new technology, with a consequential large build-up of coiled tubing units, and related companies keeping the rates competitive, making coiled tubing workovers more viable.
The matured oil and fields of Permian Basin and Bakken Ford require intervention operations to increase the productivity of the wells. Therefore, the coiled tubing services market in the United States is primarily growing by drilling activities and redevelopment of matured fields.
North America is estimated to be the largest market from 2020 - 2025 and is expected to be driven by new well drilling, expanding producing well base, and increasing lateral length in newly drilled horizontal wells.
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The coiled tubing services market is fragmented. Some of the key players in this market include Baker Hughes Co., Calfrac Well Services Ltd, Halliburton Company, NexTier Oilfield Solutions Inc., and Schlumberger Limited.