Market Size of Middle East and Africa Coiled Tubing Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA Coiled Tubing Market Analysis
The Middle East and African coiled tubing market is expected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels. Over the medium term, the increasing investments, redevelopment of mature oilfields, and rising primary energy consumption are expected to drive the growth of the market studied.
On the other hand, the high volatility of crude oil prices and high maintenance costs are expected to hamper the growth of the Middle East and African coiled tubing market during the forecast period. Nevertheless, increasing exploration and production activities from new oil and gas field discoveries are expected to create lucrative growth opportunities for the Middle East and African coiled tubing market in the forecast period.
Saudi Arabia is expected to dominate the market and is expected to register the highest CAGR during the forecast period. This growth is attributed to new well drilling, expanding production of well bases, and increasing lateral length in newly drilled horizontal wells during the forecast period.
