Coiled Tubing Market Will Grow As Of Rising Preference For Coiled Tubing In Advanced Operations For Enhanced Oil Recovery

 Coiled Tubing Industry Overview

The global coiled tubing market size was valued at USD 1.78 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 3.4% in terms of revenue from 2022 to 2030.

The ability of the product to reduce overall costs in oil & gas exploration is expected to drive the market growth during the forecast period. The advantages of coiled tubing over conventional operations include rapid mobilization, reduction in time associated with pipeline handling while running in and out of the hole, higher work performance, balanced well control, and greater safety. These advantages are anticipated to propel the market growth during the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Coiled Tubing Market

The U.S. holds the largest share of the North American coiled tubing market. Due to Ukraine- Russian conflict, the country is planning to ramp up its oil & gas production. The production is expected to increase by 1 million barrels per day in 2022. Further, it is anticipated that the U.S. can expand its production by 700,000 barrels per day in 2023, which is going to positively impact the coiled tubing market during the forecast period.

As of 2021, the U.S. has 12 million acres of non-producing oil & gas federal land and 9,000 unused but approved permits for production. Owing to this, the government is planning to make companies pay fees on wells that they haven’t used for production. This plan is expected to force companies to start production of oil & gas. This decision is projected to augment the demand for coiled tubing during the forecast period.

The U.S. government is trying to bring down gas prices and hence it is planning new public land for drilling. In April 2022, the government announced that they are planning to auction off the lease to drill on 145,000 acres of public land across the country. This decision is expected to boost the oil & gas production in the country, which will further increase the usage of coiled tubing over the coming years.

In September 2021, the U.S. Senate passed a USD 550 billion clean energy investment bill, which is expected to reduce the dependence of the country on fossil fuels. This bill has forced major oil & gas companies to move away from fossil fuels and forced them to invest in renewable energy. This can slightly impact the demand for coiled tubing in the country over the coming years.

 

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• Coiled Tubing Manufacturing Market - The global coiled tubing manufacturing market size was valued at USD 1.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 2.9%, in terms of revenue, from 2020 to 2027. The rising focus on the development of cost-effective oil production methods is projected to aid market growth over the forecast period. The obvious advantages of Coiled Tubing (CT) operation, in terms of lower mobilization time, higher work performance, balanced well control, and greater safety, are projected to augment the product demand in the fracturing operations.
• GCC & North Africa Coiled Tubing Market - The GCC and North Africa coiled tubing market size was valued at USD 636.7 million in 2018 and is and is expected to expand at a Compounded Annual Growth Rate (CAGR) of 4.8% from 2019 to 2025. This high growth is attributed to the increasing adoption of coiled tubing (CT) services for the rising number of oil and gas projects in the region.

 

Coiled Tubing Market Segmentation

Grand View Research has segmented the global coiled tubing market on the basis of service, operation, application, and region:

Coiled Tubing Services Outlook (Volume, Units; Revenue, USD Million, 2017 - 2030)

• Well Intervention
  • Well Completion
  • Well Cleaning
  • Others
• Drilling
• Others

Coiled Tubing Operation Outlook (Volume, Units; Revenue, USD Million, 2017 - 2030)

• Circulation
• Pumping
• Logging
• Perforation
• Others

Coiled Tubing Application Outlook (Volume, Units; Revenue, USD Million, 2017 - 2030)

• Onshore
• Offshore

Coiled Tubing Regional Outlook (Volume, Units; Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

 

Market Share Insights

• January 2022: Schlumberger announced that they have received 5 years contract for a coiled tubing drilling service to be deployed in a major gas field in Saudi Arabia.
• August 2021: Uzma Engineering secured a well reactivation contract from Petroliam Nasional Berhad. The company is expected to carry out well intervention services, which include coiled tubing, desander, pumping, and well testing.

 

Key Companies profiled:

Some prominent players in the global coiled tubing market include:

• John Lawrie Group
• Sandvik AB
• Forum Energy Technologies, Inc.
• Gautam Tube Corporation
• HandyTube
• National Oilwell Varco
• Stewart & Stevenson
• T&H Lemont
• Tenaris
• Trident Steel Corporation

 

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