Yahoo Finance Coiled Tubing Services Market Size [2022-2027] worth USD 6.73 Billion | exhibiting a CAGR of 5.3%
According to Fortune Business Insights, the global coiled tubing services market was valued at USD 5.52 billion in 2019, and is projected to reach USD 6.73 billion by 2027, growing at CAGR of 5.3% from 2021 to 2027. Rising Investments in Well Services to stimulate market.
Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The global coiled tubing services market size is expected to grow from USD 5.52 billion in 2019 to USD 6.73 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. The surging intervention services in onshore and offshore platforms is expected to spur opportunities for the market during the forecast period, states Fortune Business Insights™, in its report titled “Coiled Tubing Services Market, 2021-2027.”
The advance of drilling technologies coupled with increasing exploitation of mature wells is increasing the demand of coiled tubing in well intervention. The demand for endless tubing across well interventions will see a considerable increase across the Middle East region due to growing penetration of mature oil wells. The increasing awareness about effective utilization of coiled tubing for producing substantial volumes of oil and gas is expected to positively influence the world market.
Key Industry Development:
March 2020: Uzma Group, a Malaysian oil and gas services company was awarded three contracts worth USD 38.35 million through its units in Malaysia and Thailand. The contract includes well plug and abandonment (P&A) and coil tubing services.
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Market Highlights:
Report Coverage | Details |
Forecast Period | 2020-2027 |
Forecast Period 2020 to 2027 CAGR | 5.3% |
2027 Value Projection | USD 6.73 billion |
Base Year | 2019 |
Market Size in 2019 | USD 5.52 billion |
Historical Data for | 2016-2018 |
No. of Pages | 120 |
Segments covered | By Service (Well Intervention (Well Completion and Well Cleaning) and Drilling), By Application (Onshore and Offshore), and Regional |
Growth Drivers | Increasing E&P Activities to Create Attractive Growth Opportunities for the Market |
| Rising Consumption of Oil and Gas in China and India to Boost Market in Asia Pacific |
Market Drivers & Restraints:
Increasing E&P Activities to Create Attractive Growth Opportunities for the Market
Robust economic growth in developing as well as developed countries play a crucial role in the increasing consumption of oil and gas. This, coupled with increasing investments in exploration and production (E&P) activities, especially by the U.S. and OPEC, will enable growth in the market. These investments aim to meet the increasing demand for oil and gas, which as a result, will create huge growth opportunities for the market in the forthcoming years.
Coiled tubing has been used in multiple well interference activities and drilling operations, thus providing a cost-effective method for producing significant volumes of oil and gas. To gain competitive edge against the rest of the industry participants and optimize their revenues, the regional oilfield services companies are shifting their focus towards low-cost solutions like coil tubing. These factors are expected to fuel the overall demand for coiled tubes, which in turn, will increase the production of hydrocarbons. Other factors projected to drive the market include lesser environmental footprints and rapid mobilization and rig-up.
Covid-19 Impact:
COVID-19 to Adversely Impact Global Market
The oil and gas industry has witnessed a massive drop in revenue due to the occurrence of coronavirus. As per the International Energy Agency, oil demand has decreased by 29 million barrels per day (BPD) in April 2020 and by 23.1 million BPD in the second quarter. The shut-down of manufacturing facilities and services because of lockdown enactment in several nations, thus restricting the supply of oil and gas and inhibiting the market growth. For instance, Aker Solutions has laid off 650 employees in the UK and Norway and a further notice has been issued for temporary layoffs of up to 6,000 in Norway.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/coiled-tubing-service-market-101343
Report Coverage:
The research report for Coiled Tubing Service market contains factual data and detailed information regarding market growth opportunities and key developments in the industry. Also, the report sheds light on major developments and advancements adopted by the companies operating in the industry. These developments are strategic alliances, mergers, acquisitions, and partnerships. Furthermore, the drivers and restraints affecting industrial development are highlighted along with the impact of the COVID-19 pandemic on market growth. The report aims on providing complete and latest information for market analysis.
Regional Insights:
Rising Consumption of Oil and Gas in China and India to Boost Market in Asia Pacific
As per IEA, the demand for oil is expected to rise by 6.9mb/d by 2023 across the world. The U.S. is one of the largest producers for oil and the higher contribution from this country is expected to drive the market in North America. Moreover, the petrochemical industry is likely to transform owing to the proliferating increase in shale gas production.
As per the report, the market in North America was valued at USD 2.96 Billion in 2018 and is anticipated to maintain a substantial share in the global coiled tubing service market in the years to come. The presence of leading players and implementation of favorable policies are further enabling growth in the market in North America. In addition to this, the rising production of offshore exploration is expected to enable growth in the market in this region.
Other regions such as Asia Pacific, the Middle East and Africa, and Latin America are expected to drive the market in the forecast duration.
A List of Key Manufacturers Operating in the Global Market:
Schlumberger
Baker Hughes, a GE Company
Halliburton
C&J Energy Services
Key Energy Services
Archer – the well company
Essential Coil
COSL - China Oilfield Services Limited
National Oilwell Varco
National Energy Services Company
BJ Services
Global Tubing, LLC
Calfrac Well Services
Basic Energy Services
Superior Energy Services
Antech
Pioneer Energy Services
Coiled Tubing Service Market Segmentation:
By Service:
Well Intervention
Drilling
By Application:
Onshore
Offshore
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Coiled Tubing Services Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Coiled Tubing Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Service
6.2.1. Well Intervention
6.2.2. Drilling
6.3. Market Analysis, Insights and Forecast – By Application
6.3.1. Onshore
6.3.2. Offshore
6.4. Market Analysis, Insights and Forecast – By Region
6.4.1. North America
6.4.2. Europe
6.4.3. Asia Pacific
6.4.4. Middle East & Africa
6.4.5. Latin America
Continued…
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