The coiled tubing market is estimated to exceed USD 5,694 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, in 2017, the onshore location segment recorded the highest market share in the global coiled tubing market, in terms of revenue. In the forecast period, North America is predicted to emerge as the leading contributor to the global market revenue.
Some key findings from the report include:
- Momentous growth in demand for energy, increasing industrialization, and horizontal drilling are the major factors influencing the coiled tubing market growth.
- The rising demand for coiled tubing is driven by supportive government initiatives and favorable regulatory framework.
- Other significant trends fueling market growth include the rising demand for natural gas as a fuel and surging exploration and production activities.
- Surging demand from emerging economies, development of unconventional oil blocks, and advancements in technology are projected to present industry participants in the global coiled tubing market with numerous growth opportunities over the forecast period.
In terms of regional growth, the North America coiled tubing market accumulated the highest returns in 2017 and is estimated to lead the global market during the forecast period. Factors expected to drive market growth in the region comprise of substantial economic growth, rising energy demand, and growth in drilling and exploration industries, cites the report.
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The escalating trend of horizontal drilling, high demand for oil and gas in the transportation applications and the production of power, rising urbanization, and industrialization within counties of North America are further expected to support the coiled tubing Market growth. Additional factors such as increasing shale gas explorations, rising operating cost for oil extractions from existing wells, mounting demand for natural gas as fuel, and favorable regulatory framework are expected to present more growth opportunities over the projected timeline, cites the report.
The report also provides an in-depth analysis of the coiled tubing market drivers, restraints, and opportunities over the estimation period. A detailed analysis of the report in terms of application, region, operation, and competitive ranking analysis has also been included in the report. In addition, company profiles of major market contenders have been elaborated in the report under the umbrella of business overview, product benchmarking, financials, and recent developments.
The competitive landscape of the global coiled tubing market includes key players like Halliburton Co., Baker Hughes, Trican Well Service Ltd, Weatherford International Ltd., Cudd Energy Services, Calfrac Well Services Ltd., Schlumberger Ltd., C&J Energy Services, Archer Limited Inc. and Nabors Industries Ltd. The key growth strategies observed in this business space include launching innovative products and teaming up with other market leaders to design new products and suffice the rising consumer needs and requirements, thereby augmenting the coiled tubing market growth during the foreseeable timeline.