June 01, 2020
According to the research report titled ‘Coiled Tubing Market Size By Service, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global coiled tubing market is expected to reach an annual installation of over 2,500 units by the year 2026.
Shifting preference towards innovative drilling techniques in order to improve well operations is a major factor driving the coiled tubing market growth. The product can conduct multiple operations simultaneously in various pressure conditions. Surging E&P investments towards offshore and onshore activities is further aiding the market expansion.
Coiled tubing offers better efficiency and significant speed during drilling operations. Increasing focus towards developing novel hydrocarbon energy resources along with rising exploration & production of deep-water wells are favoring the market scenario. Additional factors such as less operational time and rapid mobilization, and downhole operations on live wells are fostering the demand for coiled tubing. Rising number of matured oil fields, decreasing production rates from shallow water seabeds and robust technological developments are also stimulating the industry outlook.
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Based on the application landscape, onshore segment is poised to expand significantly during the estimated timeframe. Emphasis on improving the production output along with increasing E&P investments for using unconventional hydrocarbon resources are fueling the segmental share.
From the regional frame of reference, coiled tubing market in Middle East & Africa is anticipated to witness lucrative growth through 2026. Focus towards improving the production efficiency of mature oil fields, advancements in well operations and rising adoption of efficient oilfield technologies are swaying the business dynamics in Middle East & Africa.
On the other hand, North America coiled tubing industry is slated to showcase healthy growth during the estimated timespan, primarily due to increasing shale oil exploration activities across the region.
The major companies in global coiled tubing industry are Tenaris, Altus Intervention, Nine Energy Service, Basic Energy Services, Quintana Energy Services, SUPERIOR Energy Services Inc., RPC Inc., STEP Energy Services, Nabors Industries Ltd., C&J Energy Services Inc., Calfranc Well Services Ltd., Trican, Schlumberger Ltd., Weatherford and Halliburton among others.