New York City, NY, 02 December, 2019/ 24 Market Reports: It is estimated for the global coiled tubing market to grow from USD 3.6 billion in 2019 and reach USD 5.7 billion by 2024 registering CAGR of 6.9% during the forecast period of 2019 to 2024. Increasing efforts by upstream companies to enhance the production from the mature fields is the factor propelling the growth of the factor during the forecast period.
The well intervention service segment to make the largest contribution to the market during the forecast period
Well, intervention services include operations that are performed using coiled tubing units. Well completions & mechanical operations and well cleaning & pumping operations are the categories for the well intervention segment based on type. Well intervention services are done either through wireline or coiled tubing. As coiled tubing unit facilitates operations such as stimulation, re-perforation, fluid pumping, fishing, milling, sand control and zonal isolation coiled tubing well intervention is the most popular one. Rising demand for well intervention operations is driving the market for the coiled tubing market.
The onshore segment to register the growth at the fastest rate during the forecast period
It is expected for the onshore segment to witness the growth at the fastest rate during the forecast period. The development of domestic shale gas and tight oil reserves drive the majority of the growth for the crude oil and natural gas production. This has resulted in the improved efficiency of the operations for increasing production from oil & gas wells. Land acquisition, capitalized drilling, completion, facilities, processing, and transportation are the factors that influence the cost of onshore oil & gas wells. The onshore fields have been producing for more than 150 years now, and most of them are depleting at faster rates.
The asset operators are investing in various recovery methods as the oilfields are experiencing a decline in production and thus the asset operators are performing intervention operations to expand and optimize the output from the wells. Under well intervention, coiled tubing services are used to achieve the most optimum production levels. Thus, a higher rate of onshore field depletion creates demand for the coiled tubing market for onshore applications.
North America to dominate the coiled tubing market during the forecast period
North America, Europe, South & Central America, Asia Pacific, Middle East, and Africa are the segmentation for the coiled tubing market based on geography. Driven by the growth in unconventional resources in the US and Canada, North America is estimated to be the largest market throughout the forecast period. Additionally, the demand for coiled tubing operations in the maturing offshore fields in the Gulf of Mexico and other onshore fields in the US is expected to drive market growth.
The following are the major objectives of the study:
- To define, describe, and forecast the global coiled tubing market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global coiled tubing market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global coiled tubing market and their future potential during next decade?
- How competitive landscape is evolving in global coiled tubing market?
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