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.
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.
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, 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.
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