Coiled Tubing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The coiled tubing market size has grown strongly in recent years. It will grow from $3.63 billion in 2023 to $3.98 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to oil and gas exploration boom, cost-effectiveness, well intervention demand.
The coiled tubing market size is expected to see rapid growth in the next few years. It will grow to $7.32 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to continued energy demand, unconventional resource extraction, environmental and regulatory factors, global economic trends. Major trends in the forecast period include technological advancements, digitalization and data analytics, focus on sustainability, remote operations, market expansion in emerging economies, strategic collaborations, adoption in non-oil applications.
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Scope Of Coiled Tubing Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
Growing demand for oil and gas is expected to propel the growth of the coiled tubing market going forward. As the oil and gas demand increases globally, the need for revamping and refurbishing the existing oilfield will increase simultaneously. The coiled tubing unit is applied mainly in well cleanout, drilling and milling, gas lifting and induced flowing, fishing, drainage, high freezing point oil plugging removal, and plugging removal. For instance, in 2022, according to the statistics by International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, consumption of natural gas in India is expected to grow by 25 billion cubic meters (BCM), registering an average annual growth of 9% until 2024. India’s oil consumption stood at almost 4.9 million barrels per day (BPD) in 2021, up from 4.65 million BPD in 2020. Therefore, the surge in demand for oil and gas is driving the growth of the coiled tubing market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The coiled tubing market covered in this report is segmented –
1) By Service Type: Well Intervention, Drilling service, Perforating, Fracturing, Milling services
2) By Operation: Logging, Pumping, Circulation, Other Operations
3) By Application Type: Onshore, Offshore
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Regional Insights –
North America was the largest region in the coiled tubing market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the coiled tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the coiled tubing market report are Halliburton Company, Schlumberger NV, Baker Hughes Company, Weatherford International PLC, Oceaneering International Inc., Trican Well Service Ltd., Legend Energy Services, Superior Energy Services Inc., Basic Energy Services Inc., NexTier Oilfield Solutions LLC, Global Tubing LLC, Webco Industries, Sanjel Energy Services, Pioneer Energy Services Corp., Condor Energy Services, Archer Ltd., NOV Inc., Hunting Energy Services Inc., Cudd pressure control Inc., Nine Energy Service, Liberty Energy, Canyon Services Group Inc., Essential Energy Services Limited, Precision Drilling Corporation, Patterson-UTI Energy, Nabors Industries Limited, Ensign Energy Services Inc., Key Energy Services, Forbes Energy Services Ltd., Step Energy services
Table of Contents
1. Executive Summary
2. Coiled Tubing Market Report Structure
3. Coiled Tubing Market Trends And Strategies
4. Coiled Tubing Market – Macro Economic Scenario
5. Coiled Tubing Market Size And Growth
…..
27. Coiled Tubing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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