The Coiled Tubing Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Coiled Tubing Services Global Market Report 2024, The coiled tubing services market size has grown strongly in recent years. It will grow from $4.78 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to oil and gas exploration and production, cost-effective well interventions, efficiency in workover operations, rise in unconventional resource extraction, maintenance of aging wells, reservoir monitoring and data acquisition..
The coiled tubing services market size is expected to see strong growth in the next few years. It will grow to $6.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to increasing deepwater exploration, growing demand for well stimulation, demand for real-time monitoring, focus on environmental sustainability, increasing demand in emerging markets, expansion of offshore exploration.. Major trends in the forecast period include advancements in technology, global expansion of coiled tubing services, shift towards integrated service offerings, remote operations and automation, market consolidation and mergers, demand for high-performance materials..
Increasing investments in exploration and production (E&P) activities are expected to propel the growth of the coiled tubing services market going forward. Exploration and production activities refer to the process of looking for oil and natural gas deposits and taking measures to extract these resources from the earth for commercial sale. In exploratory drilling, well-coiled tubing is employed to conduct a drill stem test (DST) and stimulate a zone of interest, as it is a more cost-effective and traditional approach. For instance, in April 2022, Exxon Mobil Corporation, a US-based natural gas company, invested $10 billion in an offshore project in Guyana to boost production to 1.2 million barrels per day. Therefore, increasing investments in exploration and production (E&P) activities are driving the coiled tubing services market.
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The coiled tubing services market covered in this report is segmented –
1) By Service Type: Well Intervention, Drilling
2) By Operations Type: Circulation, Pumping, Logging, Perforation
3) By Application Type: Onshore, Offshore
Technology innovations are a key trend gaining popularity in the coiled tubing services market. Major companies operating in the coiled tubing services market are advancing toward next-generation automation technology to gain a competitive edge in the market. For instance, in August 2022, Baker Hughes, a US-based energy technology company, launched its new fast all-electric tieback solution at Offshore Northern Seas. Fast all-electric tieback solutions offer organized building blocks for large subsea assemblies to shorten cycle times. When used in conjunction with Baker Hughes’ all-electric control systems and electrification solutions, they can result in a more than 15% reduction in project capital expenditure (CapEx) costs compared to conventional electro-hydraulic multiplexed (EH-Mux) systems.
The coiled tubing services market report table of contents includes:
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