The coiled tubing services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Coiled Tubing Services 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 services market size has grown strongly in recent years. It will grow from <b>$4.78 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. </b> 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 <b>$6.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. </b> 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.
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Scope Of Coiled Tubing Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Coiled Tubing Services Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
North America was the largest region in the coiled tubing services market in 2023. The regions covered in the coiled tubing services 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 services market report are Schlumberger Limited, Baker Hughes Company, Halliburton Company, Pioneer Energy Services Corp., Calfrac Well Services Ltd., Cudd Energy Services, Archer Well Company Inc., C&J Energy Services Ltd., Superior Energy Services Inc., Weatherford International plc, Oceaneering International Inc., Altus Intervention Limited, BJ Energy Solutions, National Oilwell Varco Inc., Key Energy Services Inc., Essential Energy Services Ltd., Nabors Industries Ltd., Sanjel Corporation, Trican Well Service Ltd., NexTier Oilfield Solutions Inc., RPC Inc., Precision Drilling Corporation, Nine Energy Service Inc., Basic Energy Services Inc., STEP Energy Services Ltd., Liberty Oilfield Services Inc., Keane Group Inc., Xtreme Drilling Corp., Canyon Services Group Inc., Patterson-UTI Energy Inc., Antech UK Ltd., Conquest Completion Services LLC
Table of Contents
1. Executive Summary
2. Coiled Tubing Services Market Characteristics
3. Coiled Tubing Services Market Trends And Strategies
4. Coiled Tubing Services Market – Macro Economic Scenario
5. Global Coiled Tubing Services Market Size and Growth
…
31. Global Coiled Tubing Services Market Competitive Benchmarking
32. Global Coiled Tubing Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Coiled Tubing Services Market
34. Coiled Tubing Services Market Future Outlook and Potential Analysis
35. Appendix
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