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Coiled tubing is a flexible tube of metal used for effective transportation of oil, gases, or any other extraction element. Coiled tubing is widely used in well intervention services like well cleaning, well completion, oil extraction, and other mechanical and repairing operations. A producing well might go through unavoidable events like environmental conditions, mechanical failure, or increased pressure where coiled tubing is used to achieve optimal production as it is more prone to work in adverse conditions. Unlike conventional tube which is joined together using screws, a coiled tube is a continuous line of flexible pipe which makes it cost and time effective choice for well intervention processes. The coiled tubing market is valued to be around US$ 6.1 Billion by 2031 and is expected to grow at an approx. CAGR of 6.8% in the forecast period 2023-2031.
The global coiled tubing market has huge potential to grow in the upcoming years at a substantial growth rate. Rising E&P operations are the major driving factor propelling the coiled tubing market growth globally. Owing to various reasons like urbanization, industrial development results in more energy consumption. Rising energy consumption leads to larger exploration and production operations in search of new oil fields.
The onshore extraction of fossil fuels has always been dominant over offshore exploration for the past many years owing to the required supply of oil and gases. However, with rising technology advancement and innovations in technology advancement, offshore exploration is expected to gain momentum and likely to grow significantly in the forecast period. For instance, in India, in November 2018, the International Seabed Authority (NIA) permitted the National Institute of Oceanography to carry out offshore mining in the 18000 Sq. Km area of the central Indian Ocean. Coiled tubing is extensively used in both onshore and offshore applications for optimum production and is expected to drive the market in the future. The coiled tubing market is mildly affected by the Coronavirus outbreak. The disrupted supply chain due to the pandemic has impacted the oil and gas industry which has affected the growth of the coiled tubing market. However, reducing effect of COVID-19 and increasing production from existing mining fields is propelling the market growth.
The global coiled tubing market has been segmented based on services, applications, and regions. These major segments are further categorized into sub-segments to study the market in detail.
Geographically, the coiled tubing market has been divided into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Owing to major developments in drilling technologies and rising E&P investment, North America and the European region market are growing with a significant growth rate and expected to drive the market in the forecast period. The Middle East and Africa region are expected to show potential growth due to the larger production of oil.
The major players in the market are Altus Intervention, Baker Hughes Company, Calfrac Well Services Ltd., C&J Energy Services, Inc., Halliburton, Nabors Industries Ltd., National Energy Services Reunited, NexTier Oilfield Solution, RPC Inc., Schlumberger Limited, Superior Energy Services, Trican, Weatherford and among others. Companies focus on research and developments for new resources that lead to more E&P operations which are further driving the market growth in the forecast period.