The global coiled tubing market is anticipated to be worth USD 2.77 billion in 2033, expanding at a CAGR of 4% between 2023 and 2033. The market is poised to be worth USD 1.87 billion in 2023. A few factors that add to the development of the coiled tubing market significantly include:
- The rise in demand for petroleum-based goods from developing nations.
- An upsurge in the popularity of oil and gas products from establishing economies.
- The swift expansion of polymer items produced from petroleum hydrocarbons.
Growing expenditure on the exploration and extraction of oil and gas activities, on the other hand, is predicted to generate prospective coiled tubing market growth and coiled tubing market possibilities for key coiled tubing market participants.
NOCs and integrated oil corporations have started to boost their worldwide upstream and operational expenses. With expanding demand for coiled tubing in the oil and gas industry, the oil and gas upstream business is boosting operational activities and boosting output.
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Coiled tubing is in high demand for uses other than well-cleaning and acid stimulation. It is becoming progressively used in coiled tube drilling, breaking, subsea, deeper wells, pipelines, and other sectors.
Coiled tubing market growth may be attributed to technical advancements that have raised consumer interest in coiled tubing for effective intervention, drilling, and completion applications, hence driving coiled tubing sales.
Key Takeaways
- The market expanded at a CAGR of 3.5% during the last five years.
- North America held a 43% market share in 2022.
- The Europe region captured 30% of the market in 2022.
- China’s market is expected to develop at a CAGR of 4.5%.
- The well intervention and production segment was responsible for more than 65% of the coiled tubing market’s share in 2022.
Competitive Scenario
The coiled tubing industry is highly competitive, with numerous competitors operating globally. Additionally, key coiled tubing market participants are expanding output as a result of high oil and gas prices and a scarcity of supply, which is favorably influencing coiled tubing market growth.
- In February 2022, Cairn Oil & Gas and the Vedanta group revealed the discovery of a new oil well in Rajasthan, India.
- Schlumberger declared in January 2022 that they had been awarded a five-year agreement to provide coiled tubing drilling services at a large Saudi gas field.
Key Players
- John Lawrie Group
- Sandvik AB
- Forum Energy Technologies, Inc.
- Gautam Tube Corporation
- HandyTube
- National Oilwell Varco
- Stewart & Stevenson
- T&H Lemont
- Tenaris
- Trident Steel Corporation
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global coiled tubing market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights by By Service (Well Intervention & Production (Well Completion, Well Cleaning, Others), Drilling, Others), Operation (Circulation, Pumping, Logging, Perforation, Others), Application (Onshore, Offshore), and Region.
Coiled Tubing Market: Key Segmentation
By Service:
- Well Intervention & Production
- Well Completion
- Well Cleaning
- Others
- Drilling
- Others
By Operation:
- Circulation
- Pumping
- Logging
- Perforation
- Others
By Application:
- Onshore
- Offshore
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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