A coiled tubing (CT) refers to a long metal pipe, which is normally used in oil & gas fields for well interventions or sometimes as a production tubing in depleted oil and gas wells. Coiled tubes are made up of very low-alloy carbon-steel and are used during the phase of completion and oil recovery. With the large number of oil fields maturing, global production of oil volumes has decreased and companies in the exploration process need high-performing products. The usage of coiled tubing has many advantages such as small trip times, less labor intensive, and others.
Growth in shale gas exploration, especially in the U.S., along with drilling activities across the globe and redevelopment of mature oil fields are some of the key factors boosting the growth of market. With the recent growth in offshore and deep-water drilling, the usage of coiled tubing is expected to gain traction across the globe. Stringent government regulations and declining rig count are the key restraints hampering the growth of the market. Focus on deep-water drilling along with demand for large diameter coiled tubing will offer substantial growth opportunities for the coiled tubing market. Declining oil prices, globally and increase in the length of horizontal wells are some key market challenges.
The report segments the coiled tubing market on the basis of services and geography. On the basis of services, the report segments the coiled tubing market into well intervention services, drilling services and others. Well intervention services can be further segmented into well cleaning service and well completion service. Based on geography, the global coiled tubing market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (LAMEA).
Some of the prominent players operating in this market include Schlumberger Ltd, Halliburton, Baker Hughes Inc., Archer, C&J Energy Services Inc., Calfrac Well Services Ltd, Key Energy Services Inc., Nabors Industries Ltd (Bermuda), RPC Inc., Sanjel Corporation, Superior Energy Services Inc., Trican Well Service Ltd, and Weatherford International Ltd.
KEY BENEFITS FOR STAKEHOLDERS:
COILED TUBING MARKET KEY SEGMENTS:
Market By Services
Market By Geography