Coiled Tubing Services Market Outlook 2031:
The North America coiled tubing services market size was valued at USD 4.38 Billion in 2022 and is projected to reach USD 7.28 Billion by 2031, expanding at a CAGR of 5.8% during the forecast period 2023 - 2031. The growth of the market is attributed to rising number of mature fields in the region.
Coiled tubing are mainly used in oil & gas industries to carry out operations similar to wire lining. Coiled tubing refers to a long metal pipe that is spooled on a large reel. The size of coiled tubing is between 25mm and 83mm. It is used for intercession in oil & gas wells and also utilized as production tubing in exhaust gas wells.
The COVID-19 pandemic negatively impacted the oil & gas industry due to delay or suspension in well construction and planned maintenance, which was faced due to challenges in supply chain. However, the relaxation in restrictions is estimated to drive the market growth.
Coiled Tubing Services Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for well intervention operations is anticipated to drive the market growth during the forecast period.
- Rising demand for energy is estimated to spur the market growth in the coming years.
- Increasing strict environmental regulations is projected to boost the market growth in the coming years.
- Growing advancement in technologies is anticipated to drive the market growth during the forecast period.
- Rising demand for services is estimated to spur the market growth in the coming years.
- Increasing favorable government regulations is projected to boost the market growth in the coming years.
- Rising capital expenditure for exploration, development, and production of tight oil is anticipated to drive the market growth during the forecast period.
- Risks associated with coiled tubing operations and regulations associated with operational safety is estimated to restrict the market growth.
- Intense competition among key market players can restrict the market growth.
- Increasing exploration & production activities from new discoveries in the US can create lucrative opportunities in the market growth.
Scope of the Coiled Tubing Services Market Report
The report on the North America coiled tubing services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Coiled Tubing Services Market- North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Drilling, Completion, and Well Interventions) and Locations (Onshore and Offshore)
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Geography
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The US, Canada, and Rest of North America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Baker Hughes Co.; Calfrac Well Services Ltd; Halliburton Company; National-Oilwell Varco Inc; and Schlumberger Limited.
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North America Coiled Tubing Services Market Segment Insights
Well interventions segment to hold a significant market share
On the basis of applications, the market is divided into drilling, completion, and well intervention. The drilling segment is expected to hold a key share of the market in the coming years owing to minimized formation damage when operation is performed without killing the well and reduced service time as compared to jointed tubing rigs as the CT string has no connections to make or break, and increased personnel safety owing to reduced pipe handling requirements.
However, the well intervention segment is anticipated to expand at a rapid pace during the forecast period as coiled tubing can effectively reduce the pollution and damage to the reservoir.
Onshore pharmacy segment is expected to grow at a rapid pace
Based on locations, the market is segregated into onshore and offshore. The onshore segment is anticipated to hold a key share of the market in the coming years due to dominant position of the conventional onshore oil supply as compared to offshore.
On the other hand, the offshore segment is anticipated to expand at a rapid pace during the forecast period owing to the accelerated global production of oil & gas from offshore oil and gas wells.
The US is estimated to account a major market share
In terms of geography, the market is classified as United States, Canada, and Rest on North America. United States is expected to constitute a key share of the market during the projected period due to the availability of skilled manpower, latest equipment & technologies, and increased exploration and production (E&P) activities.
However, the market in Mexico is anticipated to expand at a rapid pace during the forecast period due to rising discovery of oilfields in the sea.
Segments
The North America coiled tubing services market has been segmented on the basis of
Applications
- Drilling
- Completion
- Well Intervention
Locations
Geography
- The US
- Canada
- Rest of North America
Key Players
Competitive Landscape
Key players competing in the coiled tubing services market includes Baker Hughes Co.; Calfrac Well Services Ltd; Halliburton Company; National-Oilwell Varco Inc; and Schlumberger Limited.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
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