Coiled Tubing Services Market Share & Growth | Forecast 2031
Coiled Tubing Services Market Share & Growth | Forecast 2031
Segments - Coiled Tubing Services Market by Applications (Drilling, Completion, and Well Intervention), Locations (Onshore and Offshore), and Geography (The US, Canada, and Rest of North America) – North America Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031
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| Report ID :EP-3675
| 4.3 Rating
| 73 Reviews
| 176 Pages
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Report Description
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 |
Details |
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Report Title |
Coiled Tubing Services Market- North America Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Applications (Drilling, Completion, and Well Interventions) and Locations (Onshore and Offshore) |
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Geography |
The US, Canada, and Rest of North America |
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Report Coverage |
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 |
Baker Hughes Co.; Calfrac Well Services Ltd; Halliburton Company; National-Oilwell Varco Inc; and Schlumberger Limited. |
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
- Onshore
- Offshore
Geography
- The US
- Canada
- Rest of North America
Key Players
- Baker Hughes Co.
- Calfrac Well Services Ltd
- Halliburton Company
- National-Oilwell Varco Inc
- Schlumberger Limited
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.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Coiled Tubing Services Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Coiled Tubing Services Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Coiled Tubing Services Market - Supply Chain
4.5. Global Coiled Tubing Services Market Forecast
4.5.1. Coiled Tubing Services Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Coiled Tubing Services Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Coiled Tubing Services Market Absolute $ Opportunity
5. Global Coiled Tubing Services Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Coiled Tubing Services Market Size and Volume Forecast by Applications
5.3.1. Drilling
5.3.2. Completion
5.3.3. Well Intervention
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Coiled Tubing Services Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Coiled Tubing Services Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Coiled Tubing Services Demand Share Forecast, 2019-2026
7. North America Coiled Tubing Services Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Coiled Tubing Services Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Coiled Tubing Services Market Size and Volume Forecast by Applications
7.4.1. Drilling
7.4.2. Completion
7.4.3. Well Intervention
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Coiled Tubing Services Demand Share Forecast, 2019-2026
8. Latin America Coiled Tubing Services Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Coiled Tubing Services Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Coiled Tubing Services Market Size and Volume Forecast by Applications
8.4.1. Drilling
8.4.2. Completion
8.4.3. Well Intervention
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Coiled Tubing Services Demand Share Forecast, 2019-2026
9. Europe Coiled Tubing Services Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Coiled Tubing Services Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Coiled Tubing Services Market Size and Volume Forecast by Applications
9.4.1. Drilling
9.4.2. Completion
9.4.3. Well Intervention
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Coiled Tubing Services Demand Share Forecast, 2019-2026
10. Asia Pacific Coiled Tubing Services Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Coiled Tubing Services Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Coiled Tubing Services Market Size and Volume Forecast by Applications
10.4.1. Drilling
10.4.2. Completion
10.4.3. Well Intervention
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Coiled Tubing Services Demand Share Forecast, 2019-2026
11. Middle East & Africa Coiled Tubing Services Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Coiled Tubing Services Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Coiled Tubing Services Market Size and Volume Forecast by Applications
11.4.1. Drilling
11.4.2. Completion
11.4.3. Well Intervention
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Coiled Tubing Services Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Coiled Tubing Services Market: Market Share Analysis
12.2. Coiled Tubing Services Distributors and Customers
12.3. Coiled Tubing Services Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Baker Hughes Co.
12.4.2. Calfrac Well Services Ltd
12.4.3. Halliburton Company
12.4.4. National-Oilwell Varco Inc
12.4.5. Schlumberger Limited
Methodology
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