Coiled Tubing Market Size and Demand Generation from 2019 to 2028

WILMINGTON, Del. - Dec. 1, 2022 - PRLog -- Coiled tubing is a common well-intervention method that has been in use since over half a century. It is a type of work over equipment that is hydraulically driven and is routinely used in oil and gas applications. This can be truck mounted or skid mounted. Completion and rope work are some of the work over tasks that can be performed by coiled tubing equipment. This technology involves a coiled tubing that can be both lowered into and withdrawn from a well without the use of a connecting thread. The tubing is generally made of a high strength and low alloy-containing material.

OUTLOOK

- Global oil prices, which are currently witnessing a sort of slump, are set to recover in the coming quarters. This would result in exploration and production activity picking up resulting in a consequent growth of the coiled tubing market.

- Economic growth in the emerging regions is in an uptick phase meaning it is growing rapidly across sectors. This would result in increased energy requirement to fuel this growth. Further, economic self-sufficiency by reduction of imports is also high on the agenda of these economies. These factors would result in a growth of the coiled tubing market in the region as a result of increased oil & gas activities.

Segmental Overview

- Well intervention has been a rather common application of coiled tubing, more so in cases that require fluids to be pumped into the well. Recent technological innovations in coiled tubing has enabled coiled tubing to be used in a larger number of well intervention applications.

- Given the depleting onshore and shallow water resources, the last few years has seen a lot of exploration and production being conducted offshore and even in deep waters where no activity has been carried out before. This would result in a rise in the demand for coiled tubing services over the forecast period.

- Growth of the oil and gas sector over the years driven by rising energy demand from the emerging regions presents bright growth prospects for the coiled tubing market.

Key Players

The major companies operating in the coiled tubing market include ALTUS INTERVENTION, Baker Hughes, a GE Company LLC, C&J Energy Services, Inc, Halliburton, LEGEND ENERGY, National Energy Services Reunited Corp, Nine Energy Service, Pioneer Energy Services Corp, RPC, Inc, Schlumberger Limited, STEP Energy Services, Superior Energy Services, Inc, TRICAN, and Weatherford among others.

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