USD 1.84 Billion
Coiled Tubing Market Size, Share, Growth Analysis, By Service (Well Intervention & Production, Drilling), By Operation (Circulation, Logging), By Application (Onshore, Offshore), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG15F2193 |
Region:
Global |
Published Date: December, 2024
Pages:
195
|Tables:
90
|Figures:
71
Coiled Tubing Market Insights
Global Coiled Tubing Market size was valued at USD 1.84 Billion in 2022 and is poised to grow from USD 1.90 Billion in 2023 to USD 2.49 Billion by 2031, growing at a CAGR of 3.4% in the forecast period (2024-2031).
The coiled tubing market growth is expected to be significantly driven by coiled tubing's ability to reduce overall cost in the development of oil and gas. Compared with conventional practices, coiled tubing boasts a host of advantages, for example rapid mobility, whereby equipment may be deployed and operational settings sooner. As such, less time is wasted on site, and the timelines of the project are better controlled. In addition, coiled tubing minimizes the time required to handle pipelines during operations such as entry and exit from the hole, which also reduces operating costs. In addition, since coiled tubing systems eliminate the need for junctions or connections between pipe segments, they allow for continuous operations such as drilling and well interventions, which improves job performance. This maximizes the efficiency of the entire operation. Since the technology helps in performing safe, regulated, and accurate insertion of tubes in the wellbore, more balanced control over the well can be attained. Moreover, coiled tubing reduces risk associated with the operation, as dangerous and complicated procedures commonly used with conventional drilling and maintenance processes are not required. All these combined benefits make coiled tubing a popular choice for many oil and gas firms, particularly in difficult or isolated locations where safety and efficiency are paramount, hence the coiled tubing industry will grow.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Onshore
Fastest Growth
Offshore
Growth Rate
3.4% CAGR
Global Coiled Tubing Market ($ Bn)
Country Share for North America (%)
To get more reports on the above market click here to Buy The Report
Coiled Tubing Market Segmental Analysis
The global coiled tubing market is segmented into service, operation, application, and region. By service, the market is classified into well intervention & production, drilling, and others. Depending on operation, it is categorized into circulation, pumping, logging, perforation, and others. According to the application, the market is bifurcated into onshore and offshore. Regionally, the market is studied across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Service
Based on the 2023 coiled tubing market analysis, the well production & intervention category contributed to more than 65.0% of the revenue of the global market. In a well intervention, coiled tubing is superior to standard tubing because the latter has to be screwed together. The former can be directly added to production, thus eliminating the requirement for a workover rig. Moreover, it can be applied to high-pressure wells and is relatively inexpensive. Due to increasing demand for the product in advanced operations for improved oil recovery and hydraulic & acid fracturing, key operators in the oil and gas industry are being motivated to include coiled tubing in their operations. For instance, in August 2021, Uzma Engineering secured a well reactivation contract from Petroliam Nasional Berhad. The company is expected to deliver well intervention services, which include pumping, desandering, coiled tubing, and well testing.
However, the drilling segment is expected to dominate the coiled tubing market over the forecast period as it may increase drilling operations speed significantly. Due to efficiency gains, oil and gas companies view coiled tubing as an attractive option, thus increasing investment in technology across the globe. One noteworthy instance is Schlumberger's statement in January 2022 that it had secured a five-year contract for coiled tubing drilling services. The service will be used at a major Saudi Arabian gas field, marking the region's rising need for high-tech coiled tubing technology to enhance drilling productivity and save operating costs.
Analysis By Application
As per the 2023 coiled tubing market forecast, with a revenue share of more than 65.0% of the global market, the onshore segment maintained its position as the largest segment. This is primarily because onshore operations are usually cheaper compared to offshore projects and therefore more economical. Besides, onshore wells are easier to produce gas and oil, hence why most operators prefer them. The growth of the onshore segment is also expected to be boosted further by the increasing application of fracturing techniques and shale oil exploration. The onshore segment will continue to expand significantly because of the growing demand for unconventional oil and gas resources.
Contrarily, over the projection period, the offshore application category is expected to yield a 4.1% increase in revenue. The demand for coiled tubing is expected to soar in the next years as major businesses are being compelled into offshore drilling operations due to the rapidly rising demand for oil and gas. For instance, Exxon Mobile Corporation announced in April 2022 its plan to invest USD 10 billion on offshore projects of Guyana. By the year 2027, around 1.2 million barrels per day of the project's production of oil and gas are expected to be recorded.
Global Coiled Tubing Market By Application
To get detailed analysis on other segments, Request For Free Sample Report
Coiled Tubing Market Regional Insights
North America accounted for the largest share in both terms of volume and value and thereby led the coiled tubing market. The increase of the shale gas industry, in fact, is now the prime reason that motivates the market in the coiled tubing area. As shale oil and gas production continues to increase to enhance drilling efficiency, lower operating costs, and enhance overall productivity, there has been a growing demand for such advanced technology as coiled tubing. Moreover, in North America, there is a tremendous increase in the use of coiled tubing based on technical developments geared towards efficiency in well operations. All these factors are predicted to sustain the region's leadership over the forecast period.
Asia-Pacific region's revenue over the projection period is going to grow at 3.7% compounded annual growth rate. The major driving cause of this increase is an ever-increasing demand for gas and oil, mostly coming from developing nations, such as China, Vietnam, and India. To meet increasing local and international demands, these countries are focusing more on increasing their oil fields and increasing their capability to generate energy. For instance, the market potential for coiled tubing in Rajasthan, India, was further boosted in February 2022 when Cairn Oil & Gas and Vedanta Group announced the discovery of a new oil well in the region.
Global Coiled Tubing Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Coiled Tubing Market Dynamics
Drivers
Exploration of Shale Gas
- Coiled tubing is gaining popularity with growing natural gas demand globally, including in North America, given that shale gas development increased lately. Coiled tubing especially works well for hydraulic fracturing, which is necessary in accessing gas from unconventional reserves, such as shale. As the business for shale gas expands rapidly, coiled tubing is becoming increasingly critical for improving extraction efficiency and reducing operating costs-features that ensure its continued role in the industry.
Increasing Demand for Oil and Gas Production
- The growing demand for oil & gas globally requires more efficient production techniques. Enhanced well productivity, in situ treatments without shut in production, and prolonging the life of oil and gas fields all depend on coiled tubing. As businesses strive to meet the ever-rising energy needs while minimizing the costs and improving safety, coiled tubing remains an essential technology in enhancing the production capacities and ensuring efficiency in operations.
Restraints
Restricted Use in Complicated Settings
- Although it has so many applications, coiled tubing is less adaptable in deepwater or extremely complex offshore operations in which specialized equipment is usually applied. Conventional drilling operations may be necessary or even more effective in extremely deep wells or challenging geologic environments. This means that the applicability of coiled tubing in a number of industries, particularly those that require greater pressure and sophisticated technology, limits the applicability of coiled tubing in these environments.
Lack of Skilled Workers
- Operations involving coiled tubing require highly skilled staff, who are familiar with the application-specific tools and techniques employed. As improper training is predicted to lead to error and operational inefficiencies, the oil and gas industry experiences extreme labor shortages. For there to be adequate qualified manpower in positions to operate coiled tubing systems with desired efficiency, business enterprise investments in workforce development and training programs are a requirement. This will limit expansion capabilities in areas of skill deficit.
Request Free Customization of this report to help us to meet your business objectives.
Coiled Tubing Market Competitive Landscape
There are numerous domestic and international competitors battling for leadership in the very competitive field of coiled tubing. Giants such as Schlumberger, Halliburton, and Baker Hughes hold the majority share of the market with the implementation of the latest technology, strong network of services, and vast industrial knowledge. In their pursuit for operational efficiency and safety improvement, innovation-automation-digitalization features are kept at the forefront. It is also being created by smaller regional businesses who are in their turn increasing the range of products they provide, a dynamic competitive climate.
Top Player’s Company Profile
- 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
- Trican
- Halliburton
- Altus Intervention
- Calfrac Well Services Ltd.
- Step Energy Services
Recent Developments
- John Lawrie Metals extended its Montrose Port decommissioning facility in June 2022. The development of its specialized decommissioning facility at Montrose Port has been announced by John Lawrie Metals Ltd., the top metal recycling and processing firm in Scotland's north and northeast.
- Sandvik acquired Frezite, a PCD tool manufacturer, in June 2022. An agreement has been agreed to where all the outstanding stock stakes of Frezigest, SGPS ("Frezite"), a Portuguese company, would be sold to Sandvik. Exposed to automotive, general engineering, and aerospace, Frezite concentrates on bespoke polycrystalline diamond (PCD) tools for metal and wood use.
- ArcelorMittal bought the Scottish metal recycling company John Lawrie Metals Ltd. in March 2022. As part of its efforts to increase scrap steel use and lower CO2 emissions in the steel industry, ArcelorMittal has bought John Lawrie Metals Ltd., the leading steel producer in the world.
Coiled Tubing Key Market Trends
- Remote Monitoring and Operations: Remote operations in oil & gas have become possible through advancements in communication and control technology. Coiled tubing with remote monitoring devices becomes increasingly used for the supervising of well interventions and production operations. This reduces the number of personnel required onsite, increases the efficiency of operation, particularly in hostile or difficult locations, and enhances the safety of personnel by having them exposed to dangerous situations for a lesser period.
- Focus on Unconventional Resources: The industry has begun to focus on unconventional resources, such as shale gas, tight oil, and oil sands, because conventional oil and gas reserves are becoming depleted. Coiled tubing is used in extracting these difficult-to-reach deposits using techniques such as well stimulation and hydraulic fracturing. Demand for coiled tubing services is expected to experience a sharp increase with increased production and development of unconventional resources as this technology becomes ever more crucial for efficient recovery from unconventional reservoirs.
Coiled Tubing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, cost-effectiveness, technical developments, and the increasing demand for oil & gas, especially from unconventional sources such as shale gas, are driving the coiled tubing market, which is expected to grow by a significant margin. Driving this market forward are growth in the use of automation, digitalization, and remote monitoring technologies of which enhance operational efficiency and safety. Growing energy consumption in developing nations will gradually expand the Asia Pacific market, but North America still holds the top position. However, these will be constrained by issues including high upfront investment costs, environmental concerns, and a lack of qualified workers. So, from an overall perspective, it presents great investment and innovation opportunities in the years to come.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.84 Billion |
| Market size value in 2031 | USD 2.49 Billion |
| Growth Rate | 3.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Coiled Tubing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Coiled Tubing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Coiled Tubing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Coiled Tubing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Coiled Tubing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Coiled Tubing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
