Global Coiled Tubing Market

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 News

  • 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.
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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).

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. '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'

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.

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.

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.

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Global Coiled Tubing Market

Report ID: SQMIG15F2193

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