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

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.