Reports And Data

Coiled Tubing Market Size – USD 3.42 Billon in 2020, Growth – CAGR of 5.3%, Trends – Increasing expansion of oil and gas industry

NEW YORK CITY, NY, UNITED STATES, March 24, 2022 /EINPresswire.com/ -- The Coiled Tubing Market is expected to reach USD 4.67 Billion by 2028 at a CAGR of 5.3%, according to a recent report by Reports and Data. The high production of oil and gas across the globe and the rising usage of coiled tubing in well intervention and drilling are the key factors driving the market growth. Coiled tubing refers to an elongated metal pipe that is deployed for interventions in oil and gas wells. The coiled tubing does not depend on gravity and can potentially pump the chemicals from the coil and push it through the hole. It has also been actively deployed for open drilling and milling operations.

Growing demand for energy from across the world due to rapid urbanization and industrialization has significantly contributed to market growth. The increasing number of industries has boosted the energy consumption from almost all the sectors, which have further bolstered the exploration and production operations. This has propelled the market growth and is projected to be a significant trend over the estimated timeframe. Additionally, the progress of the energy and oil and gas industry are the key elements further stimulating the market growth.

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Top Key Players:
Baker Hughes Company, Schlumberger Limited, National Oilwell Varco, C&J Energy Services, Global Tubing, LLC, Pioneer Energy Services, and Halliburton.

The outbreak of the COVID-19 pandemic significantly impacted the market growth with a rapid decline in energy and oil, and gas across the globe due to social restrictions and subsequent lockdowns. The impact on the prices of crude oil and production activities has further restrained the market growth. Additionally, the environmental risks associated with the flaws in coiled tubing and the exploration activities are projected to impede the expansion of the market.

Major Points Covered in the Global Coiled Tubing Market Report:

Market Coverage: This section of the report provides significant details on key market aspects including the key market segments, product innovation scope, and macro-economic and micro-economic growth indicators. In addition, the report segments the global Coiled Tubing market based on product type, technology landscape, and application range.

Executive Summary: Under this section, the global market growth rate, competitive landscape, drivers and constraints, trends, limitations, and the key market segments have been discussed.

Regional Analysis: In this section, the latest report highlights the extensive global presence of the Coiled Tubing market. This section offers key insights into the latest trends in the regional markets including North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.

Competitive Landscape: This section of the report highlights the key players in the global Coiled Tubing market. It further emphasizes the leading products and services offered by these companies.

Manufacturers’ portfolios: This section includes detailed information regarding the product portfolio of each local and global manufacturer, their strengths and weaknesses, product catalogue, production value and capacity, and other vital information.

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Key Highlights from the Report:

Well intervention segment is expected to account for a significant share of the market in the forthcoming years owing to the increasing emphasis of the oil and gas industry on bolstering the production from existing wells and reserves.

Circulation is the most common use of coiled tubing, and the segment is expected to register lucrative growth in the timeframe. The increasing use of coiled tubing to force out the fluid from the bottom of the wellbore by pumping nitrogen gas is the key element supporting the segment’s growth.

The onshore segment is foreseen to expand at the highest CAGR in the timeframe accredited to the increasing demand for onshore coiled tubing, a rapid rise in onshore exploration services, and increasing demand for energy across the globe.

North America is expected to account for a substantially large share of the market, majorly accredited to the rising amount of exploration and production operations for natural gas and shale gas in the region. Moreover, the capacity of the United States to cater to 80% of the world’s energy demand is further adding traction to the market growth.

In 2019, Global Tubing LLC introduced a coiled tubing designed especially for high-pressure situations. The coiled tubing, Duracoil 130, has an augmented fatigue life and increased resistance to abrasion.

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For the purpose of this report, Reports and Data has segmented the global Coiled Tubing Market based on Services, Operations, Application, and Region:

Services Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)

Well Intervention

Drilling

Others

Application Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)

Offshore

Onshore

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Regional Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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