The Coiled Tubing Market to grow at a CAGR of 5.68% from 2022 to 2027

Mar 25, 2024

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07 Aug, 2023, 03:30 ET

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NEW YORK, Aug. 7, 2023 /PRNewswire/ -- The coiled tubing market is estimated to grow at a CAGR of 5.68% between 2022 and 2027. The market size is forecast to increase by USD 1,135.27 million, according to Technavio. The growing demand for new-generation automated drilling rigs is a major trend in the market. A new generation of automated drilling rigs reduces the need for human intervention in remote and hazardous drilling areas and minimizes human error in both onshore and offshore oilfields. Additionally, automated drilling rigs can efficiently create complex and long-distance wells in onshore oil fields. These advances will not only increase oil and gas production but also reduce operating costs for exploration and production (E&P) companies. Hence, demand for new-generation automated drilling rigs is expected to drive market growth during the forecast period. View the new Sample Report within minutes!

Coiled Tubing Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our coiled tubing market report covers the following areas:

Coiled Tubing Market 2023-2027: SegmentationCoiled Tubing Market is segmented as below:

The market share growth by the onshore segment will be significant during the forecast period. The segment's growth is driven by increased drilling activities in response to the global rise in energy demand, leading oil and gas companies to explore and drill in more remote and harsh geographical environments. Additionally, the focus on unconventional reserves like tar sands and shale gas contributes to this growth. Hence, these factors are expected to drive segment growth during the forecast period.

Coiled Tubing Market 2023-2027: Market Dynamics

Key Driver

The increased exploration of unconventional sources is a key factor driving market growth. Unconventional oil and gas resources, including shale gas, CBM, gas hydrates, tight oil, and oil sands, present challenges in extraction and high production costs. However, advancements in technology and operational efficiencies have made these resources more viable. The combination of horizontal drilling and hydraulic fracturing has significantly improved the profitability of recovering oil and gas from low-permeability geological plays like shale. Additionally, companies are pursuing various business strategies including mergers and acquisitions (M&A) to expand their presence in the hydraulic fracturing field. Therefore, these factors are expected to drive market growth during the forecast period.

Significant Challenges

The environmental concerns associated with oil and gas E&P activities are a significant challenge restricting market growth. Oil and gas drilling activities pose significant environmental threats, such as oil spills, toxic chemical emissions leading to air and water pollution, and methane emissions contributing to climate change. Toxic chemicals released into the water from drilling fluids can have a negative impact on the environment. Although drilling fluids are used for cooling and lubrication in the drilling process, fracking, an unconventional well extraction method, also has negative environmental impacts. Hence, environmental concerns are expected to restrict market growth during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

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Coiled Tubing Market 2023-2027: Company Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. We provide a detailed analysis of around 25 companies operating in the Coiled Tubing Market, including some of the companies such as Altus Intervention, Baker Hughes Co., Forum Energy Technologies Inc., Halliburton Co., HandyTube Corp., National Energy Services Reunited Corp., NexTier Oilfield Solutions Inc., NOV Inc., Oceaneering International Inc., RPC Inc., Sandvik AB, Schlumberger Ltd., STEP Energy Services Ltd., Superior Energy Services Inc., Tenaris SA, Trican Well Service Ltd., Trident Steel Corp., Weatherford International Plc, Webco Industries Inc., and Yantai Jereh Petroleum Equipment and Technologies Co. Ltd. Backed with competitive intelligence and benchmarking, our research reports on the Coiled Tubing Market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

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Coiled Tubing Market 2023-2027: Key Highlights

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Coiled Tubing Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.68%

Market growth 2023-2027

USD 1,135.27 million

Market structure

Fragmented

YoY growth 2022- 2023 (%)

5.16

Regional analysis

North America, Middle East and Africa, Europe, APAC, and South America

Performing market contribution

North America at 37%

Key countries

US, Canada, Saudi Arabia, China, and Russia

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Altus Intervention, Baker Hughes Co., Forum Energy Technologies Inc., Halliburton Co., HandyTube Corp., National Energy Services Reunited Corp., NexTier Oilfield Solutions Inc., NOV Inc., Oceaneering International Inc., RPC Inc., Sandvik AB, Schlumberger Ltd., STEP Energy Services Ltd., Superior Energy Services Inc., Tenaris SA, Trican Well Service Ltd., Trident Steel Corp., Weatherford International Plc, Webco Industries Inc., and Yantai Jereh Petroleum Equipment and Technologies Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Service

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio