Coiled Tubing Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Application (Drilling, Completion, and Well Intervention), Location of Deployment (Onshore, and Offshore), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Market Snapshot

coiled tubing market forecast
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: North America
Largest Market: North America
CAGR: >6 %
coiled tubing market major players

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Market Overview

The coiled tubing services market is expected to register a CAGR of more than 6% during the forecast period of 2022 – 2027. The COVID-19 outbreak in Q1 of 2020 has slowed the growth of the oil & gas industry. Furthermore, well construction and planned maintenance work are also suspended due to COVID-19 pandemic. Factors such as the rising number of mature fields in several regions and increasing energy demand are expected to drive the coiled tubing services market during the forecast period. However, high volatility of crude oil prices and high maintenance costs are the factors restraining the growth of the coiled tubing services market during the forecast period.

  • Well-intervention application segment is expected to dominate the coiled tubing services market during the forecast period.
  • Increasing exploration and production activities from new oil and gas field discoveries are expected to create immense opportunities for the market studied.
  • North America has dominated the coiled tubing services market, with the majority of the demand coming from countries like the United States, Canada, and the Gulf of Mexico.

Scope of the Report

The coiled tubing services market report includes:

Application
Drilling
Completion
Well Intervention
Location of Deployment
Onshore
Offshore
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa

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Key Market Trends

Well Intervention Application Segment to Dominate the Market

  • Coiled tubing services are most preferred in well intervention application, which allows in operations such as stimulation, re-perforation, fluid pumping, fishing, sand control, and zonal isolation.
  • The increasing capital expenditure on well performance enhancement and well cleaning is expected to drive the well intervention segment.
  • Likewise, for depleting reservoirs, the well requires completion or mechanical operation such as fishing, perforation of producing wells, scale removing, setting a plug or packer, and finally increasing the production. Demand for these services is driving the well intervention segment for coiled tubing.
  • The demand for well intervention operations in maturing offshore fields in the Gulf of Mexico and other onshore fields in the United States is driving the coiled tubing services market.
  • Moreover, the continuous shale gas exploration activities in North America and some Asia-Pacific countries, with presence of major upstream operators are presenting long-term contract opportunity for the coiled tubing services market.
  • As of 2019, the global coiled tubing unit count accounts for 1678 units. North America region accounts for 665 coiled tubing units, comprising of United States with 432 units and Canada with 233 units.
  • In July 2020, Ukrgasvydobuvannya JSC announced a tender for the procurement services of wells completion, and the workover of oil and gas wells in their fields with the help of coiled tubing and nitrogen-compressor equipment with an initial cost of UAH 97.4 million.
  • Therefore, the coiled tubing services market is majorly driven by the rising well intervention operations, which is expected to account for dominating share among different applications.
coiled tubing market trends

North America to Dominate the Market

  • North America has a large number of rigs and the number of wells a rig can drill each year is rising at a significant rate. So, the coiled tubing services in the North American region have dominated the global market and accounted for the major market share.
  • The increasing production and exploration activities, coupled with growth in unconventional resources in major countries, like the United States and Canada, are expected to be important factors in the industry during the forecast period.
  • The United States is considered to be the ground for new technology, with a consequential large build-up of coiled tubing units, and related companies keeping the rates competitive, making coiled tubing workovers more viable.
  • The matured oil and fields of Permian Basin and Bakken Ford require intervention operations to increase the productivity of the wells. Therefore, the coiled tubing services market in the United States is primarily growing by drilling activities and redevelopment of matured fields.
  • Therefore, North America is estimated to be the largest market and is expected to be driven by new well drilling, expanding producing well base, and increasing lateral length in newly drilled horizontal wells.
coiled tubing market forecast

Competitive Landscape

The coiled tubing services market is moderately fragmented. The key players in the market include Baker Hughes Company, Halliburton Company, Schlumberger Limited, Weatherford International PLC, Calfrac Well Services Ltd., among others.

Recent Developments

  • In July 2021, The Abu Dhabi National Oil Company (ADNOC) has announced an investment of USD 763.7 million (AED 2.8 billion) in integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields. The scope of the contracts includes coiled tubing services with thru-tubing downhole tools, stimulation services, including equipment and chemicals/fluid systems, surface well-testing services, wireline and production logging services and tools, saturation monitoring, and well integrity.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Drilling

      2. 5.1.2 Completion

      3. 5.1.3 Well Intervention

    2. 5.2 Location of Deployment

      1. 5.2.1 Onshore

      2. 5.2.2 Offshore

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Baker Hughes Company

      2. 6.3.2 Halliburton Company

      3. 6.3.3 Schlumberger Limited

      4. 6.3.4 Weatherford International PLC

      5. 6.3.5 Calfrac Well Services Ltd.

      6. 6.3.6 Basic Energy Services, Inc.

      7. 6.3.7 NexTier Oilfield Solutions Inc.

      8. 6.3.8 Superior Energy Services, Inc.

      9. 6.3.9 RPC, Inc.

      10. 6.3.10 Trican Well Service Ltd.

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Coiled Tubing Services Market market is studied from 2019 - 2027.

The Coiled Tubing Services Market is growing at a CAGR of >6% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Schlumberger Limited, Baker Hughes Company, Halliburton Company, Weatherford International PLC, Calfrac Well Services Ltd. are the major companies operating in Coiled Tubing Services Market.

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