Coiled Tubing Services Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Coiled Tubing Services Market Analysis
The coiled tubing services market is expected to register a CAGR of more than 6% during the forecast period 2022-2027. The COVID-19 outbreak in Q1 2020 slowed the growth of the oil and gas industry while well construction and planned maintenance work were also suspended due to the 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, the high volatility of crude oil prices and high maintenance costs are expected to restrain the growth of the coiled tubing services market during the forecast period.
The 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 dominates the coiled tubing services market, with the majority of demand coming from countries like the United States, Canada, and the Gulf of Mexico.
Coiled Tubing Services Market Trends
This section covers the major market trends shaping the Coiled Tubing Services Market according to our research experts:
Well Intervention Application Segment to Dominate the Market
Coiled tubing services are most preferred in well intervention applications since they enable 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.
For depleting reservoirs, wells require completion or mechanical operations, such as fishing, perforation of producing wells, scale removal, setting a plug or packer, and increased production. Demand for these services is expected to drive the well intervention segment for coiled tubing over the forecast period.
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, which have the presence of major upstream operators, are expected to present long-term contract opportunities for the coiled tubing services market.
As of 2019, the global coiled tubing unit count accounted for 1678 units. North America accounted for 665 coiled tubing units, comprising the United States with 432 units and Canada with 233 units.
In July 2020, Ukrgasvydobuvannya JSC announced a tender for the procurement services of well 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 are expected to account for the dominant share among the various applications.
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 growing at a significant rate. Thus, the coiled tubing services in the North American region have dominated the global market and are accounting 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 a ground for new technology, with a large build-up of coiled tubing units and related companies keeping the rates competitive, making coiled tubing workovers more viable.
The matured oil and gas fields of Permian Basin and Bakken Ford require intervention operations to increase the productivity of their wells. Therefore, the coiled tubing services market in the United States is primarily growing through 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 production of well bases, and increasing lateral length in newly drilled horizontal wells.
Coiled Tubing Services Industry Overview
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, and Calfrac Well Services Ltd, among others.
Coiled Tubing Services Market Leaders
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Schlumberger Limited
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Baker Hughes Company
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Halliburton Company
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Weatherford International PLC
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Calfrac Well Services Ltd.
*Disclaimer: Major Players sorted in no particular order
Coiled Tubing Services Market News
- In July 2021, The Abu Dhabi National Oil Company (ADNOC) 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.
Coiled Tubing Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Drilling
5.1.2 Completion
5.1.3 Well Intervention
5.2 Location of Deployment
5.2.1 Onshore
5.2.2 Offshore
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Baker Hughes Company
6.3.2 Halliburton Company
6.3.3 Schlumberger Limited
6.3.4 Weatherford International PLC
6.3.5 Calfrac Well Services Ltd
6.3.6 Basic Energy Services Inc.
6.3.7 NexTier Oilfield Solutions Inc.
6.3.8 Superior Energy Services Inc.
6.3.9 RPC Inc.
6.3.10 Trican Well Service Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Coiled Tubing Services Industry Segmentation
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 |
Coiled Tubing Services Market Research FAQs
What is the current Coiled Tubing Services Market size?
The Coiled Tubing Services Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Coiled Tubing Services Market?
Schlumberger Limited, Baker Hughes Company, Halliburton Company, Weatherford International PLC and Calfrac Well Services Ltd. are the major companies operating in the Coiled Tubing Services Market.
Which is the fastest growing region in Coiled Tubing Services Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Coiled Tubing Services Market?
In 2024, the North America accounts for the largest market share in Coiled Tubing Services Market.
What years does this Coiled Tubing Services Market cover?
The report covers the Coiled Tubing Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Coiled Tubing Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Coiled Tubing Services Industry Report
Statistics for the 2024 Coiled Tubing Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Coiled Tubing Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
