Latest report “Coiled Tubing Market by Fleet (Operator, Region), Service (Well Intervention Service (Well Completions & Mechanical Operations, Well Cleaning & Pumping Operations) Drilling Service, Others), Application (Onshore, Offshore), Region – Global Forecast to 2025″, size is projected to reach USD 4.0 billion by 2025 from an estimated USD 3.0 billion in 2020, at a post COVID-19 CAGR of 5.8% during the forecast period. The rising number of mature fields in Europe and the Middle East, along with rising primary energy demand from Asia Pacific are the driving factors for the coiled tubing industry, globally. Coiled tubing units are required while intervention and drilling operations during either of the phases, well drilling, completion, and production.
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The well intervention segment is expected to dominate the coiled tubing market, by service, during the forecast period.
At the initial stage, every crude oil or natural gas reservoir has sufficient reservoir pressure, but it declines with time. Post that, the oil well operators need to pump fluids and perform certain intervention operations, such as well stimulation, sand control, unloading well with nitrogen, gravel packing, pumping slurry, and scale removal. These are generally categorized as well cleaning & pumping operations. Similarly, for depleting reservoirs, the well requires some completions or mechanical operations such as the setting of plug or packer, fishing, perforation of producing wells, removing of scales, cutting tubular service, running a completion unit, and performing of straddle for zonal isolation. Demand for these services drives the well intervention segment for the coiled tubing market.
North America: The largest coiled tubing market.
In this report, the coiled tubing industry has been analyzed for six regions, namely, North America, South & Central America, Europe, Asia Pacific, Middle East, and Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020, and to fulfill this objective, oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old oil & gas fields in the Permian Basin and Bakken Ford require intervention operations to enhance the productivity of the wells. Thus, North America dominated the coiled tubing industry in 2020.
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Key Market Players:
Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Weatherford (Switzerland), NexTier Oilfield Solutions (US), Superior Energy Services (US), Trican (Canada), Altus Intervention (Norway), National Energy Services Reunited (US), RPC Inc. (US), Basic Energy Services (US), Oceaneering International (US), STEP Energy Services (Canada), Calfrac Well Services (Canada), Key Energy Services (US), Nine Energy Services (US), Pioneer Energy Services (US), Legend Energy Services (US), and Oilserv (UAE)
Recent Developments
- In June 2020, Weatherford launched the Velox wellhead system, solution for operators needing to lock in pressure integrity while enhancing safety and improving efficiency.
- In January 2020, Halliburton was awarded 7 contracts for drilling and completion services for the next phase of field development of the INPEX-operated Ichthys Project in the Browse Basin offshore northern Australia.
- In September 2019, Baker Hughes Company announced the successful deployment of its SureCONNECT downhole intelligent wet-mate system, in BP’s subsea wells. SureCONNECT enables real-time production monitoring and control of the completion system across the entire wellbore in multi-trip completions. This system allows operators to make data-driven decisions to optimize reservoir performance and proactively mitigate risks.
