Coiled Tubing Market Share, Size, Trends, Industry Analysis Report, By Operation (Pumping, Circulation, Logging); By Location (Onshore, Offshore); By Application; By Region; Segments & Forecast, 2021 - 2028

The global coiled tubing market was valued at USD 2.97 billion in 2020 and is expected to grow at a CAGR of 5.9% during the forecast period. Coiled tubing is a long metal pipe surrounded over a large reel on a well site for repair and workover activities. It is a continuous long metal pipe, which can be taken inside the borehole to the depth of up to 15,000 feet.

The diameter of the coiled tubing pipe ranges from 25 to 85 mm. The use of coiled tubing improves the well & reservoir performance. Coiled tubing is used in a variety of operations such as milling, drilling, rock fracturing, sidetracking, production tubing, low bottom hole pressure drilling, wellbore cleanout, mechanical isolation, and tube logging & perforating, among others.

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There has been a substantial rise in the energy need across the globe, which fuels the development of the coiled tubing industry. Escalating the trend of horizontal drilling, and growing implementation of natural gas as fuel further acts as a catalyst for coiled tubes demand.

The decrease in oil production worldwide is anticipated to fuel the industry growth during the forecast period. Increasing production & exploration activities, along with the increasing trend of developing unconventional oil blocks, will boost the industry demand during the forecast period.

Other factors driving the industry include favorable regulatory policies and growing government initiatives and support. Growing demand from emerging economies, technological advancements, and a significant increase in investments in research and development is expected to provide boost the industry advancement in the coming years.

Coiled Tubing Market Report Scope

The market is primarily segmented on the basis of operation, location, application, and region.

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Insight by Operation

Based on operation, the market is segmented into Pumping, Circulation, Logging, and others. The pumping operation segment dominated the global market in 2020 accounted for its increasing application in pumping operations owing to its capabilities to eliminate the damage to essential parts such as downhole safety valves.

Insight by Location

The location is segmented into Onshore, and Offshore locations. The onshore location segment dominated the global market in 2020 owing to growing production activities. Rising consumer demand for various exploration using onshore lightweight units and technological advancement in the field of coiled tubing is anticipated to drive the market over the forecast period.

Insight by Application

On the basis of application, the market is segmented into drilling, well cleaning and completion, well intervention, and others. In the year 2020, the well intervention segment dominated the market with the largest revenue share due to the growing deployment of coiled tubing units at various locations to increase the oil & gas supplies.

Geographic Overview

The coiled tubing industry report comprises a detailed geographic distribution of the industry across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico.

Europe is divided into Germany, the UK, Italy, France, and the Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and the Rest of Asia-Pacific. North America coiled tubing market generated the highest revenue in 2020 owing to an increase in drilling and exploration activities, and growing energy demand.

Competitive Landscape

The leading players in the coiled tubing market include Halliburton Co., Weatherford International Ltd., Baker Hughes, Trican Well Service Ltd, Cudd Energy Services, Schlumberger Ltd., Calfrac Well Services Ltd., C&J Energy Services, Inc., Nabors Industries Ltd., and Archer Limited, among others.

The leading players in the industry are introducing new innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen their industry presence.