Global Coiled Tubing Market Overview:
Coil tubing refers to a continuous length of smaller diameter steel pipe and related surface equipment that is associated with drilling, completion and workover or remediation techniques. It is used to perform the task within a well such as pumping fluids to stimulate the flow of oil or natural gas, removing the obstruction and deploying material and tools that can be used for measuring well conditions. Coil Tubes are made up of low alloy carbon steel and are used during the phase of completion and oil recovery. The factors such as new and unconventional hydrocarbons recovery, escalating demand for energy and renewable resources and continuous focus towards natural gas production will drive the market for coiled tubing in the forecasted period. Some of the players profiled in the study are Baker Hughes (United States), Nabors Industries Ltd. (Bermuda), Superior Energy Services Inc.  (United States), Weatherford International Ltd. (United States), Halliburton Company (United States), Archer Limited (Bermuda), C&J Energy Services, Inc. (United States), Calfrac Well Services Ltd. (Canada), RPC, Inc. (United States) and Trican Well Services (Canada).
On the basis of geography, the market of Coiled Tubing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Services, the sub-segment i.e. Well Intervention Service will boost the Coiled Tubing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Increase In Spendings In Oil and Gas Project Fields
- Ability of Coil Tubing In Working Safely on Live Well
- Growth In Shale Gas Exploration
- Upgradation of Coil Tubing with Research and development of suitable material with lesser cost and high in strength and appropriate properties
- High Initial and Operating Cost
- Decline in Oil and Gas Production Due to the Emergence of Electric Machinery
- Potential Growth of Coil Tubing in Emerging Countries
- Declining Oil Prices is the Major Challenge As This is Dropping the Budget of Coil Tubing in Emerging Companies In The Sector
- Increase in The Length of Horizontal Wells
Key Market Developments:
In March 2019, Government of Canada announced its investment of 40 USD million in a 112.6 USD million project to aid EVRAZ to make various upgrades to its facilities and its competitiveness in the oil country tubular goods (OCTG) market. This investment will also allow them to create new employment opportunities for the steel and aluminium workers in the country.
In February 2019, Baker Hughes, a GE company, has recently introduced its latest frac plug ‘Millite’ which mills out more smoothly and aids better cleaning than any conventional frac plug, cutting costs and helping to retrieve first oil faster.
Major Objectives Focused through this Study
To define, describe, and forecast the Global Coiled Tubing market on the basis of product [Low Carbon Alloy Steel Tube and Non-alloy Steel Composite Tube] , application [Drilling, Well Completion, Well Cleaning and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Coiled Tubing market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Coiled Tubing industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Manufacturers which are also part of the research are Sanjel Corporation (Canada), Key Energy Services (United States) and Schlumberger (France).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Coiled Tubing market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.