Competitive Dashboard:

Some of the key players profiled in the report by MRFR are Halliburton Co, Weatherford International, Superior Energy Services Inc., Baker Hughes Inc., Nabors Industries, Archer Limited, C&J Energy Services, Trican Well Services Ltd, Calfrac Well Services Ltd and RPC, Inc. The players strive to gain competitiveness over competitors by strategizing growth trajectories such as mergers & acquisitions, partnerships, technological advancements, etc.

Market Synopsis:

Market Research Future (MRFR) has revealed in its latest report that the Global Coiled Tubing Market is poised to stage a steady growth at a moderate CAGR during the forecast period. The oil & gas industry is exhibiting recovery from the recent price crisis which is one of the factors responsible for the projected rise in the growth of the market over 2023.

The developments in the oil & gas industry have paved the way for investments that have been stalled before. This, in turn, is expected to encourage the coiled tubing market proliferation in the foreseeable future. The technological advancements introduced in the Coiled Tubing Market are also likely to aid market expansion over the forecast period. The widening range of advantages posed by coiled tubing such as quicker trip time, low requirements for personnel, contained well pressure, etc. are projected to become the driving factors of growth of coiled tubing market over the next few years. The increased exploration of shale gas is another factor complementing the steady market proliferation, and the trend is likely to perpetuate across the review period. Additionally, the increased application range of coiled tubing in the oil & gas industry such as drilling, intervention, etc. are anticipated to catapult the market on an upward trajectory.

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Market Segmentation:

By application, the Global Coiled Tubing Market has been segmented into intervention, cleaning & completion, drilling, and others.

Regional Analysis:

By region, the Global Coiled Tubing Market has been segmented into North America, Europe, Asia Pacific, South America, Middle East and Africa. North America region is likely to capture a dominant share towards the end of the assessment period. The rising investments, developing technologies, increasing shale gas exploration activities, etc., are some of the factors accelerating the revenue creation for coiled tubing market players in North America. The growth of the market in North America is expected to catalyze the global market growth. Middle East and Africa are expected to witness exponential drilling and gas exploration over the next couple of years. The market in the region is projected to exhibit a steady rise throughout the forecast period.

Industry Developments:

In August 2018, Mayan, an AIM-listed oil & gas company, has announced the acquisition of 60% working interest/ 45% net revenue interest in three horizontal and two vertical Texas-based Austin Chalk wells. The company has planned to use coiled tubing rig for cleaning out, working over, and acidizing Austin Chalk Zone in each of the horizontal laterals.

In August 2018, a new revolutionary drill rig- RoXplorer® coiled tubing (CT) rig, has been licensed to IMDEX, a global leader in mining equipment, technology, and services (METS).

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