Coiled Tubing Market value to hit $4 billion by 2026, Says Global Market Insights, Inc.

Coiled Tubing Market revenue is expected to register over 7.6% CAGR from 2020 to 2026, propelled by increasing investments in shale reserves.

Selbyville, Delaware, Jan. 21, 2020 (GLOBE NEWSWIRE) --

Global Coiled Tubing Market share is expected to cross USD 4 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Shifting focus toward the adoption of new drilling techniques to stimulate well operations will positively influence industry growth over the forecast period.

Significant speed and increased efficiency across drilling operations with economic benefits will favour the global coiled tubing industry growth. Growing focus towards the development of new hydrocarbon energy resources will further accelerate its deployment significantly. Moreover, the drilling technology advancements along with the exploration and production of deep-water wells is anticipated to augment the demand for coiled tubing drilling services in the forthcoming years.         

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The demand for coiled tubing across onshore application will witness a substantial surge with growing concerns towards enhancing the ongoing production index. In addition, soaring E&P investments to exploit unconventional hydrocarbon resources will augment the technology deployment over the forecast period.

Some major findings of the coiled tubing market report include:

  • Ability to perform multiple operation at a same time under variable pressure conditions stimulates the demand for coiled tubing across the globe
  • Increasing E&P investments across both onshore and offshore applications is anticipated to uplift the market growth.
  • Major players operating across the global market includes, Halliburton, Weatherford, Calfrac Well Services Ltd, C&J Energy Services, Schlumberger Limited, Trican amongst other.
  • Rapid mobilization, less operational time and downhole operations on live wells will complement the adoption of coiled tubing on a global scale.
  • Increasing focus on shale oil exploration in North America will stimulate the market demand.
  • Growing penetration of mature oil fields will stimulate the deployment of coiled tubing during the well interventions.
  • Declining production from shallow water seabeds will drive the product installation
  • Growing R&D activities to reduce the drilling technology cost will spur the coiled tubing demand

Browse key industry insights spread across 580 pages with 1302 market data tables & 26 figures & charts from the report, “Coiled Tubing Market Outlook By Service (Well Intervention, Well Cleaning, Well Completion {Fishing, Perforation, Logging}, Drilling {Managed Pressure Drilling, Directional Drilling}), By Application (Onshore, Offshore {Shallow, Deep, Ultra-Deep}), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

Increasing energy requirement with the growing penetration of the mature oil fields will drive the global coiled tubing market. Rising penetration of mature shallow water projects coupled with declining technology cost will further stimulate the product adoption over the forecast timeline.

The Middle East & Africa coiled tubing market will witness growth on account of rising investments towards enhancing the production of mature oil fields. In addition, technological advancement to effectively perform the various well intervention operations with high safety index will further spur the CT demand across the region. Moreover, adoption of economical oilfield technologies in order to raise the oil production index will drive the business outlook.      

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.


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