The global coiled tubing (CT) market is expected to register a steady CAGR by 2025. The market surpassed nearly USD 3 billion in 2016. Increasing intervention, exploration, & production activities can fuel market growth during the forecast period. Wide adoption of interventions in oil & gas wells can further support the demand.
Coiled tubing is a very long metal pipe that is typically 25 mm to 83 mm in diameter wound on a large reel. It Complete set of steel pipe and surface equipment comprise reel, injector head, control cabin, and power pack. This tubing was initially used only for the new and live wells. However, it is also effective for depleted gas wells.
Growing reuse of oil wells after maturity and high operational costs associated with oil extraction can drive the market over the forecast period. Governmental support regarding exploration & production activities of oil & gas can further impel the expansion. Implementation of crucial guidelines and policies for the extraction from the conventional & unconventional sources can create major growth opportunities for the key players.
The global market for coiled tubing is fragmented on the basis of services, operations, applications, and regions. According to services, the market is bifurcated into well intervention and drilling services. In 2016, well intervention led the overall market in terms of revenue due to difficulties in exploration of new oil & gas well.
Intervention services are further divided into completion, cleaning, maintenance, and other activities related to pre-, during, and post well operations. Conventional wellbore cleanouts and acid simulation are anticipated to generate the maximum revenue over the forecast period. Rock bed fracturing and drill applications are expected to emerge as the fastest market gainers in the forthcoming years.
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As per operations, the classifications are circulation/deliquification, pumping, logging, perforation, and others. Pumping is further categorized into filling & sand removal, fracturing rock bed with pressurizing/acidizing, slurry pumping, harmful gas removal from bores, and well bore plugging. Pumping may register a lucrative CAGR from 2017 to 2025.
Major application segments of the market are onshore and offshore. Advancements in technology and materials are anticipated to propel demand for new applications such as fracturing, drilling, subsea, flow lines, and deeper wells. Other conventional applications include well cleanouts, unloading, stimulation, velocity strings, and fishing. Offshore is anticipated to dominate the overall market on account of total share in 2016. Growing applications in extreme and harsh condition can propel market demand during the forecast period.
Geographically, the worldwide market is divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. North America dominated the overall market with close to 40% to 42% revenue share in 2016. High demand for resources and adoption of advanced technologies & equipment can drive the regional market in the near future. Asia Pacific may witness a healthy CAGR during the forecast period. Presence of reservoirs and rapid rise in investments from major players can impel the regional growth. Russia, Algeria, Argentina, and Poland are expected to register a steady CAGR till 2025.
The key players operating in the global coiled tubing (CT) market are C&J Energy Services, Inc.; Baker Hughes Schlumberger; Halliburton; Archer Limited, and Cudd Energy Services. Recently, BISN announced the launch of a new product called Wel-lok M2M. It comprises improved thermite heaters that can melt bismuth-based alloys. This product can be adopted for both onshore and offshore activities.
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