Outlook on the World's $5.4B Coiled Tubing Market, 2019-2024 - Higher Number of Mature Onshore Oilfields in the Middle East Will Provide Opportunities for Service Providers
The Global Coiled Tubing Market Size is Projected to Reach USD 5.4 Billion by 2024, from an Estimated USD 3.8 Billion in 2019, Growing at a CAGR of 7.1%.
The global coiled tubing industry is driven mainly by the growing demand for well intervention operations, redevelopment of mature fields, and advancements in shale developments. The increasing demand for larger diameter coiled tubing and the evolution of intelligent coiled tubing units are likely to offer lucrative opportunities for the market players over the next five years.
The coiled tubing market is dominated by a few major players that have a wide regional presence. The leading players in the coiled tubing are Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), and C&J Energy Services (US).
The onshore segment, by application, is expected to be the fastest-growing market from 2019 to 2024
The coiled tubing market is witnessing high demand from onshore applications as new well drilling activities are rising in onshore locations at a faster pace than in the offshore fields. Also, most of the onshore fields in the Middle East and North America are in their declining phase, where pumping operations and mechanical operations performed through coiled tubing can improve the production from reservoirs.
Additionally, the development of domestic shale gas and tight oil reserves drive the major surge in crude oil and natural gas production in North America. This has resulted in the improved efficiency of the operations for increasing production from oil & gas wells. This increase in well intervention activities leads to a rise in coiled tubing operations in onshore wells.
North America: The largest and the fastest-growing region in the global coiled tubing market.
North America is expected to dominate the global coiled tubing market between 2019 and 2024. The North American oil production is rising drastically, with a growth rate of 7.7% from 2017 to 2018. Moreover, the continuous shale activities in the region are driving the demand for well intervention operations. The upstream operators, such as Total, ExxonMobil, Chevron, and Apache, also have a significant presence in North America. This creates more opportunities for oilfield service providers to capture long-term contracts.
Key Topics Covered
1 Introduction
2 Research Methodology 2.1 Research Data 2.2 Scope 2.2.1 Scope of the Coiled Tubing Market 2.3 Key Influencing Factors/Drivers 2.3.1 Well Count 2.3.2 Coiled Tubing Unit Count 2.3.3 Production Trends 2.3.4 Crude Oil Prices 2.4 Market Size Estimation 2.4.1 Ideal Demand-Side Analysis 2.4.1.1 Assumptions 2.4.1.2 Calculation 2.4.2 Supply-Side Analysis 2.4.2.1 Assumptions 2.4.2.2 Calculation 2.4.3 Forecast 2.5 Market Breakdown and Data Triangulation 2.6 Primary Insights
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Coiled Tubing Market 4.2 Market, By Service 4.3 Market, By Application 4.4 Market, By Region 4.5 North America Coiled Tubing Market, By Application & Country
5 Coiled Tubing Market, By Service 5.1 Introduction 5.1.1 Well Intervention 5.1.1.1 Well Completions & Mechanical Operations 5.1.1.1.1 Increasing Concerns for Improving Well Accessibility and Enhancing Production are Expected to Drive the Well Completions & Mechanical Operations Market 5.1.1.2 Well Cleaning & Pumping Operations 5.1.1.2.1 Optimization of Mature Oil & Gas Reservoirsdrives the Demand for Well Cleaning & Pumping Operations 5.1.2 Drilling 5.1.2.1 Multilateral Well Drilling is Driving the Coiled Tubing Drilling Market 5.1.3 Others
6 Coiled Tubing Market, By Application 6.1 Introduction 6.2 Onshore 6.2.1 Onshore Shale Development in North America and Higher Number of Mature Onshore Oilfields in the Middle East are Likely to Provide Opportunities for Coiled Tubing Service Providers 6.3 Offshore 6.3.1 Greater Logistical and Operational Challenges are Affecting the Growth of Coiled Tubing Operations in Offshore Regions
7 Coiled Tubing Market, By Fleet 7.1 Introduction 7.2 By Region 7.2.1 North America 7.2.1.1 Demand for Coiled Tubing Operations From Shale Development in North America is the Major Reason for the Higher Number of Active Fleets in the Region 7.2.2 Europe 7.2.2.1 Europe Witnessed the Highest Utilization Rate for Coiled Tubing Fleet as the Offshore Operations are High in the Region 7.2.3 Asia Pacific 7.2.3.1 Asia Pacific is Expected to Increase the Highest Number of Fleet in the Next 5 Years as the Production Activities in the Region are Rising 7.2.4 South & Central America 7.2.4.1 High Well Intervention Demand From Brazil and Mexico Were Major Demand Generators for Coiled Tubing Units in South & Central America 7.2.5 Middle East 7.2.5.1 Redevelopment of the Mature Fields in the Middle East Creates Enormous Demand for Coiled Tubing Services in the Region 7.2.6 Africa 7.2.6.1 Africa is Still in the Nascent Phase for the Coiled Tubing Market; Thus the Fleet Count is Lower in the Region 7.3 By Operator 7.3.1 Introduction 7.3.2 C&J Energy Services 7.3.3 Step Energy Services 7.3.4 Key Energy Services 7.3.5 Pioneer Energy Services 7.3.6 Basic Energy Services 7.3.7 Calfrac Well Services
8 Coiled Tubing Market, By Region
9 Competitive Landscape 9.1 Overview 9.2 Ranking of Players and Industry Concentration, 2018 9.3 Competitive Scenario 9.3.1 Mergers & Acquisitions 9.3.2 Contracts & Agreements 9.3.3 New Product Launches 9.3.4 Partnerships/Collaborations/Joint Ventures/Mergers & Acquisitions 9.4 Competitive Leadership Mapping
10 Company Profiles 10.1 Business Overview 10.2 Product & Service Offerings 10.3 Recent Developments
