The Coiled Tubing Market to grow at a CAGR of 5.68% from 2022 to 2027|The increased exploration of unconventional sources to influence market growth - Technavio.
NEW YORK, Aug. 7, 2023 /PRNewswire/ -- The coiled tubing market is estimated to grow at a CAGR of 5.68% between 2022 and 2027. The market size is forecast to increase by USD 1,135.27 million, according to Technavio. The growing demand for new-generation automated drilling rigs is a major trend in the market. A new generation of automated drilling rigs reduces the need for human intervention in remote and hazardous drilling areas and minimizes human error in both onshore and offshore oilfields. Additionally, automated drilling rigs can efficiently create complex and long-distance wells in onshore oil fields. These advances will not only increase oil and gas production but also reduce operating costs for exploration and production (E&P) companies. Hence, demand for new-generation automated drilling rigs is expected to drive market growth during the forecast period. View the new Sample Report within minutes!
Coiled Tubing Market 2023-2027: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our coiled tubing market report covers the following areas:
Coiled Tubing Market 2023-2027: Segmentation Coiled Tubing Market is segmented as below:
Application
Onshore
Offshore
Service
Well Intervention
Drilling Services
Others
Geography
North America
Middle East and Africa
Europe
APAC
South America
The market share growth by the onshore segment will be significant during the forecast period. The segment's growth is driven by increased drilling activities in response to the global rise in energy demand, leading oil and gas companies to explore and drill in more remote and harsh geographical environments. Additionally, the focus on unconventional reserves like tar sands and shale gas contributes to this growth. Hence, these factors are expected to drive segment growth during the forecast period.
Coiled Tubing Market 2023-2027: Market Dynamics
Key Driver
The increased exploration of unconventional sources is a key factor driving market growth. Unconventional oil and gas resources, including shale gas, CBM, gas hydrates, tight oil, and oil sands, present challenges in extraction and high production costs. However, advancements in technology and operational efficiencies have made these resources more viable. The combination of horizontal drilling and hydraulic fracturing has significantly improved the profitability of recovering oil and gas from low-permeability geological plays like shale. Additionally, companies are pursuing various business strategies including mergers and acquisitions (M&A) to expand their presence in the hydraulic fracturing field. Therefore, these factors are expected to drive market growth during the forecast period.
Significant Challenges
The environmental concerns associated with oil and gas E&P activities are a significant challenge restricting market growth. Oil and gas drilling activities pose significant environmental threats, such as oil spills, toxic chemical emissions leading to air and water pollution, and methane emissions contributing to climate change. Toxic chemicals released into the water from drilling fluids can have a negative impact on the environment. Although drilling fluids are used for cooling and lubrication in the drilling process, fracking, an unconventional well extraction method, also has negative environmental impacts. Hence, environmental concerns are expected to restrict market growth during the forecast period.
Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial -Buy the report!
Coiled Tubing Market 2023-2027: Company Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. We provide a detailed analysis of around 25 companies operating in the Coiled Tubing Market, including some of the companies such as Altus Intervention, Baker Hughes Co., Forum Energy Technologies Inc., Halliburton Co., HandyTube Corp., National Energy Services Reunited Corp., NexTier Oilfield Solutions Inc., NOV Inc., Oceaneering International Inc., RPC Inc., Sandvik AB, Schlumberger Ltd., STEP Energy Services Ltd., Superior Energy Services Inc., Tenaris SA, Trican Well Service Ltd., Trident Steel Corp., Weatherford International Plc, Webco Industries Inc., and Yantai Jereh Petroleum Equipment and Technologies Co. Ltd. Backed with competitive intelligence and benchmarking, our research reports on the Coiled Tubing Market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
Company Offering
Altus Intervention - The company offers coiled tubing solutions such as Annular fracturing services, Catenary CT services, and CIRCA coiled tubing software.
Baker Hughes Co. - The company offers coiled tubing solutions such as Annular fracturing services, Catenary CT services, and CIRCA coiled tubing software.
Halliburton Co. - The company offers coiled tubing solutions such as SPECTRUM FUSION, SPECTRUM 360, SPECTRUM eIP, and SPECTRUM IRIS.
Coiled Tubing Market 2023-2027: Key Highlights
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist coiled tubing market growth during the next five years
Estimation of the coiled tubing market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the coiled tubing market
Analysis of the market's competitive landscape and detailed information on companies
Comprehensive details of factors that will challenge the growth of coiled tubing market companies
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The directional drilling market is estimated to grow at a CAGR of 9.24% between 2022 and 2027. The market size is forecast to increase by USD 5,013.65 million. Furthermore, this report extensively covers market segmentation by application (offshore and onshore), technique (rotary steerable system and conventional methods), and geography (North America, APAC, Europe, Middle East and Africa, and South America). The growing consumption of oil and gas is a key factor driving market growth during the forecast period.
The high-pressure oil and gas separator market is estimated to grow at a CAGR of 1.31% between 2022 and 2027. The market size is forecast to increase by USD 171.85 million. Furthermore, this report extensively covers market segmentation by application (onshore and offshore), type (horizontal, vertical, and spherical), and geography (Middle East and Africa, North America, APAC, Europe, and South America). The rise in unconventional oil and gas resources is a key factor driving market growth during the forecast period.
Coiled Tubing Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 5.68%
Market growth 2023-2027
USD 1,135.27 million
Market structure
Fragmented
YoY growth 2022- 2023 (%)
5.16
Regional analysis
North America, Middle East and Africa, Europe, APAC, and South America
Performing market contribution
North America at 37%
Key countries
US, Canada, Saudi Arabia, China, and Russia
Competitive landscape
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled
Altus Intervention, Baker Hughes Co., Forum Energy Technologies Inc., Halliburton Co., HandyTube Corp., National Energy Services Reunited Corp., NexTier Oilfield Solutions Inc., NOV Inc., Oceaneering International Inc., RPC Inc., Sandvik AB, Schlumberger Ltd., STEP Energy Services Ltd., Superior Energy Services Inc., Tenaris SA, Trican Well Service Ltd., Trident Steel Corp., Weatherford International Plc, Webco Industries Inc., and Yantai Jereh Petroleum Equipment and Technologies Co. Ltd.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table Of Contents:
1 Executive Summary
1.1 Market Overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Application
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Service
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on company Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market Definition
Exhibit 12: Offerings of companies included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global coiled tubing market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on global coiled tubing market 2017 - 2021 ($ million)
Exhibit 55: Data Table on Drilling services - Year-over-year growth 2022-2027 (%)
7.5 Others - Market size and forecast 2022-2027
Exhibit 56: Chart on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 57: Data Table on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 58: Chart on Others - Year-over-year growth 2022-2027 (%)
Exhibit 59: Data Table on Others - Year-over-year growth 2022-2027 (%)
7.6 Market opportunity by Service
Exhibit 60: Market opportunity by Service ($ million)
Exhibit 61: Data Table on Market opportunity by Service ($ million)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 63: Chart on Market share by geography 2022-2027 (%)
Exhibit 64: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 65: Chart on Geographic comparison
Exhibit 66: Data Table on Geographic comparison
9.3 North America - Market size and forecast 2022-2027
Exhibit 67: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 68: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 69: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 70: Data Table on North America - Year-over-year growth 2022-2027 (%)
9.4 Middle East and Africa - Market size and forecast 2022-2027
Exhibit 71: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 72: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 73: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 74: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
9.5 Europe - Market size and forecast 2022-2027
Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)
9.6 APAC - Market size and forecast 2022-2027
Exhibit 79: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 80: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 81: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 82: Data Table on APAC - Year-over-year growth 2022-2027 (%)
9.7 South America - Market size and forecast 2022-2027
Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)
9.8 US - Market size and forecast 2022-2027
Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)
9.9 Russia - Market size and forecast 2022-2027
Exhibit 91: Chart on Russia - Market size and forecast 2022-2027 ($ million)
Exhibit 92: Data Table on Russia - Market size and forecast 2022-2027 ($ million)
Exhibit 93: Chart on Russia - Year-over-year growth 2022-2027 (%)
Exhibit 94: Data Table on Russia - Year-over-year growth 2022-2027 (%)
9.10 China - Market size and forecast 2022-2027
Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)
9.11 Saudi Arabia - Market size and forecast 2022-2027
Exhibit 99: Chart on Saudi Arabia - Market size and forecast 2022-2027 ($ million)
Exhibit 100: Data Table on Saudi Arabia - Market size and forecast 2022-2027 ($ million)
Exhibit 101: Chart on Saudi Arabia - Year-over-year growth 2022-2027 (%)
Exhibit 102: Data Table on Saudi Arabia - Year-over-year growth 2022-2027 (%)
9.12 Canada - Market size and forecast 2022-2027
Exhibit 103: Chart on Canada - Market size and forecast 2022-2027 ($ million)
Exhibit 104: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
Exhibit 105: Chart on Canada - Year-over-year growth 2022-2027 (%)
Exhibit 106: Data Table on Canada - Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 107: Market opportunity by geography ($ million)
Exhibit 108: Data Tables on Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 109: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Company Landscape
11.1 Overview
11.2 Company landscape
Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 111: Overview on factors of disruption
11.4 Industry risks
Exhibit 112: Impact of key risks on business
12 Company Analysis
12.1 Companies covered
Exhibit 113: Companies covered
12.2 Market positioning of companies
Exhibit 114: Matrix on company position and classification
12.3 Altus Intervention
Exhibit 115: Altus Intervention - Overview
Exhibit 116: Altus Intervention - Product / Service
Exhibit 117: Altus Intervention - Key offerings
12.4 Baker Hughes Co.
Exhibit 118: Baker Hughes Co. - Overview
Exhibit 119: Baker Hughes Co. - Business segments
Exhibit 120: Baker Hughes Co. - Key news
Exhibit 121: Baker Hughes Co. - Key offerings
Exhibit 122: Baker Hughes Co. - Segment focus
12.5 Forum Energy Technologies Inc.
Exhibit 123: Forum Energy Technologies Inc. - Overview
Exhibit 124: Forum Energy Technologies Inc. - Business segments
Exhibit 125: Forum Energy Technologies Inc. - Key offerings
Exhibit 126: Forum Energy Technologies Inc. - Segment focus
12.6 Halliburton Co.
Exhibit 127: Halliburton Co. - Overview
Exhibit 128: Halliburton Co. - Business segments
Exhibit 129: Halliburton Co. - Key news
Exhibit 130: Halliburton Co. - Key offerings
Exhibit 131: Halliburton Co. - Segment focus
12.7 NexTier Oilfield Solutions Inc.
Exhibit 132: NexTier Oilfield Solutions Inc. - Overview
Exhibit 133: NexTier Oilfield Solutions Inc. - Business segments
Exhibit 134: NexTier Oilfield Solutions Inc. - Key offerings
Exhibit 135: NexTier Oilfield Solutions Inc. - Segment focus
12.8 NOV Inc.
Exhibit 136: NOV Inc. - Overview
Exhibit 137: NOV Inc. - Business segments
Exhibit 138: NOV Inc. - Key offerings
Exhibit 139: NOV Inc. - Segment focus
12.9 Oceaneering International Inc.
Exhibit 140: Oceaneering International Inc. - Overview
Exhibit 141: Oceaneering International Inc. - Product / Service
Exhibit 142: Oceaneering International Inc. - Key offerings
12.10 RPC Inc.
Exhibit 143: RPC Inc. - Overview
Exhibit 144: RPC Inc. - Business segments
Exhibit 145: RPC Inc. - Key offerings
Exhibit 146: RPC Inc. - Segment focus
12.11 Schlumberger Ltd.
Exhibit 147: Schlumberger Ltd. - Overview
Exhibit 148: Schlumberger Ltd. - Business segments
Exhibit 149: Schlumberger Ltd. - Key news
Exhibit 150: Schlumberger Ltd. - Key offerings
Exhibit 151: Schlumberger Ltd. - Segment focus
12.12 STEP Energy Services Ltd.
Exhibit 152: STEP Energy Services Ltd. - Overview
Exhibit 153: STEP Energy Services Ltd. - Product / Service
Exhibit 154: STEP Energy Services Ltd. - Key offerings
12.13 Superior Energy Services Inc.
Exhibit 155: Superior Energy Services Inc. - Overview
Exhibit 156: Superior Energy Services Inc. - Business segments
Exhibit 157: Superior Energy Services Inc. - Key offerings
Exhibit 158: Superior Energy Services Inc. - Segment focus
12.14 Tenaris SA
Exhibit 159: Tenaris SA - Overview
Exhibit 160: Tenaris SA - Product / Service
Exhibit 161: Tenaris SA - Key offerings
12.15 Trican Well Service Ltd.
Exhibit 162: Trican Well Service Ltd. - Overview
Exhibit 163: Trican Well Service Ltd. - Product / Service
Exhibit 164: Trican Well Service Ltd. - Key offerings
12.16 Trident Steel Corp.
Exhibit 165: Trident Steel Corp. - Overview
Exhibit 166: Trident Steel Corp. - Product / Service
Exhibit 167: Trident Steel Corp. - Key offerings
12.17 Weatherford International Plc
Exhibit 168: Weatherford International Plc - Overview
Exhibit 169: Weatherford International Plc - Business segments
Exhibit 170: Weatherford International Plc - Key news
Exhibit 171: Weatherford International Plc - Key offerings
Exhibit 172: Weatherford International Plc - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 173: Inclusions checklist
Exhibit 174: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 175: Currency conversion rates for US$
13.4 Research methodology
Exhibit 176: Research methodology
Exhibit 177: Validation techniques employed for market sizing
Exhibit 178: Information sources
13.5 List of abbreviations
Exhibit 179: List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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