Coiled Tubing Services Market | Contrive Datum Insights

Market Overview

The Global Coiled Tubing Services Market Size is expected to grow from USD 5.52 billion in 2022 to USD 8.34 billion by 2030, exhibiting a CAGR of 5.3% during the forecast period.

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The product’s ability to reduce the overall cost of oil and gas exploration is expected to drive market growth over the forecast period. Advantages of coiled tubing over conventional operations include rapid mobilization, the reduced time associated with handling pipelines and out-of-hole, Higher working performance, balanced well control, and greater safety these advantages are expected to propel the market growth during the forecast period.
The United States holds the largest share of the North American coiled tubing services market. Due to the Ukrainian-Russian conflict, the country plans to increase oil and gas production. Production is expected to increase by 1 million barrels per day in 2022. Additionally, the US is expected to be able to scale production up to 700,000 barrels per day in 2023, which will positively impact the coiled tubing market over the forecast period.
As of 2021, the United States has 12 million acres of unproductive oil and gas federal land and 9,000 unused but approved production permits. Because of this, the government plans to make companies pay for wells not used in production. The plan is expected to force companies to start producing oil and gas. This decision is expected to boost the demand for coiled tubes over the forecast period.

The Coiled Tubing Services Market has been recently published by Contrive Datum Insights to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static as well as dynamic aspects of the global Coiled Tubing Services market.

Significant Market Dynamics

Drivers

A growing need for well intervention operations:

The NOCs and integrated oil companies have begun to invest more on worldwide upstream and operational activities. In addition, as the demand for oil and gas rises, the oil and gas upstream field is enhancing its operational responsibilities and increasing production. All of these elements are propelling the market for coiled tubing.

Increasing revenues and investment in hydrocarbon exploration and manufacturing

During the period from 2022 to 2030, the market for coiled tubing services is anticipated to be driven by factors such as the rising consumption of oil and gas, which contributes to the expansion of the economy as a whole, and the escalating levels of investment in the development and production of hydrocarbons.

Restraints

Risks associated with operations involving coiled tubing and operational safety regulations:

Coiled tubing is a modest piece of equipment with a relatively thin wall thickness. As a result of the constant bending and straightening of the tubing, frequently at high levels of internal pressure, which can cause a minor flaw, whether caused by corrosion or mechanically, there is a high probability of operational damage. In the past twenty years, 80–90% of coiled tubing thread failures were attributed to corrosion, mechanical harm, human mistakes, and string manufacturing issues, according to surveys.

Opportunities

Increasing investigation and manufacturing in light of recent discoveries:

Exploration as well as production operators are incentivized to explore new oilfields, particularly in offshore regions, due to technological advancements, diminishing oil reserves in shallow water, and the commercial viability of exploration projects. Consequently, this creates new opportunities for coiled tubing.

Challenges

Complex coiled tubing operations during offshore well interventions and drilling present difficulties:

During offshore well intervention and drilling operations, coiled tubing service providers face challenges such as extreme pressure damage while pumping fluids, coiled tubing deterioration, inability to rotate coiled tubing, and difficulties with both road transport and offshore crane lifting.

Industry Development:

• In June 2020, Weatherford introduced the Velox Wellhead System, a solution for operators who need to lock in pressure integrity while improving safety and enhancing efficiency.
• In January 2020, Halliburton was given seven contracts for drilling and completion services for the next stage of field development of the INPEX-operated Ichthys Project in the Browse Basin offshore northern Australia.

• Energean (an independent E&P company focused on developing resources in the Mediterranean and North Sea) and Halliburton have committed to collaborate on a three- to five-well drilling and completions campaign beginning in September 2021. This agreement is anticipated to enhance the company's project portfolio and increase demand for coiled tubing services.
• In January 2021, Equinor signed a long-term framework agreement for the delivery of Integrated Wireline Services with Altus Intervention AS, a subsidiary of the transnational Altus Intervention Group AS. This contract includes the provision of completely integrated intervening products and services, such as mechanical wireline, cased hole logging, and tractor conveyance, for a total of 22 installations.

Market Segmentation

By Type

Well intervention and production contributed more than 65.0% of the global market's revenue in 2021. In a well intervention, coiled tubing is preferred because conventional tubing must be linked to one another. The earlier type does not require workover equipment because it can be directly installed during production. Moreover, it is cost-effective and applicable to high-pressure wells.

By Application
The market is fundamentally divided into onshore and offshore segments based on its application. Due to rising onshore exploration and significant investments in oil and gas production, the onshore segment is anticipated to drive market expansion. Globally dominant nations focused predominantly on onshore exploration and production. Increasing hydrocarbon recovery potential and burgeoning oil and gas production are driving the growth of the offshore sector. Nevertheless, the onshore application is expected to dominate the market for coiled tubing services over the forecast period.

Regional Insights:

North America is projected to be the largest market between 2018 and 2023 owing to increasing unconventional resources in the United States and Canada. Additionally, demand for coiled tubing operations in offshore oil fields in the Gulf of Mexico and other offshore oil fields in the United States is expected to propel market growth.
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Due to the growing number of mature oil fields in Russia and the United Kingdom, Europe is expected to be the second largest market for coiled tubing services.

Geographically, the global Coiled Tubing Services market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, Middle East, and India. The global region is dominating this market in the upcoming future.

Scope of the Report

Key Vendors

Halliburton (US) Halliburton, which was founded in 1919, is one of the world's leading suppliers of products and services to the energy industry. With over 45,000 employees representing 130 nationalities in over 80 countries, the company helps its customers maximize value throughout the reservoir's lifecycle, from locating hydrocarbons and managing geological data to drilling and formation evaluation, well construction and completion, and optimizing production throughout the asset's life.

Baker Hughes Company (US) is a global provider of energy technology solutions to energy and industrial consumers. More than a century ago, their inventions revolutionized the energy industry. They utilize the power of engineering, data, and science to redefine the boundaries of possibility. Their equipment and service capabilities span both the energy and industrial value chains. Their two operating segments, Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET), comprise of similar products and services and are organized based on the nature of their markets and customers. Visit bakerhughes.com for more information.

Weatherford (Switzerland) Weatherford International plc, a global leader in energy services, was established in 1987. The Company's global talent network of approximately 17,000 team members and approximately 350 operating locations, including manufacturing, research and development, service, and training facilities, enable it to meet the challenges of the energy industry in approximately 75 countries. Drilling, Evaluation, Completion, Production, and Intervention are specialties.

NexTier Oilfield Solution (US) NexTier is the nation's foremost provider of integrated completions for the most challenging land basins. It is a petroleum and natural gas company founded in 2019 with headquarters in Houston, Texas. They provide safe, effective, and cutting-edge services that enable clients to succeed by accelerating production and generating superior returns. Hydraulic Fracturing, Wireline, Pumpdown, Coiled Tubing, Cementing, Rig Services, and Fluids Management are the company's specialties.

Trican (Canada) The company was established in 1996 and has its headquarters in Calgary, Alberta. Trican is a leading Canadian provider of pressure pumping and other petroleum services. Trican's experience in multistage fracturing, coiled tubing, cementing, reservoir characterization, acidizing & production enhancement, and industrial & pipeline services is among the most extensive in the industry. Trican is a technical and operational industry leader.

 Trican provides innovative and integrated solutions to clients engaged in the exploration and development of oil and natural gas reserves by leveraging a workforce that is highly trained and competent and a commitment to research and development. A number of Trican's services and technologies are provided throughout the well's life cycle. Hydraulic Fracturing, Cementing, Coiled Tubing, Acidizing and Production Enhancement, Remote Well Monitoring, Reservoir Solutions, Geological Solutions, Pipeline Services, and Industrial Services are the company's specialties.

Market Key Players

• Halliburton (US)
• Schlumberger (US)
• Baker Hughes Company (US)
• Weatherford (Switzerland)
• NexTier Oilfield Solution (US)
• Superior Energy Services (US)
• Trican (Canada)
• Altus Intervention (Norway)
• National Energy Services Reunited (US)
• RPC Inc. (US).
• Calfrac Well Services (Canada)
• Key Energy Services (US)
• Nine Energy Services (US)
• Pioneer Energy Services (US)
• Legend Energy Services (US)
• Oilserv (UAE)

Major Market Segments Covered

On the Basis of Type:

• Well Intervention Service
• Drilling Service
• Others

On the Basis of Application:

• Onshore
• Offshore
• Others

By region

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Conclusion

The ability of the product to reduce the overall cost of oil and gas exploration is anticipated to drive market expansion over the forecast period. The Coiled Tubing Services Market was recently added by Contrive Datum Insights to its massive database, which assists businesses in shaping their futures by making informed business decisions. NOCs and integrated oil companies have increased their investments in upstream and operational activities worldwide.

Due to technological advancements, diminishing oil reserves in shallow water, and the commercial viability of exploration projects, both exploration and production operators are incentivized to explore new oilfields, particularly in offshore regions. As a result, new opportunities arise for coiled tubing. Increasing unconventional resources in the United States and Canada are anticipated to make North America the largest market from 2018 to 2023.