Coiled Tubing Market Size

Coiled Tubing Market Size

Coiled Tubing Market size was valued at over USD 3 billion in 2019 and its annual deployment is anticipated to exceed 2,500 units by 2026. Increasing E&P investments to cater to the soaring energy requirements along with growing number of mature oil fields will expand the global coiled tubing industry outlook. Well intervention accounted for the largest market share in 2019.

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Coiled tubing (CT) is a long metal pipe spooled over a large reel and is primarily used to perform workover & repair activities across well sites. There are no joints & cuts in the coiled tube, making it more effective for well boreholes with a depth of over 15,000 feet. In several regions, it is often used to carry out operations similar to wirelining.

Coiled tubing pipes are available in various diameters, which tend to vary as per the well geography. The commonly used tubing pipes have diameters of 25 to 85 mm or 1 to 3.5 inches. It is usually made up of high-quality steel with the addition of chromium, copper, and nickel to increase corrosion resistivity. This makes coiled tubing more economical, eventually propelling its market demand across the globe.

The coiled tubing market study features a detailed analysis of industry trends across the globe segmented on a regional & country basis across services and applications. Moreover, the market forecasts & estimates are in line with the data represented by authorities including the IEA, ICoTA, EIA, government regulatory bodies, and company press releases.