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Coiled Tubing Market Trends

Report ID: GMI4498
Published Date: Dec 2024
Report Format: PDF

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Coiled Tubing Market Trends

The coiled tubing industry is projected to observe a substantial growth, fueled by the rising investments in oil and gas exploration and production. Innovations in technology have significantly improved the performance and efficiency of coiled tubing operations enabling them to operate effectively across a wide a range of well intervention and drilling applications. Various countries continue to depend on fossil fuels to power different sectors, incurring increased investments in oil & gas infrastructure, which strengthens the industry's outlook.

For instance, in October 2024, Egypt’s Ministry of Petroleum and Mineral Resources is intensifying efforts to attract new investments and boost oil and gas exploration activities in collaboration with ExxonMobil. Additionally, advancements in technology, such as the development of more durable and high-performance coiled tubing materials, are enhancing the efficiency and capabilities of these systems.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of coiled tubing reached USD 3 billion in 2024 and is set to grow at a 4.5% CAGR from 2025 to 2034, driven by increasing E&P investments and rising energy demands.

The onshore segment is projected to grow at a rate of 4% through 2034, led by the demand for efficient, cost-effective, and sustainable oil & gas solutions.

The U.S. market is set to cross USD 1 billion by 2034, propelled by the increased use of horizontal drilling and hydraulic fracturing in shale plays.

Major players in the market include Baker Hughes, Calfrac Well Services, CJ Well Services, Halliburton, KLX Energy, Nabors Industries, National Oilwell Varco, Nine Energy Service, Royal IHC, Schlumberger, STEP Energy Services, Tenaris, Trican, Weatherford, and Well Service Group.