Middle East and Africa Coiled Tubing Market Analysis

Middle East & Africa Coiled Tubing Market Analysis

Well intervention segment is anticipated to grow over USD 295 million by 2034. Ongoing advancements in drilling technologies, activities aimed at enhancing oil field production along with the increasing prevalence of mature oil wells are driving the demand for coiled tubing in well intervention operations. Shifting focus toward adoption of technologies which reduces the risk of potential system damage by adjusting various downhole equipment and operators seeking to improve operational efficiency, will positively influence the business dynamics.
 

Middle East & Africa coiled tubing market from offshore segment is set to grow at a CAGR of over 3% through 2034. Ongoing maturation of onshore oil reserves and shifting focus by operators toward offshore locations for new exploration opportunities will complement the industry landscape. Increased investment in deep and ultra-deep seabed production, and coiled tubing operations offer significant cost advantages over traditional workover rigs, which are becoming increasingly essential for offshore operations, contributing to the industry growth. Paradigm shift toward onshore to deep-water exploration activities coupled with replacement of malfunctioning mechanical equipment by altering the flow dynamics and production profile of active wells is anticipated to further stimulate the business dynamics.
 

Saudi Arabia coiled tubing market is set to grow over USD 180 million by 2034. Rising exploration and production investments, along with advancements in drilling technologies, will significantly boost the industry outlook. Flourishing investments for oil & gas exploration activities, rising demand continuous tubing for well intervention, primarily due to the increasing number of mature oil wells will complement the industry landscape. For instance, in July 2024, Saudi Aramco recently announced new oil & gas discoveries in Saudi Arabia. The company found two unconventional oil fields, two natural gas fields, two gas reservoirs and a light Arabian oil reservoir, located across the Eastern Province. These findings demonstrate the company’s ongoing efforts to expand its energy resources.