Coiled Tubing Market size to exceed $4bn by 2026

Coiled Tubing Market size is expected to surpass USD 4 Billion by 2026, as reported in the latest study by Global Market Insights Inc.
 

Coiled tubing (CT) drilling is a bounded pressure system which can be deployed across highly pressurized zone in order to control any changes in downhole pressure conditions. This system can precisely handle angular pressure and ascertain the downhole pressure limit. Therefore, it is becoming preferred choice for various drillers and operators. The global coiled tubing market will witness substantial growth on account of growing penetration of mature oil fields with surging energy demand. The ability to facilitate continuous drilling in underbalanced operating conditions will enhance its market outlook and raise its industry growth over the forecast timeframe.
 

Governmental measures to enhance the safety index will spur the CT industry demand across onshore fields

Introduction of numerous safety measures by the regulators will boost deployment of technologically advanced coiled tubing systems across onshore wellheads. For instance, in 2016, the U.S. government issued the final “Oil and Gas and Sulfur Operations in the Outer Continental Shelf-Blowout Preventer Systems and Well Control Rule”. Under this rule the government updated the requirements for equipment and operation of well control and drilling with an aim to optimize the oil well operations. The coiled tubing technology can effectively perform various operations including drilling, injection, perforation, with high safety index. This in turn will increase its installation and accelerate market growth.
 

Browse key industry insights spread across 580 pages with 1302 market data tables & 26 figures & charts from the report, “Coiled Tubing Market Service (Well Intervention, Well Cleaning, Well Completion {Fishing, Perforation, Logging}, Drilling {Managed Pressure Drilling, Directional Drilling}), By Application (Onshore, Offshore {Shallow, Deep, Ultra-Deep}), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/coiled-tubing-market
 

New horizontal well completion technologies uplifting the coiled tubing deployment

Ongoing technological advancements to enhance the operational efficiency will surge the global coiled tubing industry significantly. It further reduces the overall operational time by performing multiple field processes which in turn will further augment its market trends. Rapid coiled tubing trip speed, effective monitoring during well simulation and high operational efficiency are some of the key features which will enhance its utilization for well completion services.
 

Coiled tubing technology enables the rig to perform continuous drilling, cleaning & pumping operations which improves the operational efficiency and reduce the overall well cost. This will create numerous growth opportunities for the market players in well completion services. Ongoing investments toward exploration and production of unconventional resources including shale gas will further propel the market demand for coiled tubing.
 

Increasing E&P investments will drive the European market share

The coiled tubing market in Europe is growing at a steady pace with flourishing investments pushing the market growth. Russia is estimated to hold the largest market share in the Europe throughout the forecast period on account of growing E&P investments across remote onshore areas. However, Norway will register fastest growth supported by rising offshore investments mainly in deep and ultra-deep sea beds. Technological advancements in drilling and production technique is further creating new opportunities for market players.
 

Key market players operating across coiled tubing market comprise of Tenaris, Altus Intervention, Nine Energy Service, Halliburton, Trican, Weatherford, Schlumberger Limited, SUPERIOR Energy Services, Inc. and C&J Energy Services, Inc. amongst others. New technological innovations and acquisitions are few noteworthy strategies followed by key market players to sustain a competitive edge over other participant in the industry.