The global Coiled Tubing market size is expected to be worth US$ 2.77 billion in 2033 and exhibit a CAGR of 4% in the forecast period from 2023 to 2033. The market is predicted to be valued at US$ 1.87 billion in 2023.
The rise in demand for petroleum products from developing economies, the increase in demand for oil and gas products from developing economies, and the notable growth of polymer products derived from petroleum hydrocarbons contribute significantly to the coiled tubing market growth.
A reduction in many fuel stations due to the significant growth of the electric vehicle industry, as well as stringent government regulations related to the operational safety of coiled tubing, are expected to stymie coiled tubing market growth and the adoption of coiled tubing.
Increased investment in oil and gas exploration and production activities is expected to create potential coiled tubing market growth and coiled tubing market opportunities for key coiled tubing market players. Additionally, the coiled tubing market is being driven by upstream companies' increased efforts to improve production from mature fields.
NOCs and integrated oil companies have begun to increase their spending on global upstream and operational activities. Also, the oil and gas upstream sector is improving operational activities and increasing output with rising demand for coiled tubing in the oil and gas. All of these factors are driving the coiled tubing market and also the coiled tubing market's future trends.
| Attributes | Details |
|---|---|
| Coiled Tubing Market CAGR (2023 to 2033) | 4% |
| Coiled Tubing Market Size (2023) | US$ 1.87 billion |
| Coiled Tubing Market Size (2033) | US$ 2.77 billion |
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The demand for coiled tubing has expanded beyond traditional applications such as well-cleaning and acid stimulation. It is becoming increasingly popular in applications such as coiled tubing drilling, fracturing, subsea, deeper wells, pipelines, and others.
Coiled tubing market expansion can be attributed to technological advances that have increased the demand for coiled tubing in good intervention, drilling, and completion applications accelerating the sales of coiled tubing.
The coiled tubing market is expanding due to increased demand for conventional fuels from developing economies around the world also resulting in the mounting of coiled tubing adoption trends.
The implementation of stringent government regulations regarding environmental pollution from oil and gas products, as well as the significant development of the electric vehicle industry, are key factors impeding the coiled tubing market growth.
Coiled tubing is a subtle piece of equipment, and the tubing has a thin wall. Since the coiled tubing is constantly bent and straightened, often at high internal pressure, a small flaw, whether caused by corrosion or mechanically, can occur. It can increase the likelihood of operational damage and adversely affect the coiled tubing market’s key trends and opportunities.
According to surveys, 80-90% of coiled tubing string failures in the last two decades were caused by corrosion, mechanical damage, human error, and string manufacturing issues.
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On the contrary, the rapid transition from coal to gas power plants and the increased use of gas in vehicles is expected to provide notable coiled tubing market growth.
Rapid advancements in exploration technology for the coiled tubing market, along with declining shallow water oil reserves and the commercial viability of exploration projects, are the primary motivators for exploration and production operators to explore new oilfields, particularly in offshore regions. Hence, stepping up the coiled tubing market’s future trends. New applications for coiled tubing are emerging shooting up the adoption of coiled tubing.
The well intervention and production segment accounted for more than 65% of the coiled tubing market’s revenue Ii 2022. In a good intervention, coiled tubing is preferred over conventional tubing because the latter must be screwed together. The former does not necessitate the use of a work-over rig because it can be inserted directly during ongoing production. It is also inexpensive and suitable for use in high-pressure wells escalating the adoption of the coiled tubing market.
The increasing adoption of coiled tubing in advanced operations such as enhanced oil recovery and hydraulic and acid fracturing is encouraging leading coiled tubing market players in the oil and gas industry to incorporate the product into their operations.
Drilling is another important service sector for the coiled tubing market. Companies all over the world are investing in this product because it helps to speed up drilling hence, accelerating the coiled tubing market key trends and opportunities.
The circulation segment is expected to thrive at a CAGR of 4.5% during the forecast period, in terms of revenue for the coiled tubing market share escalating the coiled tubing market key trends and opportunities. This operation is used when the weight of a hydrostatic head prevents the flow of formulation fluids. Further, the best solution is to inject nitrogen into the well to circulate fluid out of it.
In 2022, the logging segment had a coiled tubing market share of more than 20% of the coiled tubing market. Coiled tubing is widely used in logging operations due to its rigidity and ability to be pushed far from the surface. By inserting an electric wireline conductor cable inside coiled tubing, new possibilities in good logging can be created surging the coiled tubing adoption trends.
The pumping segment is predicted to expand at a CAGR of 3.8% in volume terms during the forecast period. The product is used in this operation to distribute fluids to a specific location in the well, such as for performing chemical washes or cementing perforations as a result of scaling the coiled tubing market future.
The demand for coiled tubing in the deployment of a complex pump can reduce deployment costs by eliminating the need for several units on site, hence soaring the sales of coiled tubing.
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In terms of volume and revenue, North America dominated the coiled tubing market, accounting for more than 30% of global revenue in 2023. The growing importance of the shale gas industry has fueled regional coiled tubing market growth.
Technological advancements to improve well efficiency are driving the demand for coiled tubing in the region even further and therefore resulting in the intensification of coiled tubing market opportunities.
The Asia Pacific region is expected to thrive at a CAGR of 3.9% in terms of revenue during the forecast period. Oil and gas demand from developing countries such as India, Vietnam, and China is increasing significantly in the region. Countries in the region are vying to develop oil fields. The market in China is anticipated to expand at a CAGR of 4.5%.
In terms of volume, the Europe region is anticipated to expand by 3% during the forecast period. Further, the region is focusing on shifting its energy mix away from fossil fuels and toward renewable energy.
The Russia-Ukraine conflict negatively impacted the region's gas supply as well as the coiled tubing market trends and forecasts. During the forecast period, such factors are expected to restrain demand for coiled tubing and coiled tubing market size in Europe. The region accounted for a market share of 30% in 2022.
The coiled tubing market is highly competitive, with numerous players present all over the world. Due to rising oil and gas prices and a scarcity of supply, key coiled tubing market players are increasing production, which is positively influencing coiled tubing market growth.
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Many new coiled tubing market opportunities are being created in the coiled tubing market as manufacturers invest in research and development to develop several advanced coiled tubing solutions. A key start-up in the coiled tubing market for example:
| Report Attributes | Details |
|---|---|
| Expected Market Value (2023) | USD 1.87 billion |
| Market Anticipated Forecast Value (2033) | USD 2.77 billion |
| Growth Rate | CAGR of 4% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
| Customization | Available Upon Request |
The coiled tubing market CAGR 2033 is 4%.
The market is estimated to secure a size of US$ 1.87 billion in 2023.
The projected market value of the market for 2033 is US$ 2.77 billion.
Key players are developing the market by investing in research and development.
Schlumberger, Baker Hughes, and Halliburton are the key companies in this market.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Service
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Service, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Service, 2023 to 2033
5.3.1. Well Intervention & Production
5.3.1.1. Well Completion
5.3.1.2. Well Cleaning
5.3.1.3. Others
5.3.2. Drilling
5.3.3. Others
5.4. Y-o-Y Growth Trend Analysis By Service, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Service, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Operation
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Operation, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Operation, 2023 to 2033
6.3.1. Circulation
6.3.2. Pumping
6.3.3. Logging
6.3.4. Perforation
6.3.5. Others
6.4. Y-o-Y Growth Trend Analysis By Operation, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Operation, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Application , 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application , 2023 to 2033
7.3.1. Onshore
7.3.2. Offshore
7.4. Y-o-Y Growth Trend Analysis By Application , 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Application , 2023 to 2033
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
8.3.1. North America
8.3.2. Latin America
8.3.3. Western Europe
8.3.4. Eastern Europe
8.3.5. South Asia and Pacific
8.3.6. East Asia
8.3.7. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. U.S.
9.2.1.2. Canada
9.2.2. By Service
9.2.3. By Operation
9.2.4. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Service
9.3.3. By Operation
9.3.4. By Application
9.4. Key Takeaways
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Service
10.2.3. By Operation
10.2.4. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Service
10.3.3. By Operation
10.3.4. By Application
10.4. Key Takeaways
11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. U.K.
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Western Europe
11.2.2. By Service
11.2.3. By Operation
11.2.4. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Service
11.3.3. By Operation
11.3.4. By Application
11.4. Key Takeaways
12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. Poland
12.2.1.2. Russia
12.2.1.3. Czech Republic
12.2.1.4. Romania
12.2.1.5. Rest of Eastern Europe
12.2.2. By Service
12.2.3. By Operation
12.2.4. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Service
12.3.3. By Operation
12.3.4. By Application
12.4. Key Takeaways
13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. India
13.2.1.2. Bangladesh
13.2.1.3. Australia
13.2.1.4. New Zealand
13.2.1.5. Rest of South Asia and Pacific
13.2.2. By Service
13.2.3. By Operation
13.2.4. By Application
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Service
13.3.3. By Operation
13.3.4. By Application
13.4. Key Takeaways
14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. China
14.2.1.2. Japan
14.2.1.3. South Korea
14.2.2. By Service
14.2.3. By Operation
14.2.4. By Application
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Service
14.3.3. By Operation
14.3.4. By Application
14.4. Key Takeaways
15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Service
15.2.3. By Operation
15.2.4. By Application
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Service
15.3.3. By Operation
15.3.4. By Application
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. U.S.
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2022
16.1.2.1. By Service
16.1.2.2. By Operation
16.1.2.3. By Application
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2022
16.2.2.1. By Service
16.2.2.2. By Operation
16.2.2.3. By Application
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2022
16.3.2.1. By Service
16.3.2.2. By Operation
16.3.2.3. By Application
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2022
16.4.2.1. By Service
16.4.2.2. By Operation
16.4.2.3. By Application
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2022
16.5.2.1. By Service
16.5.2.2. By Operation
16.5.2.3. By Application
16.6. U.K.
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2022
16.6.2.1. By Service
16.6.2.2. By Operation
16.6.2.3. By Application
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2022
16.7.2.1. By Service
16.7.2.2. By Operation
16.7.2.3. By Application
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2022
16.8.2.1. By Service
16.8.2.2. By Operation
16.8.2.3. By Application
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2022
16.9.2.1. By Service
16.9.2.2. By Operation
16.9.2.3. By Application
16.10. Poland
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2022
16.10.2.1. By Service
16.10.2.2. By Operation
16.10.2.3. By Application
16.11. Russia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2022
16.11.2.1. By Service
16.11.2.2. By Operation
16.11.2.3. By Application
16.12. Czech Republic
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2022
16.12.2.1. By Service
16.12.2.2. By Operation
16.12.2.3. By Application
16.13. Romania
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2022
16.13.2.1. By Service
16.13.2.2. By Operation
16.13.2.3. By Application
16.14. India
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2022
16.14.2.1. By Service
16.14.2.2. By Operation
16.14.2.3. By Application
16.15. Bangladesh
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2022
16.15.2.1. By Service
16.15.2.2. By Operation
16.15.2.3. By Application
16.16. Australia
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2022
16.16.2.1. By Service
16.16.2.2. By Operation
16.16.2.3. By Application
16.17. New Zealand
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2022
16.17.2.1. By Service
16.17.2.2. By Operation
16.17.2.3. By Application
16.18. China
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2022
16.18.2.1. By Service
16.18.2.2. By Operation
16.18.2.3. By Application
16.19. Japan
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2022
16.19.2.1. By Service
16.19.2.2. By Operation
16.19.2.3. By Application
16.20. South Korea
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2022
16.20.2.1. By Service
16.20.2.2. By Operation
16.20.2.3. By Application
16.21. GCC Countries
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2022
16.21.2.1. By Service
16.21.2.2. By Operation
16.21.2.3. By Application
16.22. South Africa
16.22.1. Pricing Analysis
16.22.2. Market Share Analysis, 2022
16.22.2.1. By Service
16.22.2.2. By Operation
16.22.2.3. By Application
16.23. Israel
16.23.1. Pricing Analysis
16.23.2. Market Share Analysis, 2022
16.23.2.1. By Service
16.23.2.2. By Operation
16.23.2.3. By Application
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Service
17.3.3. By Operation
17.3.4. By Application
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. John Lawrie Group
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. Sandvik AB
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. Forum Energy Technologies, Inc.
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. Gautam Tube Corporation
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. HandyTube
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. National Oilwell Varco
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. Stewart & Stevenson
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. T&H Lemont
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. Tenaris
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Trident Steel Corporation
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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Coiled Tubing Market
