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LONDON, GREATER LONDON, UNITED KINGDOM, October 22, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The coiled tubing market has experienced robust growth in recent years. It is projected to rise from $3.63 billion in 2023 to $3.98 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.5%. This growth during the historical period can be linked to the surge in oil and gas exploration, the cost-effectiveness of coiled tubing solutions, and the increasing demand for well intervention services.
What Is The Estimated Market Size Of The Global Coiled Tubing Market And Its Annual Growth Rate?
The coiled tubing market is anticipated to experience significant growth in the coming years, reaching $7.32 billion by 2028, with a compound annual growth rate (CAGR) of 16.5%. This projected growth during the forecast period can be attributed to ongoing energy demand, the extraction of unconventional resources, environmental and regulatory considerations, and global economic trends.
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Growth Driver Of The Coiled Tubing Market
The increasing demand for oil and gas is expected to drive the growth of the coiled tubing market in the future. As global demand for oil and gas rises, there will be a simultaneous need to revamp and refurbish existing oilfields. Coiled tubing units are primarily utilized for well cleanout, drilling and milling, gas lifting and induced flowing, fishing, drainage, removal of high freezing point oil plugs, and general plugging removal.
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Which Market Players Are Steering The Coiled Tubing Market Growth?
Key players in the market include Halliburton Company, Schlumberger NV, Baker Hughes Company, Weatherford International PLC, Oceaneering International Inc., Trican Well Service Ltd., Legend Energy Services, Superior Energy Services Inc., Basic Energy Services Inc., NexTier Oilfield Solutions LLC, Global Tubing LLC, Webco Industries, Sanjel Energy Services, Pioneer Energy Services Corp., Condor Energy Services, Archer Ltd., NOV Inc., Hunting Energy Services Inc., Cudd pressure control Inc., Nine Energy Service, Liberty Energy, Canyon Services Group Inc., Essential Energy Services Limited, Precision Drilling Corporation, Patterson-UTI Energy, Nabors Industries Limited, Ensign Energy Services Inc., Key Energy Services, Forbes Energy Services Ltd., Step Energy services.
What Are The Key Trends That Influence Coiled Tubing Market Size?
Leading companies in the coiled tubing market are investigating space-saving coiled tubing (CT) solutions to gain a competitive edge and improve their product offerings. Space-saving coiled tubing refers to specialized equipment or systems designed for the deployment and management of coiled tubing in sectors such as oil and gas.
How Is The Global Coiled Tubing Market Segmented?
1) By Service Type: Well Intervention, Drilling service, Perforating, Fracturing, Milling services
2) By Operation: Logging, Pumping, Circulation, Other Operations
3) By Application Type: Onshore, Offshore
Geographical Insights: North America Leading The Coiled Tubing Market
North America was the largest region in the market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the coiled tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Coiled Tubing Market Definition
Coiled tubing is a long metal pipe that is wound around a large reel for transport. It is taken to the well site during well repair or workover activities. Additionally, coiled tubing is utilized to enhance well and reservoir performance, as well as for various onsite processes, including milling, drilling, and rock fracturing.
Coiled Tubing Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global coiled tubing market report covering trends, opportunities, strategies, and more
The Coiled Tubing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on coiled tubing market size, coiled tubing market drivers and trends and coiled tubing market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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