The coiled tubing market is expected to exceed USD 5.694 billion by 2026.In 2017, the onshore positioning segment dominated the global market in terms of revenue.North America is expected to be the major contributor to the global market revenue during the forecast period.
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Significant growth in energy demand, increasing industrialization, and growing demand for horizontal drilling are the major factors driving the growth of the coiled tubing market.The demand for coiled tubing is increasing due to government support initiatives and favorable regulatory framework.Other drivers include growing demand for natural gas as a fuel and growth in exploration and production activities.Rising demand in developing countries, development of unconventional oil blocks, and technological advancements are expected to provide substantial growth opportunities for market players during the forecast period.
The North American coiled tubing market generated the highest revenue in 2017 and is expected to lead the global market throughout the forecast period.High economic growth in the region, growing drilling and exploration industry, and rising energy demand are factors driving the market growth.
Growing trends in horizontal drilling, increasing demand for oil and gas in production for power and transportation applications, increasing urbanization, and increasing industrialization in North American countries are expected to further support the coiled tubing market growth.Rising shale gas exploration, increasing operating costs to extract oil from existing wells, increasing demand for natural gas as a fuel in the region, and supportive regulatory framework are factors that are expected to further provide growth opportunities over the forecast period.
Well-known companies profiled in the coiled tubing market report include Halliburton Co., Weatherford International Ltd., Baker Hughes, Trican Well Service Ltd., Cudd Energy Services, Schlumberger Ltd., Calfrac Well Services Ltd., C&J Energy Services, Inc., Nabors Industries Ltd. and Archer Limited.These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the growing needs and demands of consumers.
• This report provides comprehensive information on factors expected to influence future market growth and market share.• The report provides the market status and future prospects in various geographic regions.• This report provides information about the competitive landscape of the market.
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Post time: May-01-2022