PUNE, India, Aug 8, 2022 (GLOBE NEWSWIRE) — The global coiled tubing market is expected to grow from US$5.52 billion in 2019 to US$6.73 billion in 2027 at a CAGR of 5. 3%. In its report titled Coiled Tubing Services Market 2021-2027, Fortune Business Insights™ states that the surge in intervention services from onshore and offshore platforms is expected to open opportunities for the market over the forecast period.
Advances in drilling technology coupled with increased production from mature wells are increasing the demand for coiled tubing in workovers. Demand for coiled tubing for downhole applications will increase substantially throughout the Middle East due to the expansion of mature oil well drilling. Raising awareness of the efficient use of coiled tubing for the production of large volumes of oil and gas is expected to have a positive impact on the global market.
March 2020: Malaysian oil and gas service company Uzma Group was awarded three contracts worth US$38.35 million through its subsidiaries in Malaysia and Thailand. The contract includes well plug and abandonment (P&A) and coil tubing services. The contract includes well plug and abandonment (P&A) and coil tubing services. Контракт включает в себя закупорку и ликвидацию скважины (P&A) и услуги по установке колтюбинга. The contract includes well plugging and abandonment (P&A) and coiled tubing installation services.该合同包括井塞和弃井（P&A）和盘管服务。该合同包括井塞和弃井（P&A）和盘管服务。 Контракт включает в себя закупорку и ликвидацию скважин (P&A) и услуги колтюбинга. The contract includes plugging and abandonment of wells (P&A) and coiled tubing services.
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Strong economic growth in both developing and developed countries is playing a critical role in increasing oil and gas consumption. This, coupled with increasing investments in exploration and production (E&P) activities, especially by the US and OPEC, will enable growth in the market. This, coupled with increasing investments in exploration and production (E&P) activities, especially by the US and OPEC, will enable growth in the market. Это, в сочетании с увеличением инвестиций в разведку и добычу (E&P), особенно со стороны США и ОПЕК, обеспечит рост рынка. This, coupled with increased investment in exploration and production (E&P), especially from the US and OPEC, will ensure the growth of the market.再加上增加对勘探和生产(E&P) 活动的投资，尤其是美国和欧佩克，将推动市场增长。再加上增加对勘探和生产(E&P) Это в сочетании с увеличением инвестиций в разведку и добычу (E&P), особенно в Соединенных Штатах и ​​ОПЕК, будет способствовать росту рынка. This, combined with increased investment in exploration and production (E&P), especially in the United States and OPEC, will boost the market. These investments are aimed at meeting the growing demand for oil and gas, thus creating huge opportunities for market growth in the coming years.
Coiled tubing has been used in multiple well drilling and drilling operations, thus providing a cost-effective method for producing large volumes of oil and gas. In order to gain a competitive edge over other industry players and optimize their revenues, regional oilfield services companies are turning their attention to low-cost solutions such as coiled tubing. These factors are expected to drive overall demand for coiled tubing, which in turn will boost hydrocarbon production. Other factors expected to drive the market include reduced environmental impact and rapid mobilization and assembly.
The oil and gas industry is facing a sharp drop in revenue due to the coronavirus. According to the International Energy Agency, oil demand fell by 29 million bpd in April 2020 and by 23.1 million bpd in the second quarter. The closure of production facilities and services due to quarantine legislation in a number of countries has limited the supply of oil and gas, holding back the growth of the market. For example, Aker Solutions cut 650 jobs in the UK and Norway and also issued additional layoff notices for up to 6,000 jobs in Norway.
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The Coiled Tubing Services Market Research Report provides factual data and details on market growth opportunities and key industry developments. In addition, the report sheds light on key developments and advances made by companies operating in the industry. These developments are strategic alliances, mergers, acquisitions and partnerships. In addition, the driving forces and constraints affecting industrial development and the impact of the COVID-19 pandemic on market growth are also highlighted. The report is intended to provide complete and up-to-date information for market analysis.
According to IEA forecasts, by 2023 global oil demand will grow by 6.9 million barrels per day. The US is one of the largest oil producers and the country’s higher contribution is expected to boost the North American market. In addition, the petrochemical industry is likely to undergo a transformation due to the growth of shale gas production.
According to the report, the North American market was valued at US$2.96 billion in 2018 and is expected to maintain a significant share of the global coiled tubing market in the coming years. The presence of leading players and the implementation of favorable policies further contribute to the growth of the North American market. In addition, offshore production growth is expected to drive market growth in the region.
Other regions such as Asia Pacific, Middle East and Africa, and Latin America are expected to drive the market over the forecast period.
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