Increase in demand for conventional fuels from the developing economies drives the growth of the global coiled tubing market
PORTLAND, Ore., Nov. 8, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Coiled Tubing Market by Operation (Pumping, Circulation, Logging, and Others), Location (Onshore and Offshore), Application (Well Intervention, Drilling." According to the report, the global coiled tubing industry was estimated at $3.0 billion in 2020, and is anticipated to hit $4.7 billion by 2030, registering a CAGR of 4.5% from 2021 to 2030.
Drivers, restraints, and opportunities-
Increase in demand for conventional fuels from the developing economies drives the growth of the global coiled tubing market. On the other hand, implementation of stringent government regulations toward environmental pollution from oil & gas products impedes the growth to some extent. However, rapid transition from coal power station to gas power station and rise in use of gas in vehicles are anticipated to provide lucrative growth opportunities for the key players in the industry.
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COVID-19 Scenario-
- The outbreak of the pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries that curtailed the demand for oil and gas products, which impacted the global coiled tubing market negatively.
- Nevertheless, as the situation is getting better across the world, the market is expected to get back on track soon.
The pumping segment to dominate by 2030-
Based on operation, the pumping segment accounted for more than one-third of the total coiled tubing market share in 2020, and is anticipated to rule the roost by 2030. The same segment would also cite the fastest CAGR of 5.4% throughout the forecast period, due to rise in demand for coiled tubing from variety of fluid pumping operations such as oil well cementing, pressure testing, solvent pumping, acidizing treatments and others.
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The onshore segment to maintain the dominant share-
Based on location, the onshore segment held around three-fifths of the global coiled tubing market revenue in 2020, and is expected to lead the trail by 2030. This is owing to rise in demand for oil & gas and related products across the world. The offshore segment, however, would manifest the fastest CAGR of 4.9% from 2020 to 2030. This is due to increase in deep water excavation activities, infrastructure development, and scientific studies of the earth's subsurface since it leads to increase in oil exploration activities from oil reserves in seas.
North America garnered the major share in 2020-
Based on region, North America held the major share in 2020, generating around one-third of the global coiled tubing market, due to the presence of key players and huge consumer base in the region. At the same time, the market across Europe would grow at the fastest CAGR of 6.0% by 2030. This is attributed to the rising demand for oil products from the transportation, building & construction, and manufacturing industries across the region.
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Key players in the industry-
- Calfrac Well Services Ltd.
- Baker Hughes Company
- Step Energy Services
- Key Energy Services, LLC
- Weatherford International PLC.
- Altus Intervention
- Oceaneering International, Inc.
- Halliburton
- Schlumberger Limited
- Trican
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