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 |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| 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. 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Coiled Tubing Market
