The global coiled tubing market size was valued at USD 4.09 billion in 2020 and is predicted to expand at a significant CAGR of 4.8% from 2020 to 2027.
Coiled tubing is a long metal pipe that is surrounded or rolled over a large reel that is brought to the well site when any well repair or work over activities are to be performed. There are no joints in between the coiled tube which means that it’s a continuous long metal pipe that can be taken inside the borehole to the depth of up to 15000 feet. In several regions, it is often used to carry out operations similar to wire lining. Coiled tubing pipes are available in various diameters, which tend to vary as per the well geography. The commonly used tubing pipes have diameters of 25 to 85 mm or 1 to 3.5 inches. It is usually made up of high-quality steel with the addition of chromium, copper, and nickel to increase corrosion resistivity. This makes coiled tubing more economical, eventually propelling its market demand across the globe.
The major factors that influence the global coiled tubing market are the increasing growth in the energy sector and higher investments in the shale gas developments. The increasing investments in the E&P industries also boost the global market. The advancements in the deep-water drilling and offshore markets increase the coiled tube use, which in turn fuels the coiled tubing market growth. The other factors that propel the global market are the rising demand for renewable resources, augmented exploration, production, and completion of these activities. The high cost of ownership is thus restraining the global market growth. However, high maintenance cost is a major factor restraining growth of the global coiled tubing market. Additionally, lack of professional workforce is another factor expected to hamper growth of the global coiled tubing market over the forecast period.
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The major players in the global coiled tubing market are Halliburton, Schlumberger, Baker Hughes Company, Weatherford, NexTier Oilfield Solution, Superior Energy Services, Trican, Altus Intervention, National Energy Services Reunited, and RPC Inc.
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