San Francisco, California, April 16, 2018: The drive for coiled tubing stems from the intensifying need for cost-effective solutions in oil well intervention operations. The rising adoption of systems for achieving optimal production in a producing oil well is key to growth of the market. A new report penned by TMR Research, titled, “Coiled Tubing Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025”, sheds light on these trends and more and evaluates their impact on the current market outlook and emerging growth trajectory.
The growing number oil well maturing in various parts of the world has triggered the adoption of these oil intervention systems to bolster productivity. The rapid strides being experienced by the oil and gas sector, especially in developing and developed economies, is a notable factor aiding in the substantial expansion of the demand for coiled tubing. The markedly rising adoption of coiled tubing for improving the productivity in tight oil reserves is also accentuating the market’s growth.
The growing focus on mature oil fields redevelopment is another crucial trend providing a robust impetus to the demand for coiled tubing. The burgeoning offshore and deep-water drilling activities in various parts of the globe is also catalyzing the growth of the coiled tubing market.
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However, stringent regulations on well intervention programs, especially in developed regions, may adversely affect the growth of the coiled tubing market.
Regionally, North America is expected to account for an attractive share of the global market for coiled tubing. The growth is essentially fueled by the rapidly rising exploration activities and substantial shale gas explorations. Asia Pacific will collect substantial revenues in the global market. The growth is supported by the rise in public as well as investments in oil gas exploration programs.
Some of the prominent players operating in the coiled tubing market are Aker Solutions ASA, Baker Hughes, Calfrac Well Services Ltd., C&J Energy Services, Sanjel Corp, CWC Energy Services Corp., and Halliburton Co.