Coiled Tubing Services Market to Record CAGR of 5.50% Over 2025-2032; Expansion of Production and Exploration Activities Support Market Growth

The global coiled tubing services market size was valued at USD 7.43 billion in 2024 and is predicted to reach USD 7.88 billion in 2025. The market is anticipated to touch USD 11.46 billion by 2032, recording a CAGR of 5.50% over 2025-2032.

Fortune Business Insights™ presents this information in its latest report titled “Coiled Tubing Services Market Size, Share & Industry Analysis, By Service (Well Intervention {Well Completion & Well Cleaning} and Drilling), By Application (Onshore and Offshore) and Regional Forecast, 2025-2032”.

Coiled tubing services involve a method for well intervention that does not use traditional drill pipes. Instead, it makes use of coiled tubing constructed from steel or composite materials that are wound around a large spool and then inserted into the wellbore. This technique enables several operations to be performed simultaneously within the wellbore. Coiled tubing services are commonly employed for the installation of tools and materials through production casing or tubing, as well as for exploring shales, tight gas, and tight oil.

The global coiled tubing services market experienced a significant downturn due to the COVID-19 pandemic, which led to the shutdown of various industrial and commercial activities along with transportation restrictions, ultimately lowering the demand for oil. The pandemic also impacted crude oil prices, drilling activities, manufacturing processes, and the overall oil and gas supply chain.

Archer Acquires Baker Hughes’ U.K. Coil Tubing and Pumping Business to Expand its Service Portfolio

In February 2023, Archer completed the purchase of Baker Hughes’ Coil Tubing and Pumping division in the U.K. The acquisition encompasses four full CT&P systems, along with auxiliary equipment, all customized and enhanced for the U.K. market.

Expansion of Production and Exploration Activities Support Market Growth

Significant investments in global upstream and operational sectors have allowed oil companies to make notable contributions to well intervention practices. The increase in production and exploration efforts, along with the uptick in unconventional resources, are the primary drivers of market expansion. Well interventions are performed for a variety of purposes, such as boosting production, ensuring well durability, and addressing well issues, all aimed at maximizing well productivity. Moreover, the upstream oil and gas sector is focused on refining operational practices and optimizing production levels. These factors play a role in the expansion of the coiled tubing market.

However, fluctuations in crude oil prices and high maintenance expenses pose significant challenges that hinder coiled tubing services market growth.

Key Players to Secure Contracts to Expand Offshore Services and Market Position

Key market participants include Baker Hughes, Halliburton, and Weatherford. In June 2024, Baker Hughes, a company focused on energy technology, was awarded a significant contract by Petrobras to provide workover and plug and abandonment (P&A) services for offshore fields in Brazil. Baker Hughes plans to implement a comprehensive approach using wireline, coiled tubing, cementing, and other related services throughout Petrobras’ offshore operations.

Notable Industry Development

• March 2024 - Tenaris unveiled its latest innovations in coiled tubing at the 2024 SPE/ICoTA Well Intervention Conference and Exhibition. The company launched BlueCoil® technology, which is designed to enhance fatigue resistance, boost strength, and improve reliability, thereby extending the service life of coiled tubing applications.

List of Key Companies Profiled in the Report

• Baker Hughes (U.S.)
• Halliburton (U.S.)
• Weatherford (U.S.)
• SLB (U.S.)
• Calfrac Well Services Ltd. (Canada)
• Trican (Canada)
• C&J Well Services (U.S.)
• Jereh Energy Services Corporation (Saudi Arabia)
• TAQA (UAE)
• Tacrom (Germany)
• Helix Energy (U.S.)
• AnTech Ltd (U.K.)
• EXALO DRILLING S.A. (Poland)
• Petrospec (Canada)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/coiled-tubing-service-market-101343

Further Report Findings:

• The North America region is witnessing significant growth due to rising investments in the exploration and development of shale oil and gas, as well as a heightened demand for well-intervention activities. The U.S. leads this market and is expected to continue leading because of strong exploration and production efforts alongside a trend toward horizontal drilling.
• A large portion of the oil and gas wells in Europe are reaching maturity, requiring ongoing maintenance and intervention to maintain optimal production levels. As these fields age, the demand for well intervention services, including stimulation, re-perforation, and sand control, intensifies, thereby driving growth in the coiled tubing services sector.
• In terms of service, the well intervention segment is expected to command the largest coiled tubing services market share in the coming years. Coiled Tubing (CT) improves well intervention processes by providing a flexible, continuous tubing system capable of performing a range of operations, such as wellbore cleaning, simulation, and tool deployment. This capability enhances operational efficiency, lowers costs, and reduces environmental impact by enabling interventions on live well, thereby contributing significantly to the growth of this segment.

Table of Segmentation: