Coiled Tubing Services Market to Reach $6.73 Billion by 2027; Increasing Exploration of Hydrocarbon Reserves to Favor Market

The global coiled tubing services market size is expected to reach USD 6.73 billion by 2027. The rising utilization of coiled tubing technology for production casing, tubing, and exploring applications will bolster healthy growth of the market, mentioned in a report, titled “Coiled Tubing Services Market Size, Share & COVID-19 Impact Analysis, By Service (Well Intervention (Well Completion and Well Cleaning) and Drilling), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027.” The market size stood at USD 5.52 billion in 2019 and is expected to exhibit a CAGR of 5.3% between 2020 to 2027.

Contract won by Halliburton to Incite Development

Woodside Energy BV, an Australian petroleum exploration, and production company announced that it has awarded Halliburton Company, an American multinational corporation, nine conditional1 contracts for drilling and completion services for SNE Field Development Phase 1 offshore Senegal. The drilling project is due in late 2020 or early 2021, including the completion of 18 wells with up to eight optional wells over an estimated 3-4 year term. The nine contracts encompass drilling, logging, cementing, lower completions, e-line/slick line, coiled tubing, and well testing services. This contract will be the first deepwater oil development in Senegal. The multi-contract award was followed by an earlier conditional1 award to Halliburton in December 2018 for drilling and completion fluids services. Besides, the ongoing projects and contracts by major companies are expected to have a tremendous impact on the global market for coiled tubing services during the forecast period.

Surging Well Intervention Operations to Drive Business

The heavy investment in upstream and operational activities have resulted in escalated well intervention operations, in turn fostering the market. The growing production and exploration activities as well as a proclivity for unconventional resources will create opportunities for the market. The increasing emphasis on well interventions due to its use in well maintenance, production, durability, resolving significant issues, and most importantly improving well productivity will promote the market. Besides, the focus on improving operational activities and productivity in the oil & gas upstream sector will further aid the expansion of the market.

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

Introduction of Advanced Technologies by Prominent Players to Strengthen Prospects

The key players, including international oil & gas companies, are perpetually putting efforts to launch advanced technologies and featured services in the oil & gas industry. Companies are adopting strategies such as mergers & acquisitions, product development, and joint ventures to consolidate its position in the market. The ongoing projects and operations will spur opportunities for the companies, hence also stirring competition among rivals. Also, the rising emphasis on offering world-class services to customers by companies will further enable speedy expansion of the market.

The Report Lists the Main Companies in the Market for Coiled Tubing Services:

• Schlumberger (Texas, US)


• Baker Hughes, a GE Company (Texas, US)


• Halliburton (Texas, US)


• C&J Energy Services (Texas, US)


• Key Energy Services (Texas, US)


• Archer – the well company (Rogaland, Norway)


• Essential Coil (Calgary, Canada)


• COSL - China Oilfield Services Limited (Dongcheng District, Beijing)


• National Oilwell Varco (Texas, US)


• National Energy Services Company (Tarshid)


• BJ Services (Texas, US)


• Global Tubing, LLC (Texas, US)


• Calfrac Well Services (Calgary, Canada)


• Basic Energy Services (Texas, US)


• Superior Energy Services (Texas, US)


• Antech (United Kingdom)


• Pioneer Energy Services (Texas, US)

Further Report Findings:

• Regional Analysis: The market in North America is expected to lead during the forecast period owing to the prospects for natural gas, shale gas, tight gas reserves, and oil production. The rising demand for oil & gas in the U.S and Canada will boost the market in the region.


• Leading Segment: The well intervention segment is expected to witness a significant growth rate owing to its application in enhancing the productivity of oil and gas wells. Moreover, the well intervention is also used to enhance the performance and provide access to additional hydrocarbon reserves.

The Coiled Tubing Services Market is Segmented into: