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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.
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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:
Further Report Findings:
The Coiled Tubing Services Market is Segmented into:
Value (USD Billion)