The Coiled Tubing market is anticipated to reach over USD 5,694 million by 2026 according to a new research published by Polaris Market Research. In 2017, the onshore location segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
A significant growth in demand for energy, increasing industrialization, and rising demand for horizontal drilling are major factors driving the growth of the Coiled Tubing Market. The demand for coiled tubing is increasing owing to supportive government initiatives, and favorable regulatory framework. Other driving factors include growing demand for natural gas as a fuel and growth in exploration and production activities. Increasing demand from developing nations, development of unconventional oil blocks, and technological advancements are expected provide numerous growth opportunities to the market players during the forecast period.
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North America Coiled Tubing Market generated the highest revenue in 2017, and is expected to lead the global market throughout the forecast period. The high economic growth in the region, growth in drilling and exploration industries, and growing energy demand are factors expected to drive the market growth. The increasing trend of horizontal drilling, increasing demand for oil and gas in production of power and transportation applications, growing urbanization, and increasing industrialization in countries of North America are further expected to support the Coiled Tubing Market growth. Rising shale gas explorations, increasing operating cost for extracting oil from existing wells, rising demand for natural gas as fuel in the region, and supportive regulatory framework are factors expected to further provide growth opportunities during the forecast period.
Well-known companies profiled in the Coiled Tubing Market report include Halliburton Co., Weatherford International Ltd., Baker Hughes, Trican Well Service Ltd, Cudd Energy Services, Schlumberger Ltd., Calfrac Well Services Ltd., C&J Energy Services, Inc., Nabors Industries Ltd., and Archer Limited. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.