The global coiled tubing market size is expected to reach USD 4.60 billion by 2028 according to a new study by Polaris Market research. The report “Coiled Tubing Market Share, Size, Trends, Industry Analysis Report, By Operation (Pumping, Circulation, Logging); By Location (Onshore, Offshore); By Application; By Region; Segments & Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Significant growth in demand for energy, increasing industrialization, and rising demand for horizontal drilling are major factors driving the growth of the industry. The demand for the product is increasing owing to supportive government initiatives, and a favorable regulatory framework.
Onshore deployment was the industry leader with the largest revenue contribution with escalating demand for on-location deployment of units. However, the offshore location segment is projected to gain a higher revenue share in the coming year owing to increasing offshore oil & gas production activities.
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North American industry generated the highest revenue in 2020 and is expected to lead the global revenue 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 industry growth.
Key companies profiled in the industry report include Weatherford International Ltd., Halliburton Co., Trican Well Service Ltd, Baker Hughes, Schlumberger Ltd., Cudd Energy Services, C&J Energy Services, Inc., Calfrac Well Services Ltd., Archer Limited, and Nabors Industries Ltd.
Polaris Market Research has segmented the coiled tubing market report on the basis of operation, location, application, and region:
Coiled Tubing, Operation Outlook (Revenue – USD Million, 2016 – 2028)
Coiled Tubing, Location Outlook (Revenue – USD Million, 2016 – 2028)
Coiled Tubing, Application Outlook (Revenue – USD Million, 2016 – 2028)
- Well Cleaning and Completion
- Well Intervention
Coiled Tubing, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa