San Francisco,18 October 2018:
According
to a report published by Grand View Research, Inc.; coiled
tubing market is expected to reach a valuation of around USD 4.9
billion by 2025.
Reduction of oil production from
the existing wells and rise in exploration and production activities can propel
the market during the forecast period (2014 to 2025). Supportive government
policies are also expected to support the market growth.
Increasing demand for the oil
and gas in applications including transportation and power production among the
other has increased the growth in consumption of primary energy sources. Demand
for effective oil recovering techniques have increase due to rising cost of
extracting oil from existing wells and recovery of matured oil wells. Thus, growing
shale projects and advancements in other unconventional resources is likely to boost
the product demand in the coming years.
Worldwide coiled tubing market
can be segmented on the basis of services, operation, application, and region.
Based on services, the market
can be categorized into well intervention, drilling, and others.
CT is considered as less
expensive and time-saving solution for well intervention and drilling
operations. At the time of production, the tube is injected into the tubing
against the pressure of the well to remove the tubing from the well for fixing the
problem. In 2016, the well intervention segment dominated the market and accounted
for over 66% of the overall market in terms of revenue. This service is being
employed for extending the life of a producing well by refining its
performance.
Access
Research Report of Coiled
Tubing Market@ www.grandviewresearch.com/industry-analysis/coiled-tubing-ct-market
As per operation, the market
can be bifurcated into pumping, circulation/deliquification, perforation,
logging, and others.
In 2016, pumping segment was
the largest segment and is projected to expand at a CAGR of 5.2% during 2017 to
2025. The circulation segment is expected to exhibit rapid growth during the
forecast period. This is most commonly used operation and used for cleaning
light debris. It is a substitute fill removal approach that is used to pump
down the production tubing.
On the basis of application,
the market can be classified into offshore and onshore.
In 2016, the Offshore
application segment estimated for over 45% of the total market. The common offshore
applications comprise well interventions or production for extending well life.
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Central and South America,
and Middle East and Africa.
Promising by the U.S. and Chinese governments in the form of tax
incentives, and other financial aids is likely to support the industry. However,
public concerns and several bans regarding harmful impacts of the technology in
some countries including South Africa, Tunisia, France, Romania, and Bulgaria
are expected to pose challenges for the market participants. The market is
expected to grow significantly in countries such as Russia, Argentina, Algeria,
and Poland during the projected period.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/oil-and-gas-drilling-and-extraction-equipments
In 2016, North America was the
leading market and estimated for over 42% of the overall market share in terms
of revenue. Factors such as availability of skilled manpower, high E&P
activities, and accessibility of advanced technologies and equipment are
driving the growth in this region. The U.S. and Canada together accounted for
the major share in global market.
Asia Pacific is one of the
attractive markets over the forecast period. This region is likely to expand at
a CAGR of 5.8% during 2017 to 2025 due to supportive government regulations and
increasing foreign investment. Presence of potential oil reserves in countries
including China, Indonesia, Australia, and India along with rise in investments
through FDI channels in the market is likely to create many opportunities for
the players.
Key companies operating in the
market include Weatherford International Inc.; Superior Energy Services Inc.;
C&J Energy Services, Inc.; Industries and Services Catered; and
Schlumberger Ltd.
The market is moderately consolidated
with the presence of several established companies in the market. Major
companies operating in the market includes international E&P companies,
individual equipment and oilfield service corporations, microseismic and
proppants companies.
Access
Press Release of Coiled Tubing Market@ www.grandviewresearch.com/press-release/global-coiled-tubing-ct-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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