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The Coiled Tubing Market in the Oil and Gas industry is expected to expand at a 2.45% CAGR over 2016-2021

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Published on : Feb 25, 2016

ALBANY, New York, Feb 25, 2016: ResearchMoz.us has announced the addition of the “Global Coiled Tubing (CT) Market: Trends, Opportunities and Forecasts (2016-2021) (By Application – Well Intervention, Drilling, Completion; By Location – Onshore, Offshore; By Region-Europe/Africa/ Middle East/ Asia Pacific/ North America/ South America)” report to its offering. This study helps in gaining a thorough understanding of the market for coiled tubing. The report has been compiled by conducting both primary as well as secondary research and includes inputs and recommendations from top industry leaders. It also helps in identifying the present trends and the expected growth prospects of the market within the next five years. The study helps manufacturers, dealers and vendors, and industry consultants of coiled tubing equipment in gaining a comprehensive view of the market for better market penetration. 

The report commences with the product overview section, following which it throws light on the current state of the global oil and gas industry. The production of both natural gas and crude oil has been viewed in light of value for the historical period from 2010 to 2014 as well as the forecast period from 2015 to 2020. According to the report, coiled tubing is utilized within the oil and gas industry majorly for upstream activities. As per the report, the coiled tubing market in the oil and gas industry is expected to expand at a 2.45% CAGR from 2016 to 2021 due to the expectation of low prices of crude oil, resulting in high demand for economical well intervention methods worldwide. The report defines coiled tubing as a coiled and lengthy tubular product also used in well clean outs and for pumping nitrogen. The report further states that the utilization of coiled tubing within the oil and gas industry has a number of advantages such as quicker trip times, contained well pressure, and low requirement of personnel. 

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In the next section of the report, the expansion of the coiled tubing market is studied in regions such as Europe, the Middle East, Asia Pacific, South America, Africa, and North America, focusing on major national markets such as Saudi Arabia, China, the U.S., Canada, and Russia. Amongst these, the region of North America led the market in 2015 on the basis of revenue and this region is predicted to maintain its superiority all through 2021. This is owing to the rising production and exploration activities in Texas. On the other hand, as per the report, the Middle East, Africa, and Asia Pacific are also poised to expand exponentially in the coming years. This is due to the increasing demand for energy, resulting in increased activities of exploration, thus raising the demand for coiled tubing.

As mentioned in the report, the major players operating in the market for coiled tubing are Baker Hughes Inc., Trican Well Service Ltd., Schlumberger, Superior Energy Services Inc., Nabors Industries Ltd., Key Energy Services Inc., Halliburton Co., and Weatherford International Ltd., among others.

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