Coiled Tubing Market: The Key players operating in the market compete based on pricing, technology,
Posted: May 22, 2018
Market Highlights: -
The Coiled Tubing Market is growing at the rapid pace; mainly due to the buoyant or sustaining Oil and Gas Industry. According to a recent study report published by the Market Research Future, Globally, the market for Coiled Tubing is regaining its momentum over the last couple of years and is expected to gain prominence over the forecast period. The market is forecasted to witness a thriving growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period.
Upstream oil & gas services market has considerably shrunk owing to the continual decline in oil prices since mid-2014. However, recent stabilization in the prices as well as reducing supply-demand gap is expected to revive the market in the next five years. Coiled tubing services are typically used during drilling, completion, and well intervention applications. The market for coiled tubing services is expected to grow at a moderate pace during the forecast period, on account of continuing production activities.
Market Synopsis of Coiled Tubing
Although the oil and gas industry is still recovering from the recent price crisis, expected increase in shale gas projects, and rise in investments are going to provide with a boost in demand for the Coiling Tubing market. Advantages such as contained well pressure, quicker trip time and lower personnel requirements are some factors which will provide growth opportunities for the Coiled Tubing market.
The Coiled Tubing market has been segmented on the basis of application into intervention, drilling cleaning & completion, and other applications. The coiled tubing market has also been categorized regionally with rest to the number of tubing in service.
Coiled Tubing Market - Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Coiled Tubing appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, technology, reputation and services.
Coiled Tubing services provide customers with reliable, efficient well intervention for vertical, horizontal, highly deviated, and live wells. Well established players try to offer customized service for job-specific requirements as per client’s need. They strive to deliver safe, cost-effective solutions for virtually any operational challenge, including high-pressure/high-temperature and H2S applications. Some key players also offer complete data acquisition to provide their clients with a comprehensive record of critical job parameters.
Regional Analysis of Coiled Tubing Market
Increasing exploration activities in the North American region are pushing the demand in the Coiled Tubing market. Africa d Middle East closely follow North America in the Coiled Tubing market mainly due to the increased investment in the recent times coupled with the development of new technology through innovation for the purpose of oil and gas application.
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