Global growth in oil & gas industry coupled with increased energy demand in Middle East & Africa (MEA) and Asian regions is expected to be a key driving factor for coil tubing market growth over the next seven years. Increase in shale gas projects coupled with new reserve discoveries is anticipated to prompt coil tubing market growth. Diverse coil tubing applications such as nitrogen pumping and well clean outs are expected to be the key factor further complementing coil tubing market growth over the forecast period. Coil tubing market can be classified under drilling services and well intervention services. Well intervention services are further segmented into well cleaning and well completion services. Various advantages of coil tubing such as reduced labor requirement, quicker trip times in oil & gas industry is slated to fuel coil tubing demand which in turn is expected to augment coil tubing market growth. Ageing facilities in oil & gas is also expected to be a driver for coil tubing technology and thereby coil tubing market growth. Coil tubing market is anticipated to be poised for growth owing to channeled investments in exploration and production activities over the forecast period. Increasing demand for well services owing to aforementioned factors is expected to propel coil tubing demand thereby augmenting coil tubing market growth. Coil tubing market is expected to grow further owing to deep water drilling and offshore market development. Increased awareness about new and innovative technology such as coil tubing technology backed by investments is anticipated to prompt coil tubing demand which in turn is expected to augment coil tubing market growth over the forecast period.
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North America is expected to remain the dominant regional market and witness considerable growth over the forecast period owing to increased shale gas production in U.S coupled with favorable regulations. Increasing shale gas extraction in China is likely to have a positive impact on coil tubing market in Asia Pacific. Furthermore, Asia Pacific is expected to be a potential market and witness significant growth owing to increased investment in coil tubing technology. UAE, Saudi Arabia and Qatar are also expected to drive coil tubing market growth in Middle East owing to increased crude oil production over the forecast period.
Key players operating in coil tubing market include Superior Energy Services, Inc. Halliburton Co, Trican Well Services Ltd, Schlumberger Ltd, Calfrac Well Services Ltd and Baker Hughes, Inc.
Information Source: Grand View Research