Coiled Tubing Services Market Trend, Opportunity, and Forecast Analysis, 2024-2032

Coiled Tubing Services Market Highlights

The global coiled tubing services market is expected to cross a value of USD 6.21 billion by the end of 2032. The market was valued at USD 3.62 billion in 2023 and is expected to expand at a CAGR of 6.5% between 2024-2032.

• Over the mid-term, the increasing oil exploration and production activities is the primary factor anticipated to drive the global coiled tubing services market.
• Primary restraint is a the major factors to challenge the market growth.
• The North America coiled tubing services market is projected to dominate the global market.

Coiled Tubing Services Market Outlook

The use of a continuous length of flexible tubing usually made of steel into oil and gas wells to perform various operations without the need for a workover rig or traditional jointed pipe is known as coiled tubing services. These services are widely being used in the oil and gas industry for interventions, cleanouts, and maintenance activities in both onshore and offshore oil and gas fields.

According to our experts at KD Market Insights, one of the major factors predicted to drive the growth of the global coiled tubing services market is the increasing oil exploration and production activities globally. The production of crude oil globally as of December 2023 has reached near to 83M, recording a growth of about 1.3% from the previous year. As the oil and gas companies focus on increasing their overall production and seek to optimize their production processes as well as extend the life of existing wells, the demand for coiled tubing services is also expected to increase. Coiled tubing services play a major role among oil producing companies as  it is crucial for well interventions, cleanouts, and various other operations in both onshore and offshore fields. Halliburton, Schlumberger, and Baker Hughes Company are some of the significant parties in the global market for coiled tubing services.

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Coiled Tubing Services Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global coiled tubing services market are:

• Increasing Need for Maintenance of Oil Wells: Undoubtedly the demand for oil is increasing worldwide and so is the focus of the oil producers on increasing their overall oil production. However, during this process, it is equally necessary to maintain the oil wells as they age. With aging wells becoming more prevalent globally, the need for maintenance of these wells among the oil producing companies is on the rise, and this can only be achieved by deploying coiled tubing services. By utilizing these services, removal of scale, sand control, and acidizing of the wells can all be performed for stimulation and optimization of the wells so as to sustain the production levels and contribute to the overall productivity and longetivity of oil and gas assets.
• Rising Focus of Oil Producing Companies on Cost-Effective Solutions: Coiled tubing services are known to offer a cost-effective and time-efficient alternative to traditional well intervention methods. As a result, oil producing companies, who are focusing more on adopting cost-effective solutions, are looking forward for such services as these services are particularly appealing in mature fields where conventional methods may be less economical or feasible. Coil tubing services are also known to offer cost savings and operational efficiency as multiple operations can be done in a single run.

Which Probable Factors Could Hamper the Growing Coiled Tubing Services Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of coiled tubing services are:

• Availability of Low Cost Alternatives: The availability of low cost alternatives for well intervention technologies, such as snubbiong units, wireline services, and hydraulic workover units, are raising stiff competition among coiled tubing service providers, which is expected to hamper the market growth.
• Lowering Demand Due to Fluctuations in Oil Prices: Several oil producing companies are lowering their adoption rate of coiled tubing services whenever there is a fluctuation in oil prices and during periods of low oil prices, as businesses work on lowering their capital expenditure. Such a factor is therefore expected to limit the market growth during the forecast period.

How is the Global Coiled Tubing Services Market Segmented?

Our experts at KD Market Insights have segmented the global coiled tubing services market as:

What are the Probable Factors Influencing the North America Coiled Tubing Services Market Forecast?

The North America coiled tubing services market is majorly driven by the emergence of shale gas and tight oil plays, such as the Permian Basin, Eagle Ford, and Bakken formations, which require frequent interventions, hydraulic fracturing, and well maintenance due to their unconventional reservoir nature. Besides this, the region has been at the forefront of technological innovation in the oil and gas industry, which is also expected to promote the adoption of coiled tubing services in the region. The region has also been witnessing an upsurge in the number of new crude oil wells. According to the statistics by the U.S. Energy Information Administration (EIA), in the 1st half of 2023, the number of new wells in the United States alone grew by 12% as compared to the same period of the previous year.

As per our analysts at KD Market Insights, the following five players lead the North America coiled tubing services market growth:

• Schlumberger
• Halliburton
• Baker Hughes
• C&J Energy Services
• Calfrac Well Services

Which Key Players Top the Global Coiled Tubing Services Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global coiled tubing services market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with coiled tubing services market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global coiled tubing services market share:

• Halliburton 
• Schlumberger 
• Baker Hughes Company 
• Weatherford 
• NexTier Oilfield Solutions 
• Superior Energy Services
• Trican
• Altus Intervention 
• National Energy Services Reunited 
• RPC Inc. 
• Basic Energy Services
• Oceaneering International 
• STEP Energy Services 
• Calfrac Well Services 
• Key Energy Services 
• Nine Energy Services 
• Pioneer Energy Services 
• Legend Energy Services 
• Oilserv

What are the Recent Developments Observed in the Coiled Tubing Services Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global coiled tubing services market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Halliburton stated that it has released its next-generation coiled tubing system for well intervention operations, allowing operators to perform complex interventions with greater precision and control.

Further, Schlumberger shared that it would expand its coiled tubing fleet in the Permian Basin. This expansion is aimed to strengthen its position as a leading provider of coiled tuing solutions.