Pune, India -- (SBWire) -- 01/20/2020 --A recent report published by Infinium Global Research on Coiled Tubing Market (Service Type - Well Intervention, Well Completion, Well Cleaning, and Other Service Types; Applications - Onshore, and Offshore): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025
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Coiled Tubing Market: Insights
In recent years, the coiled tubing (CT) services have changed significantly. It is driven by the increased use of CT units in place of well servicing units when completing horizontal wells. Coiled tubing is utilized in a number of areas such as down-hole jobs, well stimulation, and as part of well intervention programs. Coiled tubing drilling is also used to drill a well in certain instances. One of the major advantages of using coiled tubing in drilling is that it needs less time to trip in and out of the well, due to the coiled pipe.
Rise in Shale Gas Projects are Driving the Industry Growth
The rising operating cost for extracting oil from present wells and regeneration of matured oil wells is one of the major driving factors of the coiled tubing market. Further, factors such as Increase in horizontal drilling, a steady increase in well intervention activities, the rise in shale gas projects are also driving the market growth. Declining oil & gas production from the existing wells is fueling market growth. However, high technological complexities and stringent government regulations hamper the growth of the market. Massive shale exploration and production activities are expected to provide wide growth opportunities to the market players.
Offshore Segment Holds a Large Industry Share
The global coiled tubing market is segmented on the basis of service type and application. On the basis of service type, the market is segmented into well intervention, well completion, well cleaning, and other service types. The well intervention segment holds a large market share due to an increase in demand for deployment tools and a rise in the number of aging wells, across the globe. Well intervention is used both proactively and reactively to achieve the most optimal production levels. Based on applications, the market is segmented into onshore and offshore. The offshore segment holds a large market share due to the coiled tubing technique is widely used in offshore extreme environments.
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North America Holds the Largest Market Share
Among the regions, North America holds the largest market share of the global coiled tubing market followed by the Middle East region. The ongoing projects and developments in offshore drilling, enhanced coiled tubing services, an increase in demand for energy in the US, Canada, and Mexico are driving the growth of the market in the North America region. The Middle East region will witness a steady increase in demand for well intervention services.
Coiled Tubing Market: Competitive Analysis
Some of the industry participants of the global coiled tubing market are Halliburton Company, Baker Hughes Inc., Schlumberger Ltd, C&J Energy Services Inc., Calfrac Well Services Ltd, Superior Energy Services Inc., Archer, Key Energy Services Inc., Nabors Industries Ltd (Bermuda), and Sanjel Corporation among the others.
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About us
The Infinium Global research comprises of a team of well-experienced analysts who have qualified in generating incisive reports. The coiled tubing market report offers trends, opportunities, challenges, market size, and forecast for major geographical regions and key countries. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the coiled tubing market.
