Circulation, perforation, logging, pumping and more will prove to be better operational applications of coiled tubing in terms of contributing to the overall revenue of the coiled tubing market.
The oil and gas industry has been noted to be ever growing since the past few decades. The investments are rising and production improving.
With the vast existence of the oil and gas industry, the coiled tubing market is estimated to grow proportionally owing to the high quantity utilization of coiled tubing in interventions in the oil and gas wells- for drilling them and occasionally as production tubing in exhausted gas wells. Coil Tubing market will continue to plant immense prominence in the oil and gas industry in the upcoming few years.
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The main benefits of CT services over wire line are the capacity to pump chemicals through the coil and the ability to thrust it into the hole. Oil & Gas industry employs coiled tubing for cost- and time-effective solution of well intervention and drilling operations.
The coiled tubing is an incessant length of composite tubing that is supple enough to be coiled on a huge roll for conveyance. Escalating demand for recoverable resources and augmented exploration, production, and completion activities are the key drivers that propel the growth in the coiled tubing services market.
CT services are used to enhance both oil and natural gas production; hence, increasing focus on natural gas production is another main driver for the CT services to grow.
Market Drivers and Insights:
Rising demand for well cleaning and well completion services are projected to drive the global coil tubing market in future. Some of the top and most prominent operations that this industry caters to are circulation, perforation, logging, pumping and others.
Increasing shale gas undertakings alongside expansion of Oil and Gas ventures would relatively reduce the impact of the steep decline in the oil reserves in established fields. Upcoming developments in offshore drilling and immense shale exploration and production activities are high-prospect areas for the coiled tubing market.
Mounting demand for energy and growing spending on exploration & production are key growth drivers for the CT market.
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In the past few years, North America has been dominating the Coiled Tubing Market with rising prominence in this region. IndustryARC expects that the growing adoption of Coiled Tubing by population of North America will cause this region to be the leader in 2016 as well.
Their rising demand owes to the supreme and constant growth in the U.S. exploration and production activities.
In the 2015, Europe stood at the 2nd position in the leader list followed by APAC at number 3 and 4th is position was held by Middle East in 2015. The shale gas expansions that happened in the U.S some time ago immensely drove the explorations events in this region, thereby increasing the market for overall services of coiled tubing.
The Middle East and Africa market remains to be a key growing area due to cumulative demand from innovative technology in the oil & gas industry coupled with new investments. The development of new fields in this region also delivers a thrust, thereby propelling the coiled tubing market in these regions.
The market for coiled tubing can be divided into well intervention, drilling and production services based on the service type being deployed in the industry. On the other hand, on the basis of operations, the coiled tubing market is segmented into circulation, pumping, logging, perforation and others.
IndustryARC’s report on Coiled Tubing Market consists of more than 40 key players studied in detail, out of which few are:
- Owen Oil Tools - A Division of Core Lab
- Peerless Custom Coiled Tubing Trailers
- Rike Service Inc.
- Rosen Inspection Technologies
- Spooltech LLC.
- Stewart and Stevenson
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