Global Coiled Tubing Market
Date: 8/24/2015 The Global Coiled Tubing Market Size Is Estimated To Grow and Reach Approximately $4.4 Billion by 2020, At A CAGR of 6-7% from 2015 To 2020 Coiled Tubing Market by Services (Well Intervention (Well Completion & Well Cleaning) & Drilling), Active Fleet & by Geography - Global Trends & Forecasts to 2020 Coiled Tubing (CT) is a continuous milled lengthy tubular product spooled onto a take-up reel with key service offerings in the oil and gas industry. The CT service and fleet grew marginally in the recent past and is expected to continue growing at a moderate rate globally with the markets of Asia-Pacific, Middle East, and European markets growing on higher. The global coiled tubing market size is projected to reach $4.4 Billion by 2020. Major factors responsible driving growth of this market include the energy sector growth in Africa and the Middle East, along with rising investments in shale gas developments. Potential increase in recoverable resources and increased exploration, production, and completion activities are the most important drivers for the coiled tubing services market. CT services are used to enhance both oil and natural gas production, while these services are necessary for any type of well to complete it and enhance production. Increasing focus toward natural gas production also require coiled tubing services. North American is the largest market for CT, followed by Europe. The Middle East and African market continues to be key growth area, given the increasing demand for innovative technology in terms of oil & gas application, which is backed by new investments in the market. Ongoing and upcoming developments in offshore drilling and massive shale exploration and production activities are high-opportunity areas for the coiled tubing market. Growing energy demand and increasing E&P spending are major drivers for the market. North America is expected to continue its dominance in the coiled tubing market in 2015. This dominance is seen mainly due to continuous and large increment in the U.S. exploration and production activities. New and unconventional hydrocarbon recovery and its growth are important reasons for the growth of the CT market. North America has the highest market share because of favorable regulations in the region. ###
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