Global Coiled Tubing market is expected to reach $5.47 billion by 2022, growing at a CAGR of 8.17% from 2015 to 2022. The extensive exploration of shale gas and drilling activities across the globe is the key factor driving the market growth. Increasing demand for energy, increased exploration, production, and completion activities and increasing E&P spending are the major drivers for the coiled tubing market. However, strict government & environmental policies, decreasing crude oil prices and high market rivalry are limiting the market growth. Huge exploration and production of shale gases and imminent developments in offshore drilling are the future opportunities involved.
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In 2014, well intervention accounts for approximately 72% of the overall market followed by drilling services. North America dominated the global market for coiled tubing, followed by Europe, Asia-Pacific, and the Middle East. In North America, the U.S has the largest market due to the increasing shale exploration and production activities. The scope for expansion of business has observed in areas such as Europe and Asia Pacific.
Some of the major players in the global market include Halliburton Co., Archer, Calfrac Well, Services Ltd, Schlumberger Ltd., Key Energy Services Inc., Superior Energy Services Inc, Baker Hughes Inc., Nabors Industries Ltd., Trican Well Services Ltd., C&J Energy Services, Inc., Weatherford International Ltd and Sanjel Corporation.
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