The coiled tubing market is slated to grow at an exponential rate over the coming years attributing to shifting focus towards the selection of novel drilling techniques to encourage well operation, which is subsequently expected to positively influence the industry expansion.
Substantial speed and enhanced efficiency throughout the drilling operations along with economic benefits are also likely to favor the market growth. Increasing focus towards the development of new hydrocarbon energy resources would be further expediting deployment of coiled tubing remarkably.
Furthermore, several drilling technological advancements coupled with the exploration as well as production of wells that are located in deep-water is projected to increase the demand for coiled tubing drilling related services over the coming years.
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With respect to coiled tubing operation, there are several well intervention operations that can be attained through coiled tubing. These include retrieving and replacing damaged equipment, and cleaning and perforating of the wellbore. Some of the advances in coiled tubing also allows real-time downhole measurements which can be utilized in wellbore treatments and logging operations.
EOR (Enhanced Oil Recovery) processes like hydraulic as well as acid fracturing can be also conducted by the use of coiled tubing. Additionally, sand control as well as cementing operations can be performed through coiled tubing as well, ensuring the industry a variety of avenues for bringing in revenue growth.
Notable industry players operating in coiled tubing market include Schlumberger Limited, Halliburton, C&J Energy Services, Weatherford, Trican, and Calfrac Well Services Ltd, among many others. As per a research report by Global Market Insights, Inc., global coiled tubing market is expected to record annual installations of 2,500 units of coiled tubing by the end of 2026.
Below is a brief overview of key trends that are stimulating the coiled tubing market growth:
Rising product demand in onshore application
The demand for CT across onshore application will foresee a significant rise owing to growing concerns towards increasing the production index. Additionally, rising E&P investments to utilize unconventional hydrocarbon resources will further enhance the deployment of the technology over the projected time period.
Growing energy demand
The increasing energy need coupled with the rising penetration of the mature oil fields is anticipated to fuel the coiled tubing market over the forecast timeframe. Moreover, the growing penetration of mature shallow water projects combined with the decreasing technology cost will also further encourage the rate of product adoption over the forthcoming time period.
Increasing oil production in MEA
The MEA coiled tubing market will observe substantial growth owing to rising investments towards increasing the production of the region’s mature oil fields. Additionally, technological advancement to effectively carry out the several well intervention operations alongside a high safety index is likely to further stimulate the coiled tubing demand in the region. Furthermore, adopting economical oilfield technologies so as to increase the oil production index would be boosting the market outlook as well.
Overall, the coiled tubing technology is part of the offshore routine owing to its reliability, effectiveness, and efficiency. For applications such as cleaning and stimulation, the coiled tubing provides economic and technical benefits. It is much more cost-effective, faster, and safer in comparison to boat spooling. Coiled tubing is also less weather-dependent. Moreover, the coiled tubing is also considered as a strong and heavier deployment method. One of the key benefits of utilizing coiled tubing is that it requires less time to trip in and out of the well.
Considering the aforementioned beneficial characteristics, the demand for coiled tubing is expected to increase tremendously over the forthcoming timeframe.
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