Coiled Tubing Market Size, Production, Sales & Consumption Status Report 2030

Coiled Tubing Industry Overview

The global coiled tubing market size is expected to reach USD 2.41 billion by 2030, expanding at a CAGR of 3.4% during the forecast period. The increasing investments in the production of shale gas and offshore drilling are expected to augment the market growth during the forecast period. The crude oil price crossed the USD 100-per-barrel threshold in February 2022 due to the Russia-Ukraine conflict. Owing to this, the U.S. government has asked oil & gas producing companies to ramp up their production. The production of U.S. shale oil is anticipated to increase by 109,000 barrels per day. This trend is expected to positively impact the coiled tubing market growth during the forecast period.

Coiled Tubing Market Segmentation

Grand View Research has segmented the global coiled tubing market based on service, operation, application, and region:

Based on the Service Insights, the market is segmented into Well Intervention & Production, Drilling and Others.

• Well intervention & production accounted for a revenue share of over 65.0% in 2021 of the global market. Coiled tubing is preferred over conventional tubing in a well intervention because the latter needs to be screwed together. The former does not require a workover rig, as it can be inserted directly during ongoing production. Furthermore, it is also cost-effective and can be used on high-pressure wells. 

• Drilling is another key service segment. This product helps to speed up drilling, and owing to this, companies around the globe are investing in it. 

• The rising preference for coiled tubing in advanced operations for enhanced oil recovery and hydraulic fracturing & acid fracturing is encouraging key players in the oil & gas industry to integrate the product into their operations. 

Based on the Operation Insights, the market is segmented into Circulation, Pumping, Logging, Perforation and Others.

• Based on operation, circulation is expected to register a CAGR of 4.2%, in terms of revenue, during the forecast period. This operation is used when a hydrostatic head prevents the flow of formulation fluids owing to its weight. 

• Logging accounted for a revenue share of over 20% in 2021 of the global market. On account of its rigidity and ability to be pushed well from the surface, coiled tubing is widely used in logging operations

Based on the Application Insights, the market is segmented into Onshore and Offshore

• The onshore segment accounted for a revenue share of over 65.0% of the global market in 2021. The segment is expected to continue its dominance across the forecast period because it is more cost-effective, and it is feasible to produce oil & gas from the onshore wells as compared to offshore.  

• The offshore application segment is anticipated to register a growth of 4.1%, in terms of revenue, during the forecast period. Rapidly increasing demand for oil & gas has forced key players to invest in offshore drilling operations, which, in turn, is anticipated to propel the demand for coiled tubing over the coming years.

Coiled Tubing Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The global coiled tubing market is highly competitive with the presence of numerous players across the globe. Owing to rising prices and a shortage in supply of oil & gas, key market players are boosting their production, which is positively influencing the market growth. 

Some prominent players in the global coiled tubing market include:

• John Lawrie Group
• Sandvik AB
• Forum Energy Technologies, Inc.
• Gautam Tube Corporation
• HandyTube
• National Oilwell Varco
• Stewart & Stevenson
• T&H Lemont
• Tenaris
• Trident Steel Corporation

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