COILED TUBING SERVICES MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

Coiled tubing services are most preferred in well intervention applications since they enable operations such as stimulation, re-perforation, fluid pumping, fishing, sand control, and zonal isolation.

The increasing capital expenditure on well performance enhancement and well cleaning is expected to drive the well intervention segment.

For depleting reservoirs, wells require completion or mechanical operations, such as fishing, perforation of producing wells, scale removal, setting a plug or packer, and increased production. Demand for these services is expected to drive the well intervention segment for coiled tubing over the forecast period.

The demand for well intervention operations in maturing offshore fields in the Gulf of Mexico and other onshore fields in the United States is driving the coiled tubing services market.

Moreover, the continuous shale gas exploration activities in North America and some Asia-Pacific countries, which have the presence of major upstream operators, are expected to present long-term contract opportunities for the coiled tubing services market.

The coiled tubing services market is expected to register a CAGR of more than 6% during the forecast period 2022–2027. The COVID-19 outbreak in Q1 2020 slowed the growth of the oil and gas industry while well construction and planned maintenance work were also suspended due to the COVID-19 pandemic. Factors such as the rising number of mature fields in several regions and increasing energy demand are expected to drive the coiled tubing services market during the forecast period. However, the high volatility of crude oil prices and high maintenance costs are expected to restrain the growth of the coiled tubing services market during the forecast period.

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