The coiled tubing market will witness a healthy growth from 2018 to 2023, a research report suggests. Growing at a CAGR of 5.37%, the market is projected to reach US$7970 million by 2023. Rising demand for well intervention operations is expected to support the market growth along with high expenditure in global upstream and operational activities. As predicted by analysts, risks linked with coiled tubing operations will negatively affect the market’s performance from 2018 to 2023. During the forecast period, the market will be supported by the growing demand for oil & gas and improving operating activities and increasing production.
Regulations associated with operational safety on the other hand will challenge oil and gas sector based organizations functioning in the global coiled tubing market. Analysts have split the market into service type and application segments based on products and services. Oil and gas based companies have been profiled. High chances for operational damage is set to affect the global market during the forecast period 2018 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of oil and gas segment based organizations to help new entrants and established businesses. The oil and gas sector itself is supported by the development of a robust supply network as well as shifting trends in the consumer market. During the forecast period 2018 to 2023, the coiled tubing market is set to witness a health growth across service type and application segments as well as regional markets.
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Competitive Landscape
The global coiled tubing market research report brings a comprehensive study of service type and application market segments, regional analysis, and oil and gas vertical based company details of key players. As the forecast period 2018 to 2023 will bring new opportunities for the market owing to favorable government policies and the presence of untapped market opportunities, the market is set to grow at a compound annual growth rate of 5.37% and is predicted to reach a value of US$7970 million by 2023. With SWOT analysis of oil and gas sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the lack of professional services and dynamic policies and regulations, companies in the oil and gas sector can change the way business is done.
Industry News
Forbes Energy Services Ltd. recently expanded its coiled tubing market by purchasing Cretic Energy Services LLC from an NGP-backed firm. Cretic offers large-diameter, extended-reach, coiled tubing services to oil and gas companies, especially in the Permian Basin, and was co-founded in 2013 by the company's founder and CEO, Joe Michetti. As per a Forbes press release, the organization, which is based in Montgomery, Texas, was a pioneer in bringing elevated coiled piping units to customers, and also meeting unique demands associated with long lateral fields.
Market Segmentation
The oil and gas sector has seen growth across service type and application segments owing to a well developed logistics sector and technological developments. To study the market, analysts have further segmented service type and application into well completion, well cleaning, and others on the basis of service type. The market is further segmented into application sub segments which is split into onshore and offshore.
The segmental analysis presented in the report provides oil and gas field based organizations insights into key growth factors such as the increasing demand from various industry verticals as well as challenges such as coiled tubing string failures the market will face from 2018 to 2023. Shifting trends in the consumer market and the rising demand from a large number of companies in various industry sectors are some of the key factors having an influence on oil and gas industry based companies, suggest analysts as per the coiled tubing market report. But the report also identifies corrosion, human error and mechanical damage as major threats companies in oil and gas will face till 2023.
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Regional Overview
Oil and gas market based companies in the coiled tubing market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The surging usage across different industries will be a key growth driver for regional markets. However, string manufacturing problems will turn out to be a threat. For the forecast period 2018 to 2023, each of these regional markets are studied in the report. Starting from North America, the regional market and oil and gas vertical based companies are spread across the United States, Canada, and Mexico. Demand and supply gaps will turn out to be a major challenge from 2018 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the growing awareness as well as growing investments across different sectors, suggests the report. Similarly, the oil and gas sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the coiled tubing market covers the Middle East and Africa. Forecast based on the reports findings are presented for the forecast period till 2023.
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