Coiled Tubing Global Market Report 2024

Coiled tubing refers to a long metal pipe that is rolled over or surrounded by a large reel. It is carried to the well site when any well repair or workover activities are undertaken. Also, it is used in improving the well and reservoir performance and for various processes on the site, including milling, drilling, and rock fracturing.

The main types of coiled tubing markets are well intervention, drilling services, perforating, fracturing, and milling services. Well intervention refers to an operation carried out on an oil or gas well. It is the ability to safely enter a well with good control to do several tasks other than drilling. The various operations include logging, pumping, circulation, and others. The various applications include onshore and offshore.

The coiled tubing market research report is one of a series of new reports that provides coiled tubing market statistics, including coiled tubing industry global market size, regional shares, competitors with market share, detailed coiled tubing market segments, market trends and opportunities, and any further data you may need to thrive in the coiled tubing industry. This coiled tubing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The coiled tubing market size has grown strongly in recent years. It will grow from $3.63 billion in 2023 to $3.98 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to oil and gas exploration boom, cost-effectiveness, well intervention demand.

The coiled tubing market size is expected to see rapid growth in the next few years. It will grow to $7.32 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to continued energy demand, unconventional resource extraction, environmental and regulatory factors, global economic trends. Major trends in the forecast period include technological advancements, digitalization and data analytics, focus on sustainability, remote operations, market expansion in emerging economies, strategic collaborations, adoption in non-oil applications.

Growing demand for oil and gas is expected to propel the growth of the coiled tubing market going forward. As the oil and gas demand increases globally, the need for revamping and refurbishing the existing oilfield will increase simultaneously. The coiled tubing unit is applied mainly in well cleanout, drilling and milling, gas lifting and induced flowing, fishing, drainage, high freezing point oil plugging removal, and plugging removal. For instance, in 2022, according to the statistics by International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, consumption of natural gas in India is expected to grow by 25 billion cubic meters (BCM), registering an average annual growth of 9% until 2024. India's oil consumption stood at almost 4.9 million barrels per day (BPD) in 2021, up from 4.65 million BPD in 2020. Therefore, the surge in demand for oil and gas is driving the growth of the coiled tubing market.

Rise in demand for petroleum products is expected to propel the growth of the coiled tubing market going forward. Petroleum products, referred to as oil products or petroleum derivatives, are a group of various substances that are derived from crude oil through refining processes. Coiled tubing is essential for tasks like well cleaning, stimulation, and maintenance, and the increasing demand for petroleum products necessitates more efficient and cost-effective solutions. For instance, in September 2023, according to Ministry of petroleum and natural gas, government of India, Growth for Petroleum products is registered 8.2% YoY basis. Therefore, the rise in demand for petroleum products is driving the growth of the coiled tubing market.

Real-time 3D profiling is a key trend gaining popularity in the coiled tubing market. Major companies operating in the coiled tubing sector are developing and investing in real-time 3D to meet consumer demand. For instance, in 2022, Schlumberger, a US-based oilfield services company introduced the GeoSphere 360 3D reservoir mapping-while-drilling service at the International Petroleum Technology Conference (IPTC). Real-time 3D profiling of reservoir items is provided using modern cloud and digital technology. This increases reservoir understanding and well placement, allowing complex reservoir returns to be maximized.

Major companies in the coiled tubing market are exploring space-saving coiled tubing (CT) to gain a competitive advantage and enhance their product offerings. A space-saving coiled tubing refers to a specialized equipment or system designed for the deployment and management of coiled tubing in industries such as oil and gas. For instance, in August 2022, Logan Industries International Corp a US based machine designer, manufacturer, field service and repair company, launched a space-saving coiled tubing (CT) reeler suite for OneSubsea that is designed to maximize profitability. This reduces space required compared to standard tubing reeler/injection head combination, and it allows for a larger fluid storage footprint on deck.

In March 2022, Baker Hughes, a US-based industrial service company acquired Altus Intervention for an undisclosed amount. This acquisition will expand Baker's existing portfolio of oilfield technologies and solutions and boost the company's life-of-well capabilities. Also, it will enable Baker Hughes's strategy to transform its operations by advancing its technological capabilities and giving its customers the best possible solutions with high efficiency. Altus Intervention is a Norway-based company that provides intervention services and produces equipment for coiled tubing, precision manipulation, perforation, ballistics, and plug and abandonment services.

Major companies operating in the in the coiled tubing market report are Halliburton Company, Schlumberger NV, Baker Hughes Company, Weatherford International PLC, Oceaneering International Inc., Trican Well Service Ltd., Legend Energy Services, Superior Energy Services Inc., Basic Energy Services Inc., NexTier Oilfield Solutions LLC, Global Tubing LLC, Webco Industries, Sanjel Energy Services, Pioneer Energy Services Corp., Condor Energy Services, Archer Ltd., NOV Inc., Hunting Energy Services Inc., Cudd pressure control Inc., Nine Energy Service, Liberty Energy, Canyon Services Group Inc., Essential Energy Services Limited, Precision Drilling Corporation, Patterson-UTI Energy, Nabors Industries Limited, Ensign Energy Services Inc., Key Energy Services, Forbes Energy Services Ltd., Step Energy services

North America was the largest region in the coiled tubing market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the coiled tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the coiled tubing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The coiled tubing market consists of the sales of truck-mounted and skid-mounted coiled tubing. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.