The global coiled tubing market size is expected to grow from an estimated USD 3.0 billion in 2020 to USD 4.0 billion by 2025, at a post COVID-19 CAGR of 5.8% during the forecast period. With the growing demand for primary energy and the rapid rate of maturing oil & gas fields, there are high growth prospects for the coiled tubing market during the forecast period.
A few major players that have a wide regional presence dominate the global coiled tubing market. The leading players in the coiled tubing market include Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Weatherford (Switzerland), and NexTier Oilfield Solutions (US).
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The major strategies adopted by these players include new product launches, partnerships & collaborations investments & expansions, mergers & acquisitions, joint ventures, , and contracts & agreements. New product launches is the most commonly adopted strategy from January 2016 to May 2020. These industry players also adopted mergers & acquisitions and investments & expansions as their major strategies during that period.
Halliburton (US), established in 1919, is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. The company provides 14 Product Service Lines (PSLs) under two main divisions, namely, drilling and evaluation, and completion and production. It provides consulting and project management study services for both divisions. It offers an artificial lift, cementing, completion tools, multi-chem, production enhancements, and solutions under the completion and production division, while wireline and perforating services are provided under the drilling and evaluation division. The company has operations in more than 80 countries globally. The company has manufacturing facilities in the US, China, Singapore, Canada, Malaysia, and the UK. The company has a strong focus on contracts & agreements. For instance, in January 2020, Halliburton was awarded 7 contracts for drilling and completion services for the next phase of field development of the INPEX-operated Ichthys Project in the Browse Basin offshore northern Australia.
Schlumberger (US), founded in 1926, is one of the leading providers of products, services, technology, information solutions, and integrated project management solutions for the global oil & gas exploration and production industry. Schlumberger offers products, services, technology, information solutions, and integrated project management solutions to the worldwide oil & gas exploration & production industry. The company’s primary business activities include research & engineering, manufacturing, operations, maintenance, and resource planning. The company manages its business through four segments, namely, reservoir characterization, drilling, production, and Cameron. It offers wireline and testing services under the reservoir characterization segment. It provides well services for intervention, artificial lift, and completion equipment and services under the production segment. The company has a strong focus on new product development. For instance, in September 2019, Schlumberger launched Ora intelligent wireline formation testing platform. Ora intelligent platform has a new architecture and metrology that improves the performance by enabling dynamic reservoir characterization. The platform can automate complex workflows, reduce operating time by more than 50%, and deliver the highest precision fluid analysis and zero contamination samples.
Coiled Tubing Market by Fleet (Operator, Region), Service (Well Intervention Service (Well Completions & Mechanical Operations, Well Cleaning & Pumping Operations) Drilling Service, Others), Application (Onshore, Offshore), Region - Global Forecast to 2025
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