Global Coiled Tubing Market Outlook to 2028

Global Coiled Tubing Market Outlook to 2028

Coiled tubing (CT) is typically a continuous steel pipe used to perform drilling, completion and intervention functions in the oil and gas industry. The market is driven by an Increase in adoption of well intervention services by the oil and gas operators, increased use of coiled tubing units in place of well servicing units, in completing horizontal wells. Improving oil and gas drilling and production activity in recent times.

The global coiled tubing services market is segmented based on stage of service, and application. By stage of service market is divided into drilling, hydraulic fracturing, well intervention and well completion. Whereas by application includes onshore and offshore. Furthermore, the market is segmented by geography into North America, Europe, Asia Pacific, South America, and Middle-East & Africa.

The U.S is one of the prime spot for oil and gas E&P activity, holding approximately 30% of the global drilling activity. In a bid to maintain production rates but with less outlay, reducing costs and increasing efficiency has been high on the operations agenda.

To achieve high efficiency, well owners are making use of well intervention services such as coiled tubing for uninterrupted drilling and high flow production activity.

In recent time, the coiled tubing business in the U.S has improved in terms of utilization and pricing during the third quarter of the fiscal year 2019-2020.

The recent influx of coiled tubing equipment has led to excess capacity and increased competition in South Texas and Rocky Mountain regions
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