Coiled Tubing Market Size, Share, Growth, Trends, and Global Industry Analysis: By Service (Well Intervention & Production, Drilling & Others), By Operation (Circulation, Pumping, Logging, Perforation & Others), By Application (Oil & Gas Industry, Construction Industry, Engineering Procurement & Others), and Region Forecast 2019-2030

Coiled Tubing Market size was valued at US$ 3,672.8 million in 2023 and is projected to reach a value of US$ 5,342.7 million by 2030, growing at a CAGR of 5.5% from 2024-2030.

Coiled tubing (CT) is a long, flexible, continuous length of metal or composite tubing with no joints. It is supplied on a large reel and is used for a variety of applications and its flexibility allows it to navigate complex well paths efficiently, making it a versatile tool for improving production efficiency and reducing costs. the key market drivers of the market are rising demand for well intervention services, technological advancements and strategic collaborations in the industry also contribute to market growth.

However, the key restraints of the market are price volatility of oils, high capital costs and investments, lack of skilled labours. Additionally, the emerging opportunities of the market are growing development of deep water and ultra-deep water drilling projects offers substantial growth potential. The key trends of the market are increased investments in shale gas.  

Key Players

The leading companies highlighted in the coiled tubing market report include such as Stewart & Stevenson, T&H Lemont, Tenaris, John Lawrie Group, Trident Steel Corporation, Gautam Tube Corporation, HandyTube, National Oilwell Varco, John Lawrie Group, Sandvik AB, Forum Energy Technologies, Inc., Baker Hughes Company and others. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape in relation to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach.

Key Takeaways

• Asia Pacific market is dominating the market in 2023.
• The North America market is expected to grow significantly from 2024 to 2030.
• Based on service, the well intervention segment dominates market share in 2023.
• Based on operation, the circulation segment holds highest market share in 2023.
• Based on application, the oil and gas industry segment has captured highest market share in 2023.

Facts & Figures

• In December 2022, Baker Hughes announced to acquire wells expert Altus in March, assuming the company's 1,200 employees, including more than 500 in Portlethen near Aberdeen.
• In august 2022, Petroliam Nasional Berhad awarded Uzma Engineering a contract for good reactivation, as company gives services such as coiled tubing, desanding, pumping, and well testing.

Key Developments

In May 2022, Halliburton announced the installation of a huge coiled tubing intervention system at its New Iberia Training Facility in Louisiana. The system features are it incorporates Halliburton's V135HP coiled tubing injector, a reel capable of holding 36,000 feet of 2-3/8-inch coiled tubing, and a 750-ton capacity tension lift frame.

Coiled Tubing Market Segmentation

By Service: Among service segment, the well intervention and production sub-segment segment is expected to hold highest market share market, as it addresses critical needs in the oil and gas industry. Well intervention involves various operations to maintain and enhance the productivity of existing wells, such as cleaning, scale removal, and mechanical repairs. Production operations focus on optimizing the extraction of hydrocarbons from wells. Coiled tubing is highly effective for these tasks due to its flexibility, efficiency, and ability to perform under challenging conditions. This makes it an indispensable tool for maximizing output and extending the life of oil and gas wells, driving its dominant market share in this segment.

By Operation: In operation segment, the circulation segment is anticipated to grow at a CAGR of xx% during the forecast period, driving the coiled tubing industry's major trends and prospects. This operation is used when the weight of a hydrostatic head obstructs the formulation fluids from flowing. Moreover, injecting nitrogen into the well to circulate fluid out of it is the best course of action.

By Application: In application segment, the oil & gas industry is the most widely used segment in the market as coiled tubing is used in enhanced oil recovery (EOR) techniques, which help extract additional oil from mature fields. This is particularly important as the industry seeks to maximize the output from existing resources