High consumer demand for energy particularly in the African, Middle Eastern, and Asian regions has prompted an expansion in exploration operations thereby accelerating the Coiled Tubing Market
Date: 4 February 2016
According to recently published Azoth Analytics report “Global Coiled Tubing (CT) Market: Trends, Opportunities and Forecasts (2016-2021)
– (By Application – Well Intervention, Drilling, Completion; By Location – Onshore, Offshore; By Region-Europe/Africa/ Middle East/ Asia Pacific/ North America/ South America)”, Global Coiled Tubing Market is forecast to grow at a CAGR of approximately 2.45% during 2016 – 2021, on account of increased activities in exploration and production activities in the oil and gas sector along with rise in unconventional hydrocarbon recovery methods. Rise in Capital Intensive developments in unconventional sources, and increase in offshore exploration in United States have further accelerated various new coiled tubing related operations in the oil and gas production projects.
Decline in crude oil prices and global economic slowdown has presented fresh challenges to the Coil Tubing Industry. Canadian Coiled Tubing market has declined during 2016E – 2021F owing to the lesser number of E&P spending in the region while USA captured the North American Region dominantly.
Brazil’s Coiled Tubing Market size has increased stealthy in the South America Region in 2016 – 2021. Saudi Arabia is the most promising nation while China & India are expected to drive the Asia Pacific market of coiled tubing owing to their high consumption demand for energy.
With the high demand for energy in the African, Middle Eastern, and Asian regions, there has been an increase in exploration activities leading to growth in the CT operations. The report speaks about the offshore and onshore allocation of the market share wherein rise in the offshore explorations would drive the market in the offshore oil and gas industry. Massive shale exploration and production activities along with continuing growths in offshore drilling has paved way for the coiled tubing industry. Moreover, the percentage share of the offshore market is anticipated to rise until the year 2021. Increase in oil & gas production and higher adoption of Coil Tubing techniques have also contributed to the growth of Coil Tubing market.
In terms of segmentation, market is categorized By Application (Well Intervention, Drilling Services & Well Completion) and By Location of Application (Offshore & Onshore).North America, South America, Middle East, Europe/Africa/Russia and Asia Pacific are being covered in the Regional segmentation.
“Global Coiled Tubing (CT) Market: Trends, Opportunities and Forecasts (2016-2021)
– (By Application – Well Intervention, Drilling, Completion; By Location – Onshore, Offshore; By Region-Europe/Africa/ Middle East/ Asia Pacific/ North America/ South America)” report has analysed the potential of Coiled Tubing market and provides statistics and information on market size, shares and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the market entry strategies for various companies, emerging trends along with major drivers, challenges and opportunities in the Global Coiled Tubing Market Industry.