Coiled Tubing Market Set to Leap to $9.09 Billion by 2029, Propelled by Advanced Technologies and Global Demand
28 Jan, 2025
What Attribution Can Be Drawn from the Coiled Tubing Market's Historical Growth to its Present State?
The coiled tubing market size has exhibited strong growth in recent years.
• The market scaled from $3.95 billion in 2024 to $4.31 billion in 2025, demonstrating a robust compound annual growth rate (CAGR) of 9.2%.
This growth trajectory stems predominantly from an oil and gas exploration boom, the cost-effectiveness of coiled tubing, and a rise in demand for well interventions.
What Projections Are Put Forward for the Coiled Tubing Market's Future Growth?
Looking ahead, it's forecasted that the coiled tubing market size will experience exponential growth.
• The market is projected to expand to $9.09 billion in 2029, at a CAGR of 20.5%.
The expected rise over this forecast period can be attributed to continued energy demand, unconventional resource extraction, environmental and regulatory factors, and global economic trends. Key trends shaping this growth include technological advancements, digitalization and data analytics, a spirit of sustainability, remote operations, market expansion into emerging economies, strategic collaborations, and adoption in non-oil applications.
What Factors Are Spurring the Growth of the Coiled Tubing Market?
Driving the growth of the coiled tubing market is an increasing global demand for oil and gas. This demand escalates the need for revamping and refurbishing existing oilfields, where coiled tubing units are integral for well cleanout, drilling and milling, gas lifting and induced flowing, fishing, drainage, high freezing point oil plugging removal, and plugging removal. For instance, statistics from the International Energy Agency (IEA) show that natural gas consumption in India is expected to grow by 25 billion cubic meters (BCM), noting an average annual rise of 9% until 2024. This surge in demand for oil and gas is a pivotal driver for the coiled tubing market's growth.
How is the Coiled Tubing Market Segmented?
The report sheds light on the coiled tubing market's segmentation by the following sectors –
1) By Service Type: Well Intervention, Drilling service, Perforating, Fracturing, Milling services
2) By Operation: Logging, Pumping, Circulation, Other Operations
3) By Application Type: Onshore, Offshore
What Trends Are Prevailing In The Coiled Tubing Market?
A key highlight in the coiled tubing market is the increasing relevance of real-time 3D profiling. High-profile companies in the market are already investing and developing real-time 3D capacity, as seen when Schlumberger - an influential US-based oilfield services company - introduced the GeoSphere 360 3D reservoir mapping-while-drilling service at the International Petroleum Technology Conference (IPTC) in 2022. With modern cloud and digital technology allowing real-time 3D profiling, complex reservoir returns can be maximized, enhancing reservoir comprehension and well placement.
Who Are The Driving Forces In The Coiled Tubing Market?
Key players within the coiled tubing market include:
• 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
What Are The Key Regional Insights In The Coiled Tubing Market?
In 2024, North America led the way as the largest participant in the coiled tubing market. Furthermore, North America expected to maintain this momentum as the fastest-growing region in the forecast period. The regions touched on in the coiled tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.