Continued development of the deep-water and ultra-deepwater reserves, increased shale oil & gas developments, continued shift from vertical to horizontal wells for greater formation access, increasing lateral length, and rising number of mature fields are some of the factors driving the demand for coiled tubing services.
However, the volatile crude oil prices and high well development cost are the factors that play a crucial role in restraining the growth of the coiled tubing services market.
Ã¢â‚¬Â¯The coiled tubing is a continuous length of steel or composite tubing that is flexible enough to be wound on a large reel for transportation and injected into the existing production well for cleanout, perforating the wellbore, retrieving and replacing damaged equipment.
Additionally, it is also used for real-time downhole measurement, Enhanced Oil Recovery (EOR) processes, sand control, and cementing operations.
Post-COVID-19, oil demand, and crude prices have recovered significantly from record lows in Q2 2020. This has supported a recovery of shut-in production units. However, oil prices still below the breakeven levels to improve upstream spending. Most of the companies are debt-laden and are renegotiating the contract terms.
The new offshore projects, mainly across North America and Europe (Norway), will create numerous market opportunities for global coiled tubing service companies.
In Asia-Pacific, upcoming offshore projects in Australia, China, and the Gulf of Thailand further create opportunities for the coiled tubing services market.
Blackridge's Report provides insights into the current global and regional market demand scenario and its outlook. The study offers a detailed analysis of various factors instrumental in affecting the global coiled tubing services market growth. It provides a perspective on various market opportunities and threats and a detailed analysis of the global coiled tubing services market's competitive landscape.
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Regional Market Analysis
6. Key Company Profiles
7. Competitive Landscape
8. Conclusions and Recommendations
List of Tables & Figures
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