Market Size of Middle East and Africa Coiled Tubing Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
MEA Coiled Tubing Market Analysis
The Middle East and African coiled tubing market is expected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels. Over the medium term, the increasing investments, redevelopment of mature oilfields, and rising primary energy consumption are expected to drive the growth of the market studied.
On the other hand, the high volatility of crude oil prices and high maintenance costs are expected to hamper the growth of the Middle East and African coiled tubing market during the forecast period. Nevertheless, increasing exploration and production activities from new oil and gas field discoveries are expected to create lucrative growth opportunities for the Middle East and African coiled tubing market in the forecast period.
Saudi Arabia is expected to dominate the market and is expected to register the highest CAGR during the forecast period. This growth is attributed to new well drilling, expanding production of well bases, and increasing lateral length in newly drilled horizontal wells during the forecast period.
MEA Coiled Tubing Industry Segmentation
Coiled tubing includes a continuous metal pipe used to perform various well completion, drilling, and intervention operations. Coiled tubing applications include drilling operations, hydraulic fracturing, well completions, removal of sand or fill from the wellbore, and other applications that involve pumping fluids at high temperatures and salinity.
The Middle East and African coiled tubing market is segmented by application, location of deployment, and geography. By application, the market is segmented into drilling, completion, and well intervention. By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the regions, including the United Arab Emirates, Saudi Arabia, South Africa, Egypt, and the Rest of Middle East and Africa. For each segment, the market sizes and forecasts are provided in terms of value in USD billion.
| Application | |
| Drilling | |
| Completion | |
| Well Intervention |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| United Arab Emirates | |
| Saudi Arabia | |
| South Africa | |
| Egypt | |
| Rest of Middle East and Africa |
Middle East and Africa Coiled Tubing Market Size Summary
The Middle East and Africa coiled tubing market is poised for growth, driven by increasing investments and the redevelopment of mature oilfields. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Key factors propelling the market include rising primary energy consumption and the exploration and production activities stemming from new oil and gas field discoveries. However, challenges such as the volatility of crude oil prices and high maintenance costs could impede growth. Despite these challenges, the demand for coiled tubing services in well intervention applications is expected to rise, as these services are crucial for enhancing well performance and reservoir efficiency.
Saudi Arabia is anticipated to lead the market, benefiting from its substantial oil and gas reserves and extensive infrastructure projects. The country's focus on new well drilling and expanding production capabilities, particularly in offshore fields, is expected to drive market growth. Significant projects, such as the development of the Jafurah unconventional gas field, highlight the potential for coiled tubing services in the region. The market is moderately fragmented, with major players like Schlumberger, Baker Hughes, Halliburton, Weatherford, and Oceaneering International playing pivotal roles. Recent contracts and agreements, such as those awarded by ADNOC and TAQA Well Services, underscore the ongoing demand for coiled tubing services in the region.
Middle East and Africa Coiled Tubing Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Drilling
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2.1.2 Completion
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2.1.3 Well Intervention
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2.2 Location of Deployment
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2.2.1 Onshore
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2.2.2 Offshore
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2.3 Geography
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2.3.1 United Arab Emirates
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2.3.2 Saudi Arabia
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2.3.3 South Africa
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2.3.4 Egypt
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2.3.5 Rest of Middle East and Africa
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Middle East and Africa Coiled Tubing Market Size FAQs
What is the current Middle East and Africa Coiled Tubing Market size?
The Middle East and Africa Coiled Tubing Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Middle East and Africa Coiled Tubing Market?
Schlumberger Limited, Baker Hughes Company, Halliburton Company, Weatherford International PLC and Oceaneering International, Inc. are the major companies operating in the Middle East and Africa Coiled Tubing Market.
