Market Size of North America Coiled Tubing Services Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Coiled Tubing Market Analysis
The North American coiled tubing services market is expected to register a CAGR of over 3% 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, increasing investments in new discoveries and shale oil and gas are expected to drive the growth of the market studied.
- On the other hand, the volatile crude oil prices and high maintenance cost are expected to hamper the growth of the North American coiled tubing services during the forecast period.
- The development of the deepwater and ultra-deepwater reserves are likely to create lucrative growth opportunities for the North American coiled tubing services market during the forecast period.
- The United States dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the increased shale oil and gas development in several basins, along with a shift from vertical to horizontal wells for greater formation access.
North America Coiled Tubing Industry Segmentation
Coiled tubing services include drilling operations, hydraulic fracturing, well completions, removing sand or fill from wellbore, and other applications that involve pumping fluids at high temperatures and high salinity.
The North American coiled tubing services market is segmented by application, location of development, and geography. By application, the market is segmented into drilling, completion, and well intervention. By application, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the North American coiled tubing services market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Application | |
| Drilling | |
| Completion | |
| Well Intervention |
| Location | |
| Onshore | |
| Offshore |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Coiled Tubing Services Market Size Summary
The North American coiled tubing services market is poised for growth, driven by increasing investments in new discoveries and shale oil and gas developments. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, challenges such as volatile crude oil prices and high maintenance costs could impede growth. The development of deepwater and ultra-deepwater reserves presents significant opportunities for expansion. The United States leads the market, benefiting from enhanced shale oil and gas activities and a transition from vertical to horizontal wells, which offer better access to formations. Coiled tubing well intervention remains a preferred technique, facilitating various operations like stimulation and fluid pumping, which are crucial for enhancing well performance and cleaning.
The demand for coiled tubing services is bolstered by ongoing natural gas production and well intervention needs in maturing offshore and onshore fields, particularly in the Gulf of Mexico and the United States. The market is supported by major upstream operators and long-term contract opportunities arising from continuous shale activities. Despite the challenges posed by fluctuating oil prices, the United States continues to lead in oil and gas production, with increasing rig efficiency and a growing number of wells. The market is moderately fragmented, with key players like Baker Hughes, Halliburton, and Schlumberger actively participating. Recent acquisitions and strategic moves, such as STEP Energy Services' acquisition of deep-capacity coiled tubing units, highlight the competitive landscape and the focus on expanding service capabilities in prolific regions like the Permian Basin.
North America Coiled Tubing Services 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 Substitutes 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
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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 States
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2.3.2 Canada
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2.3.3 Rest of North America
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North America Coiled Tubing Services Market Size FAQs
What is the current North America Coiled Tubing Services Market size?
The North America Coiled Tubing Services Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in North America Coiled Tubing Services Market?
Baker Hughes Co, Calfrac Well Services Ltd, Halliburton Company, Schlumberger Limited and National-Oilwell Varco Inc are the major companies operating in the North America Coiled Tubing Services Market.
