Coiled Tubing Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2027
The global coiled tubing market size is expected to reach USD 4.72 billion by 2027, expanding at a CAGR of 4.8% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to grow on account of the increasing need to maximize oil and gas output from existing oil and gas wells. Rising demand for primary energy for transportation, power generation, and household activities has resulted in increased consumption of oil and gas in major economies. As a result, there are increasing investments in exploration and production activities in unconventional oil and gas reserves. Coiled Tubing (CT) plays a significant role in enabling upstream oil and gas players to produce oil in a cost-effective way. It can be used on live wells as the product can be inserted into the well while the oil and gas production is ongoing. Moreover, there are a number of well intervention operations such as well completion and well cleaning that can be performed in a cost-effective manner through the utilization of coiled tubing. It can endure greater tensile and compressive forces when perforating highly deviated and horizontal wells. North America was the largest regional market for coiled tubing in 2019. The region is predicted to maintain its dominance in the forthcoming years. A significant boost in the production of tight oil particularly in the U.S has resulted in a significant rise in demand for coiled tubing. Canada is yet another prominent regional market, as there are a number of