Coiled Tubing Services Market: Break on Manufacturing Facilities and Services to Diminish Business
16 Aug 2021
Pune, India, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The global coiled tubing services market size is expected to reach USD 6.73 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. The surging intervention services in onshore and offshore platforms is expected to spur opportunities for the market during the forecast period, states Fortune Business insights, in a report, titled “Coiled Tubing Services Market Size, Share & COVID-19 Impact Analysis, By Service (Well Intervention (Well Completion and Well Cleaning) and Drilling), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027.” The market size stood USD 5.52 billion in 2019.
The list of key players are as follows
Report Scope & Segmentation
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The report on coiled tubing services market contains:
Market Driver:
Substantial Investments in E&P and Hydrocarbon Activities to Foster Growth
The rising oil demand has led to heavy investment in drilling operations, in turn, boosting the growth of the market. The surging economic development is expected to create opportunities for the market during the forecast period. The rising utilization of coiled tubing in well intervention activities and drilling operations will further stimulate the growth of the market for coiled tubing services. The growing knowledge about the effective production method of coiled tubing to produce large amounts of oil and gas will have an excellent impact on the market. Moreover, the growing production of hydrocarbon is expected to further fuel the demand for the market in the foreseeable future.
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COVID-19 to Adversely Impact Global Market
The oil and gas industry has witnessed a massive drop in revenue due to the occurrence of coronavirus. As per the International Energy Agency, oil demand has decreased by 29 million barrels per day (BPD) in April 2020 and by 23.1 million BPD in the second quarter. The shut-down of manufacturing facilities and services because of lockdown enactment in several nations, thus restricting the supply of oil and gas and inhibiting the market growth. For instance, Aker Solutions has laid off 650 employees in the UK and Norway and a further notice has been issued for temporary layoffs of up to 6,000 in Norway.
Regional Analysis:
Rising Oil Production to Boost Market in North America
Geographically, the global market for coiled tubing services is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to dominate the global market owing to its potential for natural gas, shale gas, tight gas reserves, and oil production. As per the IEA report 2018, the United States covered 80% of the world’s energy demand growth. The market in Asia Pacific is expected to witness a significant growth rate owing to the ever-increasing oil and gas demand in developing countries. The implementation of new policies and regulations will further aid expansion in the region. The IEA reports state that the world oil demand is estimated to increase by 6.9mb/d by 2023 at an average of 1.2mb/d a year.
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Key Development:
March 2020: Uzma Group, a Malaysian oil and gas services company was awarded three contracts worth USD 38.35 million through its units in Malaysia and Thailand. The contract includes well plug and abandonment (P&A) and coil tubing services
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