LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global coiled tubing services market predicts a CAGR of around 4% during the period 2017-2021.
The report segments the global coiled tubing services market by application (onshore and offshore) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global coiled tubing services market, according to Technavio energy researchers:
- Increased exploration of unconventional sources: a major market driver
- In 2016, the coiled tubing services for onshore application dominated the market with 60% of the market share
- The Americas dominated the global coiled tubing services market with close to 58% share in 2016
- Archer, Baker Hughes, Halliburton, Schlumberger, and Superior Energy Services are the leading players in the market
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Market growth analysis
Increased exploration of unconventional sources is one of the major factors driving the global coiled tubing services market. Unconventional oil and gas resources encompass shale gas, coal bed methane, gas hydrates, tight oil, oil sands, and others. These resources are difficult to exploit and expensive to produce. Technological advances and operational efficiencies have driven cost reductions, thus spurring the exploitation of unconventional resources. The shale gas boom in the US witnessed the rise of unconventionally produced natural gas supplies. Huge discoveries of oil sands in Canada have revealed infinite opportunities for oil exploration. The rise in exploration and production (E&P) activity in countries such as China, Indonesia, Mexico, Brazil, and India is likely to bring in high investments during the forecast period, which portrays a positive outlook for the global coiled tubing services market.
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Geographical analysis
Technavio researchers anticipate high growth for the global coiled tubing services market in the Americas owing to the increase in production activities in the Gulf of Mexico and increase in shale gas production activities. The constant increase in oil demand in the transportation sector in the US and Canada makes North America the largest consumer of crude oil worldwide. The support extended by governments of different countries in terms of new exploration policies and opening of new offshore fields, especially in the US, is expected to drive the demand.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on oil and gas, “The coiled tubing services market in the Americas is dominated by the US, Canada, and Mexico. Increase in rig count in these countries, supported by government regulations and policies, has made these countries the top markets for coiled tubing services in the region.”
Competitive vendor landscape
The market is concentrated in nature with large players holding a majority of the market share. The market is also marked by the presence of numerous local and regional companies providing oilfield services. Strategies adopted by the players to succeed in the global coiled tubing services market include mergers and acquisitions, joint ventures, contracts, agreements, as well as partnerships. Key vendors of well intervention services include Archer, Baker Hughes, Halliburton, Schlumberger, and Superior Energy Services.
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