The new MarketsandMarkets.com report, “Coiled Tubing Market by Services [Well Intervention (Well Completion and Well Cleaning) and Drilling], Active Fleet and By Geography – Global Trends and Forecasts to 2018,” defines and segments the coiled tubing market with analysis and forecasting of the global services revenue and active fleet. It also identifies driving and restraining factors for the coiled tubing market with an analysis of trends, opportunities, burning issues, and winning imperatives.
The market is segmented and revenues are forecasted on the basis of regions, such as North America, Europe, Asia Pacific, the Middle East and Africa, and South America. The key countries are covered and forecasted for each region. Further, the market is segmented and revenues are forecasted on the basis of major types of services, such as well intervention, drilling, and others.
Well intervention service is the major category by market size by value. These services include well cleaning and well completion services, such as acid and chemical treatments, fishing, logging and perforation, fracturing, removal of sand, wax, and other plugs, scale removal, high-pressure jet washing, nitrogen pumping, and others. The key advantages of coiled tubing technology over conventional technologies include ability to safely work on a live well without having to kill it, along with increased speed of operations in a well.
According to the report, in terms of revenue, the global coiled tubing market is estimated to grow at a CAGR of 7.0% from 2013 to 2018 and reach over $4 billion. North America is the dominant market by value in 2012 and is expected to remain an important player in the forecast period. The Middle East and Europe are two regions with the most promising growth rates of 12% and 9% (CAGR 2013–2018) due to increasing requirements of well completion and cleaning services.
North America is the largest market for coiled tubing by value and by active fleet count, accounting for nearly half of the total revenue in 2012. It started to witness poor growth margins over the last three years due to intense completion prevailing in the industry and falling natural prices. The severity in the market is likely to continue allowing marginal growth at a CAGR of over 3% from 2013 to 2018, shrinking the market share by more than 20% by 2018.
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