The global coiled tubing market is suggested to have reached a value of around $2 billion by the end of 2012, and is forecast to grow to a total of $4 billion by 2018. This suggests a CAGR growth rate of 7% between 2013 and 2018. North America is the dominant market by value in 2012 and is expected to remain an important player in the forecast period. Middle East and Europe are two regions with the most promising CAGR growth rates of 12% and 9% between 2013 and 2018 due to increasing requirement of well completion and cleaning services.
Well intervention holds the biggest share of the global coiled tubing market with 78% of the total revenue in 2012. CT drilling holds 8% of the total share and other applications accounted for the remaining share of 14%.
North America is the largest market for coiled tubing by value and by active fleet count. The region which did fairly well in the last 10 years accounted for nearly half of the total revenue in 2012. The region started to witness poor growth margins in 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.
Coiled Tubing (CT) is a continuously milled lengthy tubular product spooled onto a take-up reel with key service offerings in the oil and gas industry. The CT service market and fleet grew marginally in the recent past and will continue to grow at a moderate rate globally with Asia-Pacific, Middle East, and European markets on a higher positive front.For more information on the Global coiled tubing market, please click here: Global coiled tubing market
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