Coiled Tubing Market Worth $4.0 Billion by 2018
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Coiled Tubing Well Intervention - Major Service type for the Coiled Tubing Market
Coiled tubing services are categorized into three:
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 CT technology over conventional technologies include ability to safely work on a live well without having to kill it and increased speed of operations in a well.
Global Coiled Tubing Market to reach more than $4.0 billion by 2018
The Global Coiled Tubing Market in terms of revenue is estimated to grow at a CAGR of 7.0% from 2013 to 2018 and reach over $4.0 billion. 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 most promising growth rates of 12% and 9% (CAGR 2013-2018) due to increasing requirement of well completion and cleaning services.
North America - Coiled Tubing Market revenue is expected to grow mildly in the next five years
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.
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