Coiled tubing is a long metal pipe, usually 25 to 83 mm in diameter, which is supplied spooled on a large reel. It is used for interventions in oil & gas wells, and also sometimes used as production tubing in depleted gas wells. Coiled tubing is continuous length of steel or composite tubing that is flexible enough to be wound on a large reel for transportation.
Rising demand for natural gas has led to increasing oil & gas exploration, and extraction activities is a key factor driving growth of the global coiled tubing market. In addition, growing shale gas projects, lower environmental impact, and increasing demand for oil & gas in end-use industries such as transportation, and power production are other factors expected to propel growth of the global coiled tubing market over the forecast period.
However, high maintenance cost is a major factor restraining growth of the global coiled tubing market. Additionally, lack of professional workforce is another factor expected to hamper growth of the global coiled tubing market over the forecast period.
The global soiled tubing market is segmented on the basis of operation, application, and region. On the basis of region, the global coiled tubing market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Do Inquiry About Report Here: https://marketresearch.biz/report/coiled-tubing-market/#inquiry
North America market is a dominant player in the global coiled tubing market, and accounts for largest market share in terms of revenue as compared to that of the markets in other regions. This can be attributed to increasing gas production and exploration activities, and growing awareness regarding benefits of using coiled tubing in countries in the region. The market in Asia Pacific is projected to witness fastest growth over the forecast period, owing to rising governments initiatives for the development of oil & energy industry, and majority population opting to use of alternative energy source in emerging economies in the region. Also, market is Middle East & Africa shows moderate growth over the forecast period, owing to increasing demand for innovative technology for oil & gas application, and development of new oil fields in the region.
Prominent players operating in the global coiled tubing market include Baker Hughes, a GE company, LLC, Halliburton Company, Nabors Industries Ltd., Schlumberger Limited, Superior Energy Services, Inc., Weatherford International, LLC, Archer Well Company, Inc., C&J Energy Services, Inc., Calfrac Well Services Ltd., and Trican Well Service, L.P.