Global Coiled Tubing Services Market 2017-2021
About Coiled Tubing Services
A coiled tubing operation is performed through drilling derrick on an oil platform, which is used to back the surface equipment. Although on platforms with no drilling facilities a self-supporting tower can be utilized. For coiled tubing operations on sub-sea wells, mobile offshore drilling units (MODUS) such as drillship, semi-submersible, etc. must be used to support all the personnel and surface equipment, whereas wireline can be carried out from a lesser and inexpensive intervention vessel. Onshore, wirelines can be run using smaller service rigs, and for light operations, a mobile, self-contained coiled tubing rig can be employed.
Technavio’s analysts forecast the global coiled tubing services market to grow at a CAGR of 4.00% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global coiled tubing services market for 2017-2021. To calculate the market size, the report considers the new volume of coiled tubing units and excludes aftermarket services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Coiled Tubing Services Market 2017-2021
Technavio recognizes the following companies as the key players in the global coiled tubing services market: Archer, Baker Hughes, Halliburton, Schlumberger, and Superior Energy Services
Other Prominent Vendors in the market are: C&J Energy Services, Calfrac Well Services, Cudd Energy Services, Essential Energy Services, Key Energy Services, Nabors Industries, RPC, Trican Well Service, and Weatherford.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Changing business models and portfolios. The model of a solitary integrated company, developing and discovering an oil or gas field and continuing the operation until the reservoir is depleted, is being exchanged by alliances and changes in ownership designed to guarantee that the company is able to extract most of its value and manages the field in critical stages.”
According to the report, one of the major drivers for this market is Rising global oil and gas demand. According to the US Energy Information Administration, global liquid fuel consumption stood at 96.47 mbpd in 2016 compared with 86.43 mbpd in 2007. Global liquid fuel consumption grew at an annual rate of 1.23% between 2007 and 2016 and is expected to grow at a rapid rate during the forecast period. According to the US Energy Information Administration, the crude oil price dropped from over $110/bbl. in June 2014 to as low as $30/bbl. in January 2016, resulting in reduced fuel prices and increased fuel consumption. The crude oil price was $51.59/bbl in September 2017. Oil producers, especially OPEC countries, need to increase their production or venture into drilling new wells to meet the rising fuel demand. Most of the oil-producing countries do not have large additional capacities; hence, to meet the high fuel demand, they will require oil companies to explore and drill greenfield wells in new and existing oil fields. New drilling ventures will increase the demand for oilfield services.
Further, the report states that one of the major factors hindering the growth of this market is Decline in oil rig count. The volatile nature of crude oil prices may lead to uncertain price spikes or fall in the future, which can cause disruption and huge monetary losses for the oil and gas service provider companies. For instance, global crude oil prices witnessed a histrionic fall in July 2014, which had severely impacted the upstream oil and gas segment. This led to a reduction in drilling activities, which was reflected by the fall in rig count worldwide. The global rig count fell by 31.8% from 2015 to 2016, and by 55.5% from 2014 to 2016.
Archer, Baker Hughes, Halliburton, Schlumberger, Superior Energy Services, C&J Energy Services, Calfrac Well Services, Cudd Energy Services, Essential Energy Services, Key Energy Services, Nabors Industries, RPC, Trican Well Service, and Weatherford.