DALLAS, May 28, 2015 /PRNewswire/ --
The report "Coiled Tubing Market by Services (Well Intervention (Well Completion & Well Cleaning) & Drilling), Active Fleet & by Geography - Global Trends & Forecasts to 2020", published by MarketsandMarkets, The Coiled Tubing Market, by service, is projected to grow from an estimated value of $3.2 Billion in 2015 to $4.4 Billion by 2020, at a CAGR of around 6-7% during the forecast period.
Browse 100 market data Tables and 50 Figures spread through 187 Pages and in-depth TOC on "Coiled Tubing Market"
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The market has been segmented and the market size forecast on the basis of regions, such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The market report defines and segments the CT market with analysis and forecast of the global services revenue and active fleet. It also identifies the driving and restraining factors of the CT market, with an analysis of trends, opportunities, burning issues, and winning imperatives.
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Increased spending in oil & gas projects, redevelopment of mature fields, discovery of the new reserves, and increasing shale gas projects are the major drivers of this market. Oil reserves in mature fields are steeply declining and are a major concern among production companies and service providers. The decline in oil & gas production, increasing operating costs, and challenges due to aging facilities are also responsible behind the boost in the Coiled Tubing Market across the world.
The Key countries have been covered and forecast for each region. Furthermore, the market has been segmented and its market size forecast on the basis of types of services, such as well intervention, drilling, and others. In order to provide a deeper understanding of the competitive landscape, the report profiles 14 companies in the Coiled Tubing Market.
North America- CT market size is expected to grow marginally in the next five years
North America is the largest market for CT, by value and by active fleet count. The region accounted for nearly half of the total revenue in 2013. In North America, the U.S. held the major share of the active fleet count of more than 59% in 2013. Due to the increase in shale activities in the region, there is growth of ultra-deep CT services.
CT well intervention- major service type for the CT market
CT services have been categorized into three: well intervention, drilling, and others. Well intervention service is the major category, in terms of market size. 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 its ability to safely work on a live well without having to kill it and increased operational speed in a well.
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