Coiled Tubing Market: Global Trends & Forecasts to 2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-21 23:27:01
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.A CT unit usually comprises a set of equipment to perform standard continuous-length tubing operations in the oil and gas fields. Coiled tubes are generally made of low-alloy carbon-steel and range from 0.75 inches to 4 inches in diameter with single reel tubing lengths reaching 30,000 feet with yield strengths ranging from 55,000 PSI to 120,000 PSI. A standard CT unit comprises of four elements;reel, injector head, control cabin, and power rack.CT is used as a cost-effective solution for numerous well work and intervention applications with the key advantage of the ability to continuously circulate through the tubing while utilizing the CT pressure control equipment in treating a live well. The tool string at the bottom of the coil is known as Bottom Hole Assembly (BHA). It can be a simple jetting nozzle, to pump chemicals or cement through the coil or large string of logging tools.
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