Summary
Table of Content
Coiled Tubing Market
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Coiled Tubing Market Size
The global coiled tubing market size was valued at USD 3 billion in 2024 and is projected to grow at a CAGR of 4.5% from 2025 to 2034. The industry is set to experience substantial expansion on account of the increasing exploration and production (E&P) investments, rapidly growing energy demands, and expanding number of mature oil fields that require enhanced services, among other parameters.
To get key market trends
Moreover, the expansion of offshore drilling operations and the shift towards more efficient, automated systems in the oil and gas sector are expected to further strengthen the industry landscape. For instance, in May 2023, energy service company called Archer announced to secure a five-year contract worth about USD 50 million from Perenco UK Limited to deliver pumping and coil tubing services.
Coiled Tubing Market Report Attributes
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2024 |
| Market Size in 2024 | USD 3 Billion |
| Forecast Period 2025 – 2034 CAGR | 4.5% |
| Market Size in 2034 | USD 4.6 Billion |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Coiled Tubing Market Trends
The coiled tubing industry is projected to observe a substantial growth, fueled by the rising investments in oil and gas exploration and production. Innovations in technology have significantly improved the performance and efficiency of coiled tubing operations enabling them to operate effectively across a wide a range of well intervention and drilling applications. Various countries continue to depend on fossil fuels to power different sectors, incurring increased investments in oil & gas infrastructure, which strengthens the industry's outlook.
For instance, in October 2024, Egypt’s Ministry of Petroleum and Mineral Resources is intensifying efforts to attract new investments and boost oil and gas exploration activities in collaboration with ExxonMobil. Additionally, advancements in technology, such as the development of more durable and high-performance coiled tubing materials, are enhancing the efficiency and capabilities of these systems.
Coiled Tubing Market Analysis
Learn more about the key segments shaping this market
The well intervention services segment is projected to surpass USD 2.1 billion by 2034. The growing demand for enhanced well integrity and productivity, as operators focus on extending the lifespan of aging assets coupled with the increased use of advanced technologies such as real-time data analytics, downhole sensors, and automation will positively cater to the industry growth. Moreover, the companies are focusing on developing specialized equipment and materials, including corrosion-resistant alloys & high-pressure control systems, to tackle the challenges posed by harsh well conditions & reservoir complexity.
Learn more about the key segments shaping this market
The onshore coiled tubing market is projected to observe a growth rate of 4% through 2034, driven by the increasing demands for more efficient, cost-effective, and sustainable oil & gas solutions. The growing adoption of advanced technologies, such as automation, real-time data analytics, and remote monitoring, which enhance the precision and efficiency of coiled tubing operations. Additionally, the increasing use of coiled tubing for well stimulation and fracturing, especially in onshore fields requiring maintenance or boost in production from mature or challenging wells will cater to the industry expansion.
Looking for region specific data?
The U.S. coiled tubing market is set to cross USD 1 billion by 2034, on account of the surge in the use of horizontal drilling, hydraulic fracturing in shale plays, and driving hydrocarbon production growth, among other parameters.
For instance, in March 2024, the U.S. Energy Information Administration (EIA) reported that the average annual crude oil production in the country totaled over 13.1 million barrels per day (mbpd) in October 2023, rising annually about 5.7% from 12.4 mbpd in October 2022. The growing investments in energy-intensive industries, coupled with the rising demand for energy and the continued exploration of oil and gas resources, will further enhance the industry’s overall dynamics.
Coiled Tubing Market Share
The coiled tubing industry is experiencing heightened competition as companies strive to meet the evolving demands of the oil and gas sector. The increasing focus on technological innovation, with companies investing in advanced equipment, automation, and real-time data analytics to improve operational efficiency and reduce costs. Key players including Baker Hughes, Halliburton, Nabors Industries, National Oilwell Varco, Schlumberger, and Weatherford, among others, are focusing on shifting their portfolio toward digitalization and the integration of smart technologies, such as AI-driven solutions and predictive maintenance tools across their offerings.
Coiled Tubing Market Companies
Major players operating across the industry include:
- Baker Hughes
- Calfrac Well Services
- CJ Well Services
- Halliburton
- KLX Energy
- Nabors Industries
- National Oilwell Varco
- Nine Energy Service
- Royal IHC
- Schlumberger
- STEP Energy Services
- Tenaris
- Trican
- Weatherford
- Well Service Group
Coiled Tubing Industry News
- In June 2024, Baker Hughes announced to receive a multi-year contract from Petrobras, a Brazilian oil & gas company, to deliver workover and plug and abandonment (P&A) services across various fields. The agreement is scheduled to kick off during the first half of 2025 and require Baker Hughes to deploy its integrated solutions portfolio consisting deployment of tubular running, coiled tubing, wireline, wellbore intervention, cementing, geosciences, and fishing services top enhance performance across all the Petrobras’ offshore fields.
- In March 2024, Tenaris announced to present its innovative coiled tubing solutions at the Well Intervention Conference and Exhibition termed as 2024 SPE/ICoTA organized in Texas, U.S. The company experts were set to showcase its BlueCoil technology which has been successfully deployed across more than 1,500 strings since its inception in 2015. The latest offering from the company is designed to deliver enhanced strength, better fatigue resistance, and optimized reliability to extend string life across a wide range of applications.
The coiled tubing market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” and “USD Million” from 2021 to 2034, for the following segments:
Market, By Service
- Well intervention
- Well cleaning
- Well completion
- Fishing
- Perforation
- Logging
- Others
- Drilling
- Managed pressure drilling
- Directional drilling
Market, By Application
- Onshore
- Service
- Well intervention
- Well cleaning
- Well completion
- Fishing
- Perforation
- Logging
- Others
- Drilling
- Managed pressure drilling
- Directional drilling
- Service
- Offshore
- Shallow
- Service
- Well intervention
- Well cleaning
- Well completion
- Fishing
- Perforation
- Logging
- Others
- Drilling
- Managed pressure drilling
- Directional drilling
- Service
- Deep
- Service
- Well intervention
- Well cleaning
- Well completion
- Fishing
- Perforation
- Logging
- Others
- Drilling
- Managed pressure drilling
- Directional drilling
- Service
- Ultra-deep
- Service
- Well intervention
- Well cleaning
- Well completion
- Fishing
- Perforation
- Logging
- Others
- Drilling
- Managed pressure drilling
- Directional drilling
- Service
- Shallow
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Russia
- UK
- Norway
- Netherlands
- Asia Pacific
- China
- India
- Australia
- Indonesia
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Latin America
- Brazil
- Mexico
- Argentina
Frequently Asked Question(FAQ) :
Who are the major players in the coiled tubing market?
Major players in the market include Baker Hughes, Calfrac Well Services, CJ Well Services, Halliburton, KLX Energy, Nabors Industries, National Oilwell Varco, Nine Energy Service, Royal IHC, Schlumberger, STEP Energy Services, Tenaris, Trican, Weatherford, and Well Service Group.
How much is the U.S. coiled tubing market expected to be worth?
The U.S. market is set to cross USD 1 billion by 2034, propelled by the increased use of horizontal drilling and hydraulic fracturing in shale plays.
What is the growth rate of the onshore coiled tubing industry through 2034?
The onshore segment is projected to grow at a rate of 4% through 2034, led by the demand for efficient, cost-effective, and sustainable oil & gas solutions.
How big is the coiled tubing market?
The market size of coiled tubing reached USD 3 billion in 2024 and is set to grow at a 4.5% CAGR from 2025 to 2034, driven by increasing E&P investments and rising energy demands.
