Coiled Tubing (CT) Market in 2016
was valued at USD 3.25 billion. Rise in intervention, exploration, &
production activities will boost the global market over the forecast period.
Oil and gas being the primary energy resource for automobile sector, power, and
other activities the demand in energy cannot see a major dip.
Initially the technology was innovated for new and live well
only but with growth of demand, the application was used for the production of
depleted gas wells. The reuse of oil wells after maturity and rise in oil
extraction operational cost are key factors that will drive the market. Shorter
rig-up time make coiled tubing even make more attractive for drilling and work
over applications.
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Coiled tubing is a complete set of steel pipe and surface
equipment’s that include reel, injector head, control cabin and power pack.
With the development in exploring other unconventional resources the growth of
market can be achieved. With decline of oil and gas well due to continuous use
to fulfill the energy needs of human race make it a potential market to grow
over eight years.
The rigorous pressure imposed by the government of most
country in line with exploration and extraction of oil and gas on various
regulations related to unconventional and conventional resource is generally
given to the exploration & production companies. The drafting guideline
i.e. DRAFT IRP 21 (2016) has backed up the technology for operations using
coiled tubing.
On the basis of service, the market is bifurcated into well
intervention and drilling services. The continuous operation of the oil and
petroleum industry results in the boost of the market. A producing oil well
once started with the operation can come up with many problems like
maintenance, so to continuous use of the operational well the coiled tubing is
a great tool.
Coil tubing technology is a cheaper version of work-over
operations. Hole drilling and milling operations are some other areas of
service by coiled tubing. Common coiled tubing steels have yield strengths
ranging from 55,000 PSI to 120,000 PSI so it can be used to reservoir fracture,
a process where a pressure is generated to break the underneath rock bed so as
to allow the product flow. In oil well operations can perform any function as
per the requirement.
The pumping operation include filling and removal of sand,
fracturing the rock bed by pressurizing or acidizing, slurry pumping, removal
of harmful gases from the bore, plugging of well bore. This segment from 2017
to 2025 is expected to grow at a CAGR of 5.2%.
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Market Segment:
Coiled Tubing
Services Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
• Well
Intervention
• Well
Completion
• Well
Cleaning
•
Others
• Drilling
• Others
Coiled Tubing Operation
Outlook (Volume, Units; Revenue, USD Million, 2014 - 2025)
•
Circulation/Deliquification
• Pumping
• Logging
• Perforation
• Others
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