New York , United States – The global coiled tubing market revenue was US$ 2.9 billion in 2021. The global coiled tubing market revenue is forecast to reach US$ 4.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.3% during the forecast period from 2022 to 2030.
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Coiled tubing is a long metal pipe used primarily for working on production (live) wells. In addition to conventional applications like well cleaning and acid stimulation, coiled tubing has found use in a broader range of applications. The applications of this technology are coiled tubing drilling, hydraulic fracturing, deeper drilling in the ocean, pipelines, and others.
The COVID-19 pandemic caused a temporary ban on import & export activities and manufacturing & processing activities across various industries, which decreased the demand for oil and gas products, which affected the coiled tubing market. Due to these factors, global coiled tubing market growth declined in the second, third, and fourth quarters of 2020.
However, the global coiled tubing market is forecast to improve by the end of 202. Globally, COVID-19 vaccinations are now available in various economies, which will lead to a better situation for the global coiled tubing market.
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In terms of revenue, North America led the coiled tubing market in 2020 and is forecast to remain dominant in the forecast period. It is due to the presence of key players in the region and a large consumer base. In addition, the recent development of shale oil reserves in the country is forecast to fuel the coiled tubing market growth during the analyzed period. The enormous production and exportation of oil will fuel the demand for coiled tubing services, which will lead to market growth.
The leading prominent companies profiled in the global coiled tubing market are:
The global coiled tubing market segmentation focuses on Operation, Location, Application, and Region.
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