The global Coiled Tubing Market is expected to reach USD 4.67 Billion by 2028 at a CAGR of 5.3%, according to a recent report by Reports and Data. The high production of oil and gas across the globe and the rising usage of coiled tubing in well intervention and drilling are the key factors driving the market growth. Coiled tubing refers to an elongated metal pipe that is deployed for interventions in oil and gas wells. The coiled tubing does not depend on gravity and can potentially pump the chemicals from the coil and push it through the hole. It has also been actively deployed for open drilling and milling operations.

Growing demand for energy from across the world due to rapid urbanization and industrialization has significantly contributed to market growth. The increasing number of industries has boosted the energy consumption from almost all the sectors, which have further bolstered the exploration and production operations. This has propelled the market growth and is projected to be a significant trend over the estimated timeframe. Additionally, the progress of the energy and oil and gas industry are the key elements further stimulating the market growth.

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Key companies operating in the market include Baker Hughes Company, Schlumberger Limited, National Oilwell Varco, CJ Energy Services, Global Tubing, LLC, Pioneer Energy Services, and Halliburton.

Major Points Covered in the Global Coiled Tubing Market Report:

• Market Coverage: This section of the report provides significant details on key market aspects including the key market segments, product innovation scope, and macro-economic and micro-economic growth indicators. In addition, the report segments the global Coiled Tubing market based on product type, technology landscape, and application range.
• Executive Summary: Under this section, the global market growth rate, competitive landscape, drivers and constraints, trends, limitations, and the key market segments have been discussed.
• Regional Analysis: In this section, the latest report highlights the extensive global presence of the Coiled Tubing market. This section offers key insights into the latest trends in the regional markets including North America, Asia Pacific, Europe, Latin America, and Middle East Africa.
• Competitive Landscape: This section of the report highlights the key players in the global Coiled Tubing market. It further emphasizes the leading products and services offered by these companies

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Key Highlights from the Report:

• Well intervention segment is expected to account for a significant share of the market in the forthcoming years owing to the increasing emphasis of the oil and gas industry on bolstering the production from existing wells and reserves.
• Circulation is the most common use of coiled tubing, and the segment is expected to register lucrative growth in the timeframe. The increasing use of coiled tubing to force out the fluid from the bottom of the wellbore by pumping nitrogen gas is the key element supporting the segment’s growth.
• The onshore segment is foreseen to expand at the highest CAGR in the timeframe accredited to the increasing demand for onshore coiled tubing, a rapid rise in onshore exploration services, and increasing demand for energy across the globe.
• North America is expected to account for a substantially large share of the market, majorly accredited to the rising amount of exploration and production operations for natural gas and shale gas in the region. Moreover, the capacity of the United States to cater to 80% of the world’s energy demand is further adding traction to the market growth.
• In 2019, Global Tubing LLC introduced a coiled tubing designed especially for high-pressure situations. The coiled tubing, Duracoil 130, has an augmented fatigue life and increased resistance to abrasion.

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For the purpose of this report, Reports and Data has segmented the global Coiled Tubing Market based on Services, Operations, Application, and Region:

Services Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)

• Well Intervention
• Drilling
• Others

Application Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)

• Offshore
• Onshore

Regional Outlook (Volume, Units; Revenue, USD Billion; 2018-2028)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East Africa

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