According to the research report titled ‘Global Coiled Tubing Market (Value, Volume) - Analysis By Services (Well Intervention, Drilling, Completion), Application (Onshore, Offshore), By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026),’ available with MarketStudyReport, global coiled tubing market was valued at USD 2985.67 million in the year 2020 and is slated to amass remarkable valuation during 2021-2026.

Surging demand for oil as well as natural gas, improved feasibility of deepwater & ultra-deepwater projects, and ease in the price regulations for international oil exploration activities are parameters propelling the expansion of global coiled tubing industry.

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For the uninitiated, coil tubing is very long metal pipe used in pumping chemicals through gas wells and helps in improving the yield of oil & natural gas.

Rising demand for renewable resources resulting in enhanced exploration activities, coupled with increased production & completion of O&G plants are further accelerating the progress of market.

During the COVID-19 pandemic, various sectors like automotive, oil & gas, power generation were severely impacted due to the disruption in supply chain operations. However, with the economic recovery in process, the global coiled tubing marketplace is likely to pick up pace in the coming years. 

The regional landscape of the business sphere spans across Latin America and Middle East & Africa (Brazil, Mexico, Saudi Arabia), Europe (Russia, United Kingdom, Norway), Asia Pacific (India, China), and North America (Canada, United States).

The notable players in worldwide coiled tubing market include Nabors Industries Ltd., Schlumberger Limited, C&J Energy Services Inc., Halliburton Company, Trican Well Service Ltd., Baker Hughes Company, Superior Energy Services Inc., Weatherford International plc, Archer Ltd., and Calfrac Well Services Ltd. among others. 

Massive spending on the R&D of oil exploration activities by prominent companies as well as collaborations among major firms have led to the enhancement of the overall industry. Citing an instance, in February 2021, Akastor ASA and Baker Hughes announced a collaboration that will offer a wider portfolio of offshore drilling equipment.