According to the research report titled ‘Coiled Tubing Market Size By Service (Well Intervention, Well Cleaning, Well Completion {Fishing, Perforation, Logging, Others}, Drilling {Managed Pressure Drilling, Directional Drilling}), By Application (Onshore, Offshore {Shallow, Deep, Ultra- Deep}), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global coiled tubing market is expected to reach an annual deployment of 2,500 units by the year 2026.
 

Growing demand for advanced drilling techniques in tandem with surging E&P investments on onshore and offshore applications are prime factors driving global coiled tubing market growth. This technology is known to perform multiple operations under extreme environmental conditions.
 

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Rising number of shale oil exploration activities, increasing penetration of maturing oil fields, mounting R&D activities, and declining production from shallow water are also stimulating the overall industry outlook.
 

Emphasis towards developing new hydrocarbon energy resources coupled with beneficial attributes associated with the technology such as increased efficiency and speed are favoring global coiled tubing market scenario.
 

Based on application spectrum, global coiled tubing market size from onshore segment is predicted to expand substantially during the study period, primarily due to focus towards improving the production output. Growing investments to exploit unconventional resources will also add traction to the overall market size.
 

Regionally, Middle East & Africa coiled tubing industry is likely to generate lucrative returns by the year 2026. Technological breakthroughs have allowed to effectively conduct several well intervention operations with better safety, which in turn is complementing the business dynamics in Middle East & Africa.
 

The competitive landscape of global coiled tubing market is defined by companies such as Tenaris S.A, Altus Intervention, Nine Energy Service Inc., Basic Energy Services Inc., Quintana Energy Services Inc., Superior Energy Services Inc., RPC Inc., STEP Energy Services Ltd., Nabors Industries Ltd., C&J Energy Services Inc., Calfrac Well Services Ltd., Trican Well Service Ltd., Schlumberger Limited, Weatherford International plc, and Halliburton Company among others.