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 incurred a revenue of USD 2985.67 million in the year 2020 and is slated to witness significant growth during 2021-2026.

Rising demand for oil and natural gas, enhanced viability of Deepwater and ultra-Deepwater projects, and regularity in price laws for international oil exploration operations are factors propelling the growth of global coiled tubing market.

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For the uninformed, coil tubing is a very huge metal pipe utilized for injecting chemicals through gas reservoirs and getting better oil and natural gas production.

Soaring popularity of renewable resources, which has led to excessive exploration activities, as well as elevated levels and successful execution of O&G plants are catapulting the market forward.

During the COVID-19 pandemic, various sectors like oil & gas, power generation, automotive were gravely compromised due to the disturbances in supply chain. Nevertheless, with the overall economy on the mend, the global coiled tubing market is expected to pick up steam in the coming years.

Based on service type, worldwide coiled tubing industry is arrayed into completion, drilling, and well intervention. While different applications include offshore, and onshore.

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

The distinguished players like Halliburton Company, Schlumberger Limited, Trican Well Service Ltd., C&J Energy Services Inc., Superior Energy Services Inc., Weatherford International plc, Archer Ltd., Nabors Industries Ltd., Calfrac Well Services Ltd., and Baker Hughes Company among others are influencing global coiled tubing market trends. 

Significant funding by reputable companies for research & development of oil exploration pursuits, as well as alliances between many top firms, have played a major part in the expansion of the overall industry. For example, Akastor ASA and Baker Hughes signed a partnership in February 2021, that will furnish a broader portfolio of offshore drilling equipment.