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 Market Study Report LLC, global coiled tuning market attained a valuation of USD 2985.67 million in 2020 and is expected to record a healthy growth rate over 2021-2026.
 

As per the report findings, surging oil and natural gas demand, price regulations on oil derived from offshore exploration activities, subsequent rise in feasibility of Deepwater and ultra-Deepwater projects, along with surging demand for recoverable resources are promulgating global coiled tubing market growth.
 

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Further, rising trend of heavy expenditure in global upstream and operational activities by the national oil companies (NOCs) and the integrated oil companies are enhancing the industry outlook.
 

Apart from the aforementioned factors, the study lists out solutions for the prevalent challenges in this vertical, as well as comprehensive data on the various opportunities along with ways to exploit them.
 

Elaborating on the implications of the Covid-19 pandemic, the global economy has taken a major hit with oil & gas, automotive, manufacturing, and power generation industries facing multiples challenges regarding workforce and supply chain. This has negatively affected market demand as oil & gas exploration and production activities decreased and came to a standstill.
 

With respect to the geographical scope, major growth avenues for businesses operating in global coiled tubing industry are North America (U.S, Canada), Europe (U.K., Russia, Norway), Asia Pacific (India, China), and LAMEA (Brazil, Saudi Arabia). Besides this, the market is also studied from the perspective of services (well intervention, drilling, completion) and application spectrum (onshore, offshore).
 

Speaking of the competitive landscape, prominent companies influencing the industry trends are Nabors Industries Ltd., C&J Energy Services Inc., Trican Well Service Ltd., Superior Energy Services Inc., Calfrac Well Services Ltd., Archer, Weatherford International Plc, Baker Hughes Co., Halliburton Co., and Schlumberger Ltd.
 

Upgradation and expansion of distribution network is expected to help companies improve their profits margins in the ensuing years. Moreover, partnerships, mergers, and acquisitions will help businesses improve their standing in the market. For instance, in February 2021, Baker Hughes announced a joint venture with Akastor ASA with the goal of offering a broader offshore drilling equipment portfolio to clients.