Market Overview
Market Research Future (MRFR), in its latest coiled tubing market 2020 report, discusses different factors that can boost the expansion of the market. MRFR findings states that the coiled tubing market is expected to rise at 5.37% CAGR during the review period (2018–2023). MRFR report also reveals that the coiled tube market can value at USD 7,091.2 Mn by 2023. Segment study and market dynamics are discussed in the report for the coming years.
The large demand for coiled tube for pumping chemicals into oil wells can boost the market due to the rise in energy and power activities. The easy installation of coiled tubing in oil wells and rise in their numbers can boost the expansion of the market. The growing awareness about beneficial features of coiled tubes can impact the coiled tube market positively. On the contrary, the high technological complexities associated with coiled tube can deter the growth rate of the market.
Market Segmentation
The segment study of thi world coiled tubing market is based on application and service.
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Regional Study
In the Asia Pacific region, the coiled tube market is expected to head in the study period. The rise in focus on the vast unexplored reserves and the identification of new oil fields can boost the expansion of the market the years to come. In APAC, the rise in the count of shale reservoirs that are present in China, requires a high count of coiled tubing units. This creates high growth prospects the coiled tubing services market in APAC. The supportive political environment, substantial hydrocarbon reserves, transparent regulatory structure, and the hike in demand for oil and gas across the APAC region can attractive foreign investment. To illustrate, the 100% FDI allowed by the Indian government for market segments, such as petroleum products, natural gas, and refineries can impel the expansion of the world coiled tube market in the years to come. The increased demand for offshore oil production and growing number of refinery projects can boost APAC market growth.
Key Competitors
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