Over the last two decades, the CT market has witnessed significant advancements, which are transforming the market in North America. Coiled tubing services enable circulation, pumping, coiled tubing drilling, logging and perforating and production. Although the U.S. and Canada are mature markets, Canada is expected to become the new revenue-generating market for CT. The CT market in emerging countries is primarily driven by various economic developments. The recent shale gas development in the U.S. has pushed exploration activities in the region, thereby, increasing the market for CT. Due to the aforementioned favorable growth conditions in emerging countries, a number of players in the CT market are investing in them.
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In North America, the U.S. CT market is estimated to grow at the highest CAGR in the next five years. The U.S. is one of the major energy consumers in the world. The energy needs in this country is sufficed by crude oil and its derivatives. This leads to increased production of domestically available crude for major energy consumers. In case of ample domestic crude and its high demand, the country aims to revitalize its exploration and production techniques with advanced technologies. This is a major driver contributing to the growth of the CT market in the U.S. Leading market players such Schlumberger Ltd. (U.S.), Halliburton Co. (U.S.), Baker Hughes Inc. (U.S.), Weatherford International Plc. (Switzerland), Superior Energy Services Inc. (U.S.), and Key Energy Services are expanding their facilities in the U.S. in order to meet the projected demand. Moreover, the CT market in Mexico is also expected to witness a robust growth during the forecast period. New exploration of gas reserves is driving the oilfield operators to drill and complete additional wells. These additionally increased wells require CT services to produce at an optimum level.
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Well intervention service is the major segment in the North American CT market. . It includes well cleaning and well completion services, such as acid & chemical treatments, fishing, logging & perforation, fracturing, removal of sand, wax, and other plugs, scale removal, high-pressure jet washing, nitrogen pumping, and others. The key advantages of CT technology over conventional technologies include the ability to safely work on a live well without having to kill it and increased speed of operations in a well. Well intervention services have also proven to be a cost effective solution.
Moreover, drilling services is a promising segment, which is showing high potential for various companies that are operating in the CT market. Increasing demand for energy coupled with investments in onshore and offshore exploration activities is driving the drilling market.
