North America Coiled Tubing Market Report and Forecast 2024-2032

North America Coiled Tubing Market Outlook

The North America coiled tubing market size was valued at USD 696.80 million in 2023. The market is further projected to grow at a CAGR of 3.6% between 2024 and 2032, reaching a value of USD 963.51 million by 2032.

Key Takeaways

• More than 50% of western Canada’s wells are being horizontally drilled. Coiled tubing can effectively aid in logging and workover applications of horizontal wells.

• 812 operators in North America drilled 11,050 wells in YTD 2023.

• In 2022, Alberta's oil and gas producers invested around USD 700 million in cleaning old wells in the province.

The United States of America is a significant producer of oil and gas globally. A larger percentage of the country’s production comes from unconventional oil drilling. The combination of horizontal drilling and hydraulic fracturing allows oil producers to unlock previously inaccessible oil and gas resources. According to the U.S. Energy Information Administration (EIA), offshore drilling accounted for around 15% of the country’s oil production in 2021. The presence of major oil and gas companies, such as Chevron, ExxonMobil, BP, Shell, ConocoPhillips, EOG Resources, Marathon Petroleum, Devon Energy, ad Occidental Petroleum, and Valero Energy in North America, aid the North America coiled tubing market development.

According to the North America coiled tubing market analysis, coiled tubing is a cost-effective and time-saving solution for well-intervention operations. Coiled tubing is deployed to achieve several well intervention operations, including cleanout, perforating the wellbore, and retrieving and replacing damaged equipment. Further, advancements in coiled tubing allow for real-time downhole measurements that can be used in wellbore treatments and logging operations. Coiled tubing can also be deployed to perform enhanced oil recovery (EOR) processes, such as hydraulic and acid fracturing as well as sand control and cementing operations. Coiled tubing is also an important tool for controlling fluid flow in horizontal wells.

Market Segmentation

North America Coiled Tubing Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments.

Market Breakup by Service:

• Well Intervention
  • Well Cleaning and Pumping Operations
  • Well Completion and Mechanical Operations

• Drilling

• Others

Market Breakup by Application:

• Onshore

• Offshore

Market Breakup by Country:

• United States of America

• Canada

Competitive Landscape

The key players in the coiled tubing market in North America are investing in expanding their footprint to increase their market share.

• Baker Hughes Company

• Calfrac Well Services Ltd.

• Essential Coil Well Service Ltd.

• Halliburton Energy Services, Inc.

• NOV Inc.

• Schlumberger NV

• STEP Energy Services Ltd.

• ACT American Coil Tubing

• Trican Well Service Ltd.

• RPC, Inc.

• Others

Key Highlights of the Report