Global GCC & North Africa Coiled Tubing Market by Operations (Pumping, Circulation), by Services (Drilling, Well Completion) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
Summary of the Report
North Africa and the GCC coiled tubing markets were valued at USD 6366.7 million in 2018. They are expected to grow at a Compounded Annual Rate (CAGR), of 4.8% between 2019 and 2025. The region's increasing number of oil-and gas projects has led to a high adoption rate for coiled tubing (CT).
The growth of the CT market is supported by the rising production of oil in the Middle East, Africa and other natural gas. Coil tubing has many applications in upstream oil-and gas activities, such as well cleaning, drilling, and completion. It is also cost-effective and preferred for drilling horizontal wells in the GCC and North Africa.
From 2019 to 2025, the UAE's coiled tubing market will experience a strong CAGR (in terms of revenue) of 5.6%. Oil production in the UAE increased significantly, from 3,113 thousand barrels/day in 2008 to 3,942 million barrels/day in 2018. This led to a significant increase in market growth. Investing in the country's oil and gas upstream industry will likely drive future growth.
ADNOC announced in 2018 a USD 1.4 billion investment to upgrade and expand its Bu Hasa onshore field. This investment will allow the oil production to increase from 550,000 barrels per daily to 650,000 barrels each day by 2020. These expansion activities can often be aided by coiled tubing operations to increase productivity and create market opportunities.
Recent trends indicate that upstream oil and natural gas industry players are focusing on reducing production costs while maximising their profits. The demand for CT technology has seen a significant increase in the past five years. CT technology allows for faster deployment and retrievability, as well as simultaneous fluid circulation. The product is compact and portable, so it requires less service personnel.
Service Insights
The North Africa and GCC coiled tubing markets were dominated by well intervention services. They accounted for 62% of the total revenue share in 2018. The key factor expected to drive segment growth in the next eight years is the increased deployment of cost-effective technologies such as CT to increase oil production from existing wells, and enable horizontal well production.
Due to its many benefits, coiled tubing drilling will see growth in the future. CT drilling is more efficient, safer, underbalanced, and has a lower environmental impact.
Operation Insights
Logging dominated the market, accounting for over 21% of 2018's revenue share. This common operation is carried out by operators using CT technology to record the geological formations. The demand for cost-effective and efficient logging tools that can be transmitted through coiled tubing has increased as the Middle East and North Africa face a difficult and uncertain future.
The fastest growing revenue stream is the circulation operation, which will see a 6.5% CAGR from 2019 to 2025. This operation cleans out any light debris that has accumulated in the wellhole. To transport submersible and jet pumps into wells, coiled tubing is used.
Another important application of the product is pumping. This involves dispersing the fluid at a particular location to cement perforations, or chemical washes of downhole instruments. Coiled tubing is a great option for cementing perforations because it doesn't cause damage to important components like the downhole safety valve.
Logging is a common operation that operators use CT technology to record detailed information about geological formations. The demand for cost-effective and efficient logging tools that can be transmitted through coiled tubing has increased as the Middle East and North Africa face a difficult and uncertain future.
Application Insights
The market was led by onshore applications, which accounted for over 81% of the total revenue share in 2018. According to the Our Energy Policy Foundation the GCC and North Africa are the top suppliers of conventional onshore oil. According to estimates by the Our Energy Policy Foundation the Middle East and North Africa will be the top suppliers of conventional onshore oil by 2050.
The fastest CAGR for offshore applications is 5.0% between 2019 and 2025. This growth can be attributed to the expansion of offshore production in Saudi Arabia, UAE and other countries. Saudi Arabia, along with Iran and UAE, is the world's largest offshore oil producer. These countries are expanding their offshore production by following a recent trend.
Regional Insights
Saudi Arabia was the dominant market player and held a 29% share of 2018's revenue. Saudi Arabia is a major member of the Organization of the Petroleum Exporting Countries. The oil and gas sector in Saudi Arabia contributes a significant 50% to its GDP each year. This enables the country to increase its demand for coiled tubing as well as its associated services. In 2018, Saudi Arabia had 539 wells that were completed, compared to 599 in 2014.
In the coming years, moderate growth is expected in Iraq's market. Active oil projects in Iraq, valued at USD 75billion, and active gas projects for Iraq at USD 23billion as of June 2019, were both valued at USD 77.5 billion. The execution phase is where the majority of the oil projects are at the moment, with a total value of USD 53.5 billion. Due to this large-scale investment, the country's coiled tubing market is expected to show an upward trend during the forecast period.
Significant investments by Kuwait are expected to drive the market in Kuwait. Kuwait Petroleum Corp., a government-owned company, announced in 2018 that it would be executing a variety of large projects in the oil and gas sector. KPC intends to increase oil production by 4.75 million barrels/day from 3.05 million barrels/day in 2018.
Market growth is currently impacted by production disruptions and civil unrest in Libya. There are some signs of optimism, however. In 2019, the country's exports increased by a significant amount. Foreign oil companies are also increasing their activities. Eni, an Italian company, announced in 2018 that it would buy a 42.5% share in Libyan oil and gas licenses from British Petroleum.
Market Share Insights & Key Companies
The market is composed of suppliers, operators, state-owned oil companies, and traders. Majority of the coiled tube operators in the region are international, with most of them being based in the U.S.
To maintain their market share in the region, the key strategies of the players are product innovation and partnership. Schlumberger Ltd. purchased Xtreme Drilling and Coil Services Corp. coiled tubing drilling machines in April 2016. This acquisition was made to improve the drilling process and increase the efficiency of coiled tubeing through technological integration. The GCC and North Africa coiled tube market is dominated by:
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Schlumberger Limited
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Halliburton
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Baker Hughes Company
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Weatherford International plc
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Saudi Co. Elite Coil Tubing Solutions
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Archer Limited
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Trican
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Smape S.r.l.
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Sakson Drilling & Oil Services
- OiLSERV
Up Market Research published a new report titled “GCC & North Africa Coiled Tubing Market research report which is segmented by Operations (Pumping, Circulation), by Services (Drilling, Well Completion), By Players/Companies Weatherford International plc, Trican, Baker Hughes Company, Schlumberger Limited, Sakson Drilling & Oil Services, Halliburton, Elite Coil Tubing Solutions Saudi Co, Archer Limited, OiLSERV, Smape Srl”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Scope
Report Attributes | Report Details |
Report Title | GCC & North Africa Coiled Tubing Market Research Report |
By Operations | Pumping, Circulation |
By Services | Drilling, Well Completion |
By Companies | Weatherford International plc, Trican, Baker Hughes Company, Schlumberger Limited, Sakson Drilling & Oil Services, Halliburton, Elite Coil Tubing Solutions Saudi Co, Archer Limited, OiLSERV, Smape Srl |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 243 |
Number of Tables & Figures | 171 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
Global GCC & North Africa Coiled Tubing Market Report Segments:
The market is segmented by Operations (Pumping, Circulation), by Services (Drilling, Well Completion).
GCC & North Africa Coiled Tubing Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the GCC & North Africa Coiled Tubing Market
Overview of the regional outlook of the GCC & North Africa Coiled Tubing Market:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
Highlights of The GCC & North Africa Coiled Tubing Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of GCC & North Africa Coiled Tubing Market.
- Historical data and forecast.
- Estimations for the forecast period 2028.
- Developments and trends in the market.
1. Pumping
2. Circulation
7. By Services:1. Drilling
2. Well Completion
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the GCC & North Africa Coiled Tubing Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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- Market Entry Strategies
- Business Expansion Strategies
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Reasons to Purchase the GCC & North Africa Coiled Tubing Market Report:
- The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
- Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
- Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
- The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
- Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 GCC & North Africa Coiled Tubing Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 GCC & North Africa Coiled Tubing Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 GCC & North Africa Coiled Tubing Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the GCC & North Africa Coiled Tubing Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global GCC & North Africa Coiled Tubing Market Size & Forecast, 2018-2028
4.5.1 GCC & North Africa Coiled Tubing Market Size and Y-o-Y Growth
4.5.2 GCC & North Africa Coiled Tubing Market Absolute $ Opportunity
Chapter 5 Global GCC & North Africa Coiled Tubing Market Analysis and Forecast by Operations
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Operations
5.1.2 Basis Point Share (BPS) Analysis by Operations
5.1.3 Absolute $ Opportunity Assessment by Operations
5.2 GCC & North Africa Coiled Tubing Market Size Forecast by Operations
5.2.1 Pumping
5.2.2 Circulation
5.3 Market Attractiveness Analysis by Operations
Chapter 6 Global GCC & North Africa Coiled Tubing Market Analysis and Forecast by Services
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Services
6.1.2 Basis Point Share (BPS) Analysis by Services
6.1.3 Absolute $ Opportunity Assessment by Services
6.2 GCC & North Africa Coiled Tubing Market Size Forecast by Services
6.2.1 Drilling
6.2.2 Well Completion
6.3 Market Attractiveness Analysis by Services
Chapter 7 Global GCC & North Africa Coiled Tubing Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 GCC & North Africa Coiled Tubing Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America GCC & North Africa Coiled Tubing Analysis and Forecast
9.1 Introduction
9.2 North America GCC & North Africa Coiled Tubing Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America GCC & North Africa Coiled Tubing Market Size Forecast by Operations
9.6.1 Pumping
9.6.2 Circulation
9.7 Basis Point Share (BPS) Analysis by Operations
9.8 Absolute $ Opportunity Assessment by Operations
9.9 Market Attractiveness Analysis by Operations
9.10 North America GCC & North Africa Coiled Tubing Market Size Forecast by Services
9.10.1 Drilling
9.10.2 Well Completion
9.11 Basis Point Share (BPS) Analysis by Services
9.12 Absolute $ Opportunity Assessment by Services
9.13 Market Attractiveness Analysis by Services
Chapter 10 Europe GCC & North Africa Coiled Tubing Analysis and Forecast
10.1 Introduction
10.2 Europe GCC & North Africa Coiled Tubing Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe GCC & North Africa Coiled Tubing Market Size Forecast by Operations
10.6.1 Pumping
10.6.2 Circulation
10.7 Basis Point Share (BPS) Analysis by Operations
10.8 Absolute $ Opportunity Assessment by Operations
10.9 Market Attractiveness Analysis by Operations
10.10 Europe GCC & North Africa Coiled Tubing Market Size Forecast by Services
10.10.1 Drilling
10.10.2 Well Completion
10.11 Basis Point Share (BPS) Analysis by Services
10.12 Absolute $ Opportunity Assessment by Services
10.13 Market Attractiveness Analysis by Services
Chapter 11 Asia Pacific GCC & North Africa Coiled Tubing Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific GCC & North Africa Coiled Tubing Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific GCC & North Africa Coiled Tubing Market Size Forecast by Operations
11.6.1 Pumping
11.6.2 Circulation
11.7 Basis Point Share (BPS) Analysis by Operations
11.8 Absolute $ Opportunity Assessment by Operations
11.9 Market Attractiveness Analysis by Operations
11.10 Asia Pacific GCC & North Africa Coiled Tubing Market Size Forecast by Services
11.10.1 Drilling
11.10.2 Well Completion
11.11 Basis Point Share (BPS) Analysis by Services
11.12 Absolute $ Opportunity Assessment by Services
11.13 Market Attractiveness Analysis by Services
Chapter 12 Latin America GCC & North Africa Coiled Tubing Analysis and Forecast
12.1 Introduction
12.2 Latin America GCC & North Africa Coiled Tubing Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America GCC & North Africa Coiled Tubing Market Size Forecast by Operations
12.6.1 Pumping
12.6.2 Circulation
12.7 Basis Point Share (BPS) Analysis by Operations
12.8 Absolute $ Opportunity Assessment by Operations
12.9 Market Attractiveness Analysis by Operations
12.10 Latin America GCC & North Africa Coiled Tubing Market Size Forecast by Services
12.10.1 Drilling
12.10.2 Well Completion
12.11 Basis Point Share (BPS) Analysis by Services
12.12 Absolute $ Opportunity Assessment by Services
12.13 Market Attractiveness Analysis by Services
Chapter 13 Middle East & Africa (MEA) GCC & North Africa Coiled Tubing Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) GCC & North Africa Coiled Tubing Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) GCC & North Africa Coiled Tubing Market Size Forecast by Operations
13.6.1 Pumping
13.6.2 Circulation
13.7 Basis Point Share (BPS) Analysis by Operations
13.8 Absolute $ Opportunity Assessment by Operations
13.9 Market Attractiveness Analysis by Operations
13.10 Middle East & Africa (MEA) GCC & North Africa Coiled Tubing Market Size Forecast by Services
13.10.1 Drilling
13.10.2 Well Completion
13.11 Basis Point Share (BPS) Analysis by Services
13.12 Absolute $ Opportunity Assessment by Services
13.13 Market Attractiveness Analysis by Services
Chapter 14 Competition Landscape
14.1 GCC & North Africa Coiled Tubing Market: Competitive Dashboard
14.2 Global GCC & North Africa Coiled Tubing Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Weatherford International plc
14.3.2 Trican
14.3.3 Baker Hughes Company
14.3.4 Schlumberger Limited
14.3.5 Sakson Drilling & Oil Services
14.3.6 Halliburton
14.3.7 Elite Coil Tubing Solutions Saudi Co
14.3.8 Archer Limited
14.3.9 OiLSERV
14.3.10 Smape Srl