Coiled Tubing Market Trends

Coiled Tubing Market size was valued at USD 1.91 Billion in 2023 and is poised to grow from USD 1.97 Billion in 2024 to USD 2.58 Billion by 2032, growing at a CAGR of 3.4% during the forecast period (2025-2032).

There are numerous domestic and international competitors battling for leadership in the very competitive field of coiled tubing. Giants such as Schlumberger, Halliburton, and Baker Hughes hold the majority share of the market with the implementation of the latest technology, strong network of services, and vast industrial knowledge. In their pursuit for operational efficiency and safety improvement, innovation-automation-digitalization features are kept at the forefront. It is also being created by smaller regional businesses who are in their turn increasing the range of products they provide, a dynamic competitive climate. 'John Lawrie Group', 'Sandvik AB', 'Forum Energy Technologies, Inc.', 'Gautam Tube Corporation', 'HandyTube', 'National Oilwell Varco', 'Stewart & Stevenson', 'T&H Lemont', 'Tenaris', 'Trident Steel Corporation', 'Trican', 'Halliburton', 'Altus Intervention', 'Calfrac Well Services Ltd.', 'Step Energy Services'

Coiled tubing is gaining popularity with growing natural gas demand globally, including in North America, given that shale gas development increased lately. Coiled tubing especially works well for hydraulic fracturing, which is necessary in accessing gas from unconventional reserves, such as shale. As the business for shale gas expands rapidly, coiled tubing is becoming increasingly critical for improving extraction efficiency and reducing operating costs-features that ensure its continued role in the industry.

Remote Monitoring and Operations: Remote operations in oil & gas have become possible through advancements in communication and control technology. Coiled tubing with remote monitoring devices becomes increasingly used for the supervising of well interventions and production operations. This reduces the number of personnel required onsite, increases the efficiency of operation, particularly in hostile or difficult locations, and enhances the safety of personnel by having them exposed to dangerous situations for a lesser period.

North America accounted for the largest share in both terms of volume and value and thereby led the coiled tubing market. The increase of the shale gas industry, in fact, is now the prime reason that motivates the market in the coiled tubing area. As shale oil and gas production continues to increase to enhance drilling efficiency, lower operating costs, and enhance overall productivity, there has been a growing demand for such advanced technology as coiled tubing. Moreover, in North America, there is a tremendous increase in the use of coiled tubing based on technical developments geared towards efficiency in well operations. All these factors are predicted to sustain the region's leadership over the forecast period.