Global Coiled Tubing Services Market 2017-2021

MRC Announces the Publication of its Research Report – Global Coiled Tubing Services Market 2017-2021

MRC recognizes the following companies as the key players in the global coiled tubing services market: Archer, Baker Hughes, Halliburton, Schlumberger, and Superior Energy Services

Other Prominent Vendors in the market are: C&J Energy Services, Calfrac Well Services, Cudd Energy Services, Essential Energy Services, Key Energy Services, Nabors Industries, RPC, Trican Well Service, and Weatherford.

Commenting on the report, an analyst from MRC’s team said: “The latest trend gaining momentum in the market is Changing business models and portfolios. The model of a solitary integrated company, developing and discovering an oil or gas field and continuing the operation until the reservoir is depleted, is being exchanged by alliances and changes in ownership designed to guarantee that the company is able to extract most of its value and manages the field in critical stages.”

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According to the report, one of the major drivers for this market is Rising global oil and gas demand. According to the US Energy Information Administration, global liquid fuel consumption stood at 96.47 mbpd in 2016 compared with 86.43 mbpd in 2007. Global liquid fuel consumption grew at an annual rate of 1.23% between 2007 and 2016 and is expected to grow at a rapid rate during the forecast period. According to the US Energy Information Administration, the crude oil price dropped from over $110/bbl. in June 2014 to as low as $30/bbl. in January 2016, resulting in reduced fuel prices and increased fuel consumption. The crude oil price was $51.59/bbl in September 2017. Oil producers, especially OPEC countries, need to increase their production or venture into drilling new wells to meet the rising fuel demand. Most of the oil-producing countries do not have large additional capacities; hence, to meet the high fuel demand, they will require oil companies to explore and drill greenfield wells in new and existing oil fields. New drilling ventures will increase the demand for oilfield services.

Further, the report states that one of the major factors hindering the growth of this market is Decline in oil rig count. The volatile nature of crude oil prices may lead to uncertain price spikes or fall in the future, which can cause disruption and huge monetary losses for the oil and gas service provider companies. For instance, global crude oil prices witnessed a histrionic fall in July 2014, which had severely impacted the upstream oil and gas segment. This led to a reduction in drilling activities, which was reflected by the fall in rig count worldwide. The global rig count fell by 31.8% from 2015 to 2016, and by 55.5% from 2014 to 2016.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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