The use of CT has grown beyond cleanout and simulator of acid. This growth is driven by technology and material advancement. The growth applications are drilling, fracturing, subsea, deeper wells and flow line. Other traditional applications are well cleanouts, well unloading, stimulation, velocity strings and fishing.
Because of functioning even in the harsh and extreme conditions such as in offshore this segment lead with 45% of the overall market. Offshore applications the one at Northern Sea. Common offshore applications include well interventions or production for extending well life. CT is mostly used in chemical wash in subsea operations, which is done by pouring down the chemicals to the bottom. In data transmission also it is replacing wireline and electrical cables.
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Regional Insights
Countries of APAC such as China, India, Australia and Indonesia with the dual factor of investment and presence of reservoirs can make it as a potential market. The demand of resource in North American region lead the market by 42% in terms of revenue. Canada and the U.S. together have the highest market share.
The resources such as skilled manpower, and use latest technologies & equipment has driven the North America. Coiled tubing industry is anticipated to show a significant growth in countries such as Argentina Russia, Algeria, and Poland over the forecast period.
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