Progressing Cavity Pump Market Latest Trends, Development, Growth Analysis And Forecast by 2026

According to the new market research report "Progressing Cavity Pump Market by Pumping Capacity (Up to 500 GPM, 501–1,000 GPM, and more), Power Rating (Up to 50 HP, 51–150 HP, and more), End User (Oil & Gas, Food & Beverages, and more), and Region - Global Forecasts to 2026", published by MarketsandMarkets™, the global Progressing Cavity Pump Market size is projected to reach USD 5.9 billion by 2026, at a CAGR of 6.0%, from an estimated USD 4.4 billion in 2021.  The key drivers for the Progressing Cavity Pump Market include use of PCPs in enhanced oil recovery and upstream processes and Intensifying need for water & wastewater management in developed nations.

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The up to 500 GPM segment by pumping capacity, is the largest contributor in the progressing cavity pump during the forecast period.

Progressing cavity pumps offering pumping capacity in the range of 0 to 500 GPM capture the largest share of the global PCP market. In 2020, the segment captured more than 65% of the total market owing to the versatility in operation offered by these pumps. In addition to compact size, these pumps require less power-consuming electric or hydraulic motors that are favored across the world for lower operational cost as well as high efficiency. Lower operational cost is also one of the prime factors due to which end-use industries prefer to use these motors over their more powerful counterparts. The food & beverages industry is among the top consumers of these pumps due to the relatively low requirement of flow rate for fluid processing.

Power rating, the up to 50 HP segment is expected to be the largest market for progressing cavity pump during the forecast period.

PCPs rated up to 50 hp are predominantly used for abrasion resistance in tough pumping applications. PCPs become mechanical, and their volumetric efficiency rises when the viscosity of the liquid increases and PCPs require limited power supply and flow as compared to other pumps. PCPs rated up to 50 hp are used mainly in the wastewater treatment (for handling polymers, waste, sludge, and flocculants); chemicals (for handling detergents, varnish, paints, inks, and soaps); buildings (for handling cement and bentonite); agro and food (for handling creams, emulsions, wine, and olive oils); food & beverages (for handling dairy product, beverage, convenience food, fruits and vegetables, baked goods, sauce and starch, personal care, meat, fish, and animal food) industries. Progressing cavity pumps with such power rating are not extensively used in the oil & gas industry owing to the fact that the oil & gas industry demands high power rated operational equipment.

Browse in-depth TOC on "Progressing Cavity Pump Market"

125 – Tables
55 – Figures
215 – Pages

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The water & wastewater management end user segment is expected to be the largest contributor during the forecast period.

Water & wastewater is the largest end user of PCPs among all the industries. The need to reduce life cycle costs and improve operating margins is anticipated to boost the usage of PCP units in the water & wastewater industry for the processing of polymers, waste, sludge, and flocculants. Intensifying demand for freshwater, handling liquids with higher viscosities, and a clean environment would also propel the need for water and wastewater management in the future, thereby creating opportunities for the usage of PCPs. The demand for these pumps is likely to rise from new plant installations, unit expansions, and unit upgrades. According to the UN, the worlds population will increase from 7.2 billion in 2013 to 8.1 billion by 2025. Hence, factors such as population growth, especially in urban areas, industrial development, increasing emphasis on wastewater treatment, international commitments and targets, and government policies would facilitate the growth of the water & wastewater industry. Moreover, by 2030, the UN plans to achieve universal and equitable access to safe and affordable drinking water and adequate and equitable sanitation for all. This calls for huge investments in the water & wastewater sector. This, in turn, would push the demand for PCPs during the forecast period.

Asia Pacific is expected to dominate the global Progressing Cavity Pump Market

The Asia Pacific region was the largest market for progressing cavity pumps in 2020 and accounted for a share of 35.7% of the global market. The PCP market in Asia Pacific has been studied for China, Australia, India, and Japan. The other Asian countries considered in the study are Thailand, Malaysia, the Philippines, Singapore, and South Korea. According to the IMF, the economic outlook for Asia Pacific remains strong, and the region continues to be the most dynamic in the global economy. The region has many top global economies, such as China, India, and Japan, and is expected to grow at 5.6% till 2022. The major end users of progressing cavity pumps in the region include water & wastewater treatment, oil & gas, and food & beverages industries. The market in this region will be largely driven by China and India—countries exhibiting fast-paced economic expansion and healthy industrial growth rates. The market in Southeast Asian countries, such as Malaysia and Thailand, is at various stages of development. The government of Malaysia aims to serve clean water to 99% of the population by 2022 from 95.5% in 2015. Such targets are likely to reflect favorably on the PCP market. According to the Indian Ministry of Finance, the country plans to invest USD 646 billion by 2022 in various areas of development. About 70% of the investment would be made in power, roads, and urban infrastructure.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the Progressing Cavity Pump Market. These players include Xylem (US), Weir (UK), Sulzer (Switzerland), Roto Pumps (India), EBARA Corporation (Japan), Wilo (Germany), ITT Corporation (US), NETZSCH (Germany), CIRCOR International (US), SEEPEX (Germany).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Asia Pacific Generator Sales Market 2025 Expected to Rise at A Higher CAGR Value, Driving Factors, Sales and Revenue

The Asia Pacific generator sales market size is projected to reach USD 8.8 billion by 2025 from an estimated USD 6.8 billion in 2020, at a CAGR of 5.1% during the forecast period. Increasing demand for uninterrupted and reliable power supply in several industries is driving the growth of the market. Moreover, the electrification of rural areas in developing countries is likely to provide opportunities for Asia Pacific generator sales industry.

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The industrial end-user segment is expected to grow at the highest CAGR from 2020 to 2025.

Industrial generators ensure a continuous supply of power in the event of power failure from the grid system. Thus, such generators guarantee an efficient performance of the equipment, in case there are breaks on the electric supply. Moreover, mining industries raise the demand for diesel generators as they provide over 70% of all the power needed in mining operations by heavy-duty equipment, such as excavating machinery, drillers, conveyor belts, and cranes. Developing countries, such as China, India, and Thailand, are witnessing rapid industrialization and have introduced several policies to support industrial growth, including adequate power supply. Thus, industries keep generators for peak shaving time to continue their operations irrespective of power outages in remote locations. These factors drive the growth of the industrial generator sales market.

The 2,500–5,000 kVA power rating segment is expected to grow at the highest CAGR in the Asia Pacific generator sales industry during the forecast period.

Generators with a capacity of 2,500–5,000 kVA are mostly used in large manufacturing facilities, power generation, and commercial sectors—the end-users select generator capacity based on their requirements. For instance, in 2018, GE Renewable Energy and GE Power provided 270 MW of wind energy capacity to Wind Energy Holding for the Theparak Wind Farm in Central Thailand. Such developments drive the demand for electric generators as electromechanical generators in power plants generate power. Therefore, high demand in the power generation sector is expected to emerge as key revenue pockets for the 2,500–5,000 kVA generators in the Asia Pacific generator sales market.

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The standby segment is expected to grow at the highest CAGR during the forecast period.

Standby power generators are used in applications requiring a regular power supply to carry out operations. Their primary function is to supply emergency power for a limited duration during a power outage. Moreover, commercial buildings, such as the telecom industry, hospitals, data centers, and office buildings, require emergency power. Hospitals and data centers consume a large amount of energy and require generator sets that are reliable and ensure continuous power supply in the event of grid failure and power outages. Also, in the Asia Pacific region, the use of standby diesel generators is high due to the availability of fuel and as it offers continuous power supply during peak hours. Further, standby gensets are witnessing increasing demand due to the increased demand from hospitals and data centers for uninterrupted and reliable power supply in the Asia Pacific region.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Asia Pacific generator sales market. The major players in the Asia Pacific generator sales industry are Caterpillar (US), Cummins (US), Generac (US), Wärtsilä (Finland), Mitsubishi Heavy Industries (Japan), Rolls-Royce Holdings (UK), Yanmar (Japan), Siemens (Germany), Weichai Group (China), and Sterling & Wilson (India). These players are adopting various strategies to increase their share in the Asia Pacific generator sales market. Contracts & agreements, and new product launches have been a widely adopted strategy by the major players in the generator sales industry.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Centrifugal Pump Market Latest Trends, Development, Growth Analysis And Forecast by 2026

According to the new market research report "Centrifugal Pump Market by Type (Overhung Impeller, Vertically Suspended, Between Bearing), Operation Type (Electric, Hydraulic, Air Driven), Stage (Single Stage, Multistage), End-User (Industrial, Commercial, Residential), Region - Global Forecast to 2026"The global centrifugal pump market is projected to reach a size of USD 48.8 billion by 2026, at a CAGR of 5.9%, from an estimated USD 36.6 billion in 2021. High demand for centrifugal pumps in the agricultural sector and increasing investments in the construction industry attributing to rapid urbanization are the key factors driving the growth of the centrifugal pumps market.  Likewise, the up-gradation of aging and construction of new water & wastewater treatment facilities and adoption of solar-powered centrifugal pumps are expected to offer lucrative opportunities for the submersible pumps market during the forecast period.

Browse 305 market data Tables and 63 Figures spread through 302 Pages and in-depth TOC on "Centrifugal Pump Market - Global Forecast to 2026"

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By Stage, the single stage centrifugal pump market is expected to be the largest centrifugal pump market, in 2020.

The single stage pump segment is expected to be the largest segment of the centrifugal pump market, by stage, in 2026. These pumps are widely used in the industrial sector as they can handle large flow volumes of fluids. Increased investments in infrastructure and solar power plants and the growing household sector in developing countries are the key drivers of the single stage centrifugal pump market

By Type, the electrical segment is expected to dominate the centrifugal pump market, during the forecast period. 

The electrical centrifugal pump segment held the largest market size as these pumps can handle both solids & liquids and are used across numerous sectors to boost production. Electrical centrifugal pumps are used in different sectors, such as industrial, agricultural, and domestic. For instance, in the oil & gas industry, electrical centrifugal pumps are used to increase the flow of fluids from wells when a reservoir does not have enough energy to produce at economical rates naturally and boost production to improve financial performance. The growth of this segment is due to its increasing demand attributed to high reliability and efficiency, and as it never has to be primed as it is already submerged in the fluid. 

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By end-user, the industrial segment is the largest contributor in the centrifugal pump market during the forecast period.

The industrial segment is estimated to lead the centrifugal pump market. Asia Pacific was the largest market for the industrial end-user segment in 2020. This is attributed to the increasing population and ongoing urbanization, especially in the emerging economies of Asia.

Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.

In this report, the centrifugal pump market has been analyzed for six regions, namely, Asia Pacific, Europe, North America, South America, Middle East, and Africa. Asia Pacific region has been segmented, by country, into China, Japan, India, South Korea, Bangladesh, and Rest of Asia Pacific. Rest of Asia Pacific includes Thailand, Australia, and Singapore. The major applications for centrifugal pumps in the region include water & wastewater treatment, commercial & residential complexes, and the agricultural sector. Factors driving the adoption of centrifugal pumps in the agricultural sector in Asia Pacific include the growing demand for food, rising pressure to improve yields with limited available resources, and increasing requirement to protect crops from unexpected climatic changes. Furthermore, rapid industrialization and infrastructural developments in the region offer growth opportunities for the Asia Pacific centrifugal pump market.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the centrifugal pump market are Grundfos (Denmark), KSB (Switzerland), Flowserve (US), Sulzer (Switzerland), and Xylem (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Smart Ports Market rising demand growth trend insights for next 5 years

The global smart ports market is projected to reach USD 5.3 billion by 2024 from an estimated USD 1.7 billion in 2019, at a CAGR of 25.0% during the forecast period. This growth can be attributed to factors such as an increasing introduction of green initiatives and the requirement of ports to comply with the environmental regulations that have been implemented by the governments of several nations. The usage of big data and cloud computing to cut down the carbon emissions and at the same time, boost internal operational efficiency is a major driving force for the market.

The extensively busy segment is expected to be the largest smart ports market, by throughput capacity, during the forecast period.

The extensively busy ports are expected to be the largest and the fastest growing market segment during the forecast period. Extensively busy ports generate a larger share of revenue when compared to that of the moderately and scarcely busy ports due to the large-size of operations in the former. This enables these ports to invest in the latest technologies to improve their operational coefficient.

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The sea ports segment is expected to be the fastest growing segment of the smart ports market during the forecast period.

Sea ports are situated out in the sea whereas inland ports are the ones that are situated in the inland waterways, like streams, rivers, and rivulets. Most commercial and passenger cruises dock in the sea ports, and thus the seaports have the lion’s share of the revenues in this segment. These ports invest their working capital in upgrading the condition by installing efficient technologies and smart solutions.

This research report categorizes the smart ports market based on technology, elements, throughput capacity, port type, and region.

Based on technology, the smart ports market has been segmented as follows:

• Internet of things (IoT)
• Blockchain
• Process automation
• Artificial intelligence

Based on the elements, the smart ports market has been segmented as follows:

• Terminal automation & cargo handling
• Port community system (terminal booking services, content management dashboard, document management, vessel data & arrival information, inquiry, search & inquiry)
• Traffic management system (sea, railway, truck)
• Automated information system(ais) – cloud, application software, control systems
• Real-time location system (RTLS) – cloud, application software, control systems
• Others (traffic signal monitoring & control, dynamic message sign monitoring and control, and chain control, integrated rail & barge platform) 
• Smart port infrastructure
• Automated mooring systems
• Gate automation
• Shore power
• Smart energy & environment solutions 

Based on throughput capacity, the smart ports market has been segmented as follows:

• Extensively busy (above 18 million teu)
• Moderately busy (5-18 million teu)
• Scarcely busy (below 5 million teu)

Based on the region, the smart ports market has been segmented as follows:

• Asia Pacific
• North America
• Europe
• Middle East & Africa
• South America

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Asia Pacific to account for the largest share within the global smart ports market

In this report, the smart ports market has been analyzed with respect to five regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. The Asia Pacific is estimated to dominate the global smart ports market in 2019, owing to the growth in the industrial, manufacturing, textile, pulp & paper, and power generation industries in countries such as China, Singapore, Hong Kong, and Japan. This lead to the massive growth in trade in the region, which in turn is expected to boost maritime activities in this region. Thus, a significant scope of growth and development in smart ports exists in these regions.

The report includes the profiles of some of the top players in the smart ports market to enable an in-depth understanding of the competitive landscape. Some of the key players are Royal Haskoning (The Netherlands), IBM (USA), ABB (Switzerland), Trelleborg AB (Sweden), Port of Rotterdam (The Netherlands), and Abu Dhabi Ports (UAE). The leading players are adopting various strategies to increase their share in the smart ports market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Commercial Water Heaters Market Development Opportunities Accelerate in 2026

The global commercial water heaters market size is projected to reach USD 7.7 billion by 2026 from an estimated value of USD 5.4 billion in 2020, growing at a CAGR of 6.1%. The increasing investments for the development and expansion of commercial sector operations across different regions and supportive regulations & grants for using renewable sources of energy in different applications are the key factors driving the commercial water heaters market are driving the growth of this market.

The commercial water heaters market is dominated by a few global players, mainly from the North America, Asia Pacific, and Europe. Key players in the commercial water heaters market include A.O. Smith Corporation (US), RHEEM Manufacturing Company (US), Rinnai Corporation (Japan), Solahart Industries (Australia), Carrier Global (US), Stiebel Eltron (Germany), etc. Other players in the market include the likes of Viessmann Group (Germany), NIBE Energy Systems (Sweden), Danfoss (Denmark), Valliant Group (Germany), American Water Heaters (US), Daikin (Japan), Mitsubishi Electric (Japan), Andrewes Water Heaters (Baxi Heating) (UK), and more.

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The solar segment is estimated to be the fastest-growing segment of the commercial water heaters market, by type, from 2020 to 2026. Solar commercial water heaters segment is getting a boost during the forecast period due to the increased awareness about the usage fo renewable technology in water heating for commercial operations. Additionally, supportive grants, incentives, and regulations are also helping this market to grow at a healthy pace.

The 10–50kW segment of the commercial water heaters market, by rated capacity, is estimated to grow at a faster rate from 2020 to 2026. Ease of operations owing to their instantaneous water heating capability is driving the growth of the 10–50kW rated capacity segment of the commercial water heaters market.

The below 500 liters segment of the commercial water heaters market, by liter, is estimated to grow at a faster rate from 2020 to 2026. The growth of this segment can be attributed to the ample water provided by below 500 liters commercial water heaters for almost all applications, except for a few water-intensive applications.

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The commercial water heaters market has been segmented, by region, into Europe, North America, Asia Pacific, Africa, and South America. The Asia Pacific region is projected to grow at the fastest rate, from 2020 to 2026, followed by North America and Europe. Countries such as China, South Korea and Australia are the fastest-growing markets in the Asia Pacific region, owing to the increase in installations of solar based commercial water heaters. China is projected to grow at the highest CAGR from 2020 to 2026. This is mainly due to the increasing investment in technologies that can help it in limiting its carbon footprint and increase the efficient usage of electrical power.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Concentrating Solar Power Market Outlook 2020 – Huge Growth, Trends, Revenue And In-Depth Analysis 2025

The global Concentrating Solar Power Market size is expected to grow from an estimated USD 3.5 billion in 2020 to USD 7.6 billion by 2025, at a CAGR of 16.4%, during the forecast period. The market is set to witness growth due to the growing solar deployment because of support from the government and the growing use of CSP in mini-grid applications.

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The solar power tower market is expected to be the largest concentrating solar power market, by technology, in 2019.

The solar power tower segment is expected to be the largest segment of the concentrating solar power market, by technology, in 2019. The segment is expected to grow during the forecast period due to the higher temperatures that can allow higher efficiency of the steam cycle and decrease water consumption for cooling the condenser. The higher temperature uses thermal energy storage for achieving schedulable power generation. Thus, increasing adoption of solar power towers due to reduction in cost or allowing greater storage for the same price.

The with storage segment is expected to hold the largest share of the concentrating solar power market, by operation type, during the forecast period.

The with storage segment is the fastest-growing market and is projected to dominate the market during the forecast period. The need to generate power even during nights and to provide continuous supply of electricity due to thermal energy storage is driving the operation segment of concentrating solar power market. This would ultimately create new revenue pockets for the concentrating solar power market during the forecast period.

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Asia Pacific: Key market for concentrating solar power during the forecast period.

In this report, the concentrating solar power market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, the Middle East and Africa. Asia Pacific is expected to be the largest concentrating solar power market, by region, during the forecast period. Countries such as China, India and Australia are the fastest-growing markets in the Asia Pacific region, owing to the increase in installations of CSP plants. China is projected to grow at the highest CAGR from 2020 to 2025. This is mainly due to the increasing investment in CSP for stabilizing power grid is driving this country. In addition, the region focuses on the need to generate continuous renewable electricity to support growing economic activities will drive the concentrating solar power market in Asia Pacific region.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the concentrating solar power market such as Abengoa (Spain), BrightSource Energy (US), ACWA Power (Saudi Arabia), Aalborg CSP (Denmark), and SolarReserve (US) and other players such as TSK Flagsol Engineering GmbH (Germany), Alsolen (Morocco), Cobra Energia (Spain), Torresol Energy (Spain), Acciona Energy (Spain), eSolar (US), and Enel Green Power (Italy).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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$4.0 Billion Coiled Tubing Market, 2020-2025 - Enhance th Production from the Mature Fields

The global coiled tubing market size is projected to reach USD 4.0 billion by 2025 from an estimated USD 3.0 billion in 2020, at a post COVID-19 CAGR of 5.8% during the forecast period. Stabilized oil prices have revitalized the exploration & production expenditures globally. This has led to increased investments in the enhancement of productivity of oil & gas wells. Furthermore, the global coiled tubing industry is driven by the upsurge in the oil & gas production by countries owing to rising demand from the Asia Pacific.

North America is estimated to be the fastest-growing market for coiled tubing during the forecast period. The region has been segmented, by country, into the US and Canada. The increasing shale oil & gas production in the North America region is driving the coiled tubing market. According to the BP statistical report for June 2019, the US is the top producer of oil, producing 15.3 billion barrels of oil, in 2018. Moreover, the country has been experiencing huge investments from upstream operators to increase the production from the depleting fields in Texas, Permian Basin, and the Gulf of Mexico, along with new drilling activities in ultra-deepwater locations in the Gulf of Mexico, which is likely to drive the North American coiled tubing market.

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This research report categorizes the coiled tubing market based on service, application, fleet, and region.

Based on service:

• Well intervention
  • Well Cleaning & Pumping Operations
  • Well Completions & Mechanical Operations
• Drilling Service
• Others (Fishing, fracturing, wireline logging, and inspection)

Based on the application:

• Onshore
• Offshore

Based on the fleet:

• Region
  • North America
  • Europe
  • Asia Pacific
  • South &Central America
  • Middle East
  • Africa
• Operator
  • NexTier Oilfield Solutions
  • STEP Energy Services
  • Key Energy Services
  • Pioneer Energy Services
  • Basic Energy Services
  • Calfrac Well Services

Based on the region:

• North America
• Asia Pacific
• South & Central America
• Europe
• Middle East
• Africa

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The coiled tubing market, by service, is segmented into well intervention service, drilling service, and others. Others include minor services such as fishing, fracturing, wireline logging, and inspection. Well Intervention services is the fastest growing market by region and are also observed as new revenue pockets. These services are further sub-segmented as well cleaning & pumping operations and well completions & mechanical operations. The challenges faced by oilfield operators during the well completion and production phase include the accumulation of hard scale, water shutoff, and formation damage. Coiled tubing helps in addressing these challenges through descaling operations, reperforation, and zonal isolation.

The coiled tubing market, by application, is categorized into onshore and offshore. The African offshore segment is expected to provide many opportunities for the coiled tubing market in the future, owing to huge drilling activities in offshore Angola and Mozambique gas production activities. The activities in offshore oilfield environments are comparatively more complex than onshore oil & gas fields thus, there is an increasing demand for digitization in offshore oil & gas fields. Furthermore, the investments to revive the mature onshore fields are expected to offer lucrative opportunities for the coiled tubing manufacturers during the forecast period.

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Recent Developments

• In June  2020, Weatherford launched the Velox wellhead system, solution for operators needing to lock in pressure integrity while enhancing safety and improving efficiency.
• In January 2020, Halliburton was awarded 7 contracts for drilling and completion services for the next phase of field development of the INPEX-operated Ichthys Project in the Browse Basin offshore northern Australia. 
• In September 2019, Baker Hughes Company announced the successful deployment of its SureCONNECT downhole intelligent wet-mate system, in BP’s subsea wells. SureCONNECT enables real-time production monitoring and control of the completion system across the entire wellbore in multi-trip completions. This system allows operators to make data-driven decisions to optimize reservoir performance and proactively mitigate risks.

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