Driving Efficiency in Oil & Gas: The Growth of the Coiled Tubing Manufacturing Market
The global coiled tubing manufacturing market size is estimated to reach USD 1.5 billion by 2027 registering a CAGR of 2.9%, according to a new report by Grand View Research, Inc. Increasing popularity of shale reserves in the production of crude oil is projected to augment market growth over the forecast period. The global oil & gas industry remains volatile with high fluctuations in crude oil prices. Reduced crude oil prices coupled with depressed upstream investments in the current scenario are projected to impact the profitability of the market vendors. This associated sluggishness can be attributed to the falling oil demand from key importers, such as India and China. The global crude prices have fallen almost 66% from their highs in January 2020. This has affected the level of activities in the upstream and midstream sectors of the industry. However, the expansion of the downstream and midstream activities estimated in the forecast period is projected...