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(IT-NEWSWIRE.COM, September 08, 2015 ) Portland, OR --
The South American coiled tubing market is estimated to grow at a CAGR of 6.6 % from 2014 to 2019. Although Brazil has the largest market share of 28% in the South American coiled tubing market, the Rest of South America segment (including emerging countries such as Argentina and Columbia) is expected to grow at the fastest CAGR of 7.2% during the forecast period, 2014 to 2019. The growth of the coiled tubing market depends on several factors, including the increasing energy demand in the region. This energy demand can be fulfilled by discovering and developing new reservoirs and by improving production from existing ones.
Enquire about report: http://www.bigmarketresearch.com/report-enquiry/280323
Other factors include introduction of new technologies, innovations, and improvements in existing services. Factors such as strict environmental regulations, government policies, and high competition compel companies to adopt new and better services for drilling and production. The discovery of new oil fields in South America is creating more growth opportunities for CT companies in South America.
Brazil is an important market in the South American region, having accounted for a market share of 28% in 2013. The Brazilian coiled tubing market is dominated by various international players.
In this report, the South American coiled tubing market has been broadly classified on the basis of type, application, and geography. The applications areas are offshore and onshore. Brazil, Venezuela, and Rest of South America have been considered for the geographic analysis of the South American market.
Rest of South America (including Columbia, Argentina) is estimated to grow at the fastest CAGR from 2014 to 2019, followed by Venezuela and Brazil. Though Venezuela and Brazil have the highest production in South America, a large number of brown field developments, well reinforcements, and well intervention coiled tubing have led to the high growth in the Rest of South America segment.
Major companies operational in this market are Halliburton, Baker Hughes, Weatherford International, and Schlumberger. These companies are major providers of well intervention services for the South American NOC’s and as well as for IOC’s. Schlumberger has the highest coiled tubing fleet among these companies in South America, followed by Halliburton and Baker Hughes.
Among the sub-segments of the coiled tubing market, the well intervention segment was valued at $232.0 million in 2013 and is estimated to reach $348.6 million by 2019. The high exploration and development activities, along with the use of secondary and tertiary methods to improve the recovery from wells, have led Venezuela to be the largest contributor in the well intervention segment of South America. The Argentine segment is expected to grow at the fastest rate from 2014 to 2019, to reach $91.1 million by 2019, from $58.1 million in 2013.
Apart from well intervention, the CT well cleaning and pumping services segment is expected to reach $93.8 million by 2019, while the CT well completion & mechanical operations segment is expected to reach $254.9 million by 2019.
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Source: EmailWire.Com 
Source: EmailWire.com
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