High Crude Oil Prices Fuel Vacuum Insulated Tubing Market Growth
According to the latest market study on "Vacuum Insulated Tubing Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Application," the global vacuum insulated tubing market was valued at US$ 35.71 million in 2022; it is expected to register a CAGR of 7.3% during the forecast period, to reach US$ 61.38 million by 2030.
The demand for oil and gas is rising across the world owing to the increasing energy demand. According to a report published by the International Energy Agency (IEA) in May 2023, global oil demand is projected to increase by 2.2 million barrels per day (mb/d) year-on-year in 2023 to an average of 102 mb/d, 200 kb/d more than oil demand published in April 2023. China’s demand for crude oil witnessed continuous growth, setting an all-time record in March 2023 at 16 mb/d.
Vacuum Insulated Tubing Market — by Geography, 2022
Vacuum Insulated Tubing Market Forecast to 2030 - Global Analysis by Application (Onshore and Offshore)
Vacuum Insulated Tubing Market Size, Analysis Report 2030
Download Free Sample
Source: The Insight Partners Analysis
North America is among the largest crude oil and natural gas producers across the world. The US is the largest oil producer globally, with a crude oil production share of more than 20%. The country’s oil & gas sector is proliferating year-on-year owing to the discovery of new oil and gas rigs. In addition, natural gas production in the US has grown significantly in recent years as improvements in drilling technologies have made it commercially viable to recover oil trapped in mature oil well. In April 2023, BP commenced oil production at its Argos platform located in the Gulf of Mexico. The Argos platform is a deepwater facility spread ∼200 miles south of New Orleans, Louisiana. The platform is designed with LoSal Enhanced Oil Recovery (EOR) and Dynamic Digital Twin technologies to extract oil from the Mad Dog 2 field, a large, high-quality oil reservoir located in southern Green Canyon area. Such growing technological adoption for enhancing oil recovery is expected in vacuum insulated tubing market growth in North America.
Operations related to oil and gas discovery in the Norwegian Sea, Kara Sea, Barents Sea, and the adjacent region near the North Pole fuel the growth for vacuum insulation tubing market in Europe. Increased emphasis on extending the life of existing oil resources with the help of enhanced oil recovery methods is anticipated to drive the vacuum insulated tubing market growth in the region in the coming years. Furthermore, the presence of leading oil production companies such as Shell plc, BP plc, TotalEnergies SE, Equinor ASA, and Lukoil Oil Co are generating constant demand for vacuum insulated tubing in the region. Furthermore, some of the major end users of vacuum insulated tubing systems across Italy include the companies such as ENI SpA, Azule Energy Angola SpA, Shell Italia E&P SpA, Totalenergies Ep Italia SpA, and Berco SpA. In addition, some of the companies driving the vacuum insulated tubing market growth in Europe includes SHELL PLC, UNIPEC U.K. CO. LIMITED, ESSO UK LIMITED, BG GROUP LIMITED, KUWAIT OIL COMPANY (KSC), PJSC Surgutneftegas, PJSC Gazprom, LukOil, PJSC Rosneft Oil Company, Tatneft, Equinor, Aker BP AS, Total SA, Exxon Mobil Corporation, and Lime Petroleum. These companies generate constant demand for enhanced oil recovery across the region and drive the vacuum insulated tubing market growth.
With the growing demand for crude oil and natural gas, the Gulf countries are increasing the production capacity of crude oil and natural gas, thereby driving the vacuum insulated tubing market in the MEA. Countries such as Iran and Nigeria are actively focusing on increasing oil production, which is expected to offer lucrative growth opportunities to the vacuum insulated tubing market players across the region. Venezuela and Brazil are among the largest crude oil producers, and they are emphasizing increasing their production capacities owing to rising demand for oil and gas and natural gas across SAM.
Andmir Group, Exceed Oilfield Equipment Inc, Imex Canada Inc, ITP Interpipe, Lake Petro, Dongying Lake Petroleum Technology CO Ltd, Nakasawa, Shengji Group, Tenergy Equipment & Service Ltd, TMK Group, and Vallourec are among the vacuum insulated tubing market players profiled during the market study. In addition, several other leading market players operating in the ecosystem were studied and analyzed for a holistic overview of the global vacuum insulated tubing market.
The COVID-19 pandemic adversely affected the global oil & gas industry due to disruptions in supply chain activities and the imposition of strict regulations on international trade by several countries to combat the spread of novel coronavirus. Furthermore, oil and gas prices increased significantly during the pandemic due to limited demand across the world. Additionally, the discontinuation of activities in the oil & gas industry reduced the demand for related products and services, such as vacuum insulated tubing.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com