The Europe vacuum insulated tubing market is expected to grow from US$ 2.34 million in 2023 to US$ 3.13 million by 2030. It is estimated to grow at a CAGR of 4.3% from 2023 to 2030.
Further, according to the International Trade Administration (ITA), Norway produces 3% of the world's natural gas, ranking seventh in terms of production. Norway is the third-largest natural gas exporter in the world. In 2020, the country produced 2.3% of the world's oil production, which shows that the country plays a significant role in the global market for oil and gas. Norway has substantial offshore oil and gas reserves in the North and Norwegian Seas. The exploration and production activities in these areas have been highly successful, contributing to the industry's growth. Norwegian companies have been at the forefront of developing advanced technologies for offshore oil and gas exploration and production. Thus, the constant development of the oil & gas industry is anticipated to drive the growth of the vacuum insulated tubing market during the forecast period.
Based on application, the Europe Vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held the larger share of the Europe vacuum insulated tubing market in 2023.
Based on country, the Europe vacuum insulated tubing market is segmented int o Italy, the UK, Russia, Norway, Rest of Europe. Russia dominated the Europe vacuum insulated tubing market in 2023.
TMK Group, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Nakasawa Resources, Shengji Group, and Vallourec SA are some of the leading companies operating in the Europe vacuum insulated tubing market.
Maximize Oil Reserves Recovery and Extend Field Life Fuel Europe Vacuum Insulated Tubing Market
Owing to the higher exploitation of existing wells, several key oil and gas producers such as ExxonMobil, Shell plc, Chevron Corporation, PetroChina, and Saudi Aramco are focusing on maximizing the recovery factor (RF) from their existing oilfields and maintaining an economical oil rate. By implementing EOR methods, operators can revitalize reservoirs and extract additional oil, extending the field's productive life and maximizing the value of existing assets. Steam flooding EOR method technique helps improve oil displacement, reduce residual oil saturation, and enhance sweep efficiency within the reservoir. Thus, the rising need to maximize oil reserve recovery bolsters the Europe vacuum insulation tube market.Europe Vacuum Insulated Tubing Market Overview
Norway, the UK, and Denmark are the major oil and gas producers in Europe, with significant offshore reserves in the North Sea. Other countries such as the Netherlands, Germany, and Italy also have small-scale oil and gas production, according to the EIA, the UK generated 4.9 quadrillion British thermal units (quads) of energy in 2020 and used 6.8 quads of energy. Approximately 75% of the world's energy supply and 77% of its total energy demand are fulfilled using fossil fuels. After Norway, the UK was the second-largest producer of natural gas, oil, and other liquids in Organisation for Economic Co-operation and Development (OECD) Europe in 2021.Further, according to the International Trade Administration (ITA), Norway produces 3% of the world's natural gas, ranking seventh in terms of production. Norway is the third-largest natural gas exporter in the world. In 2020, the country produced 2.3% of the world's oil production, which shows that the country plays a significant role in the global market for oil and gas. Norway has substantial offshore oil and gas reserves in the North and Norwegian Seas. The exploration and production activities in these areas have been highly successful, contributing to the industry's growth. Norwegian companies have been at the forefront of developing advanced technologies for offshore oil and gas exploration and production. Thus, the constant development of the oil & gas industry is anticipated to drive the growth of the vacuum insulated tubing market during the forecast period.
Europe Vacuum insulated tubing market Revenue and Forecast to 2030 (US$ Thousand)
Europe Vacuum Insulated Tubing Market Segmentation
The Europe vacuum insulated tubing market is segmented into application and country.Based on application, the Europe Vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held the larger share of the Europe vacuum insulated tubing market in 2023.
Based on country, the Europe vacuum insulated tubing market is segmented int o Italy, the UK, Russia, Norway, Rest of Europe. Russia dominated the Europe vacuum insulated tubing market in 2023.
TMK Group, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Nakasawa Resources, Shengji Group, and Vallourec SA are some of the leading companies operating in the Europe vacuum insulated tubing market.
Table of Contents
1. Introduction
3. Research Methodology
4. Europe Vacuum Insulated Tubing Market Landscape
5. Europe Vacuum Insulated Tubing Market- Key Market Dynamics
6. Europe Vacuum Insulated Tubing Market- Market Analysis
7. Europe Vacuum Insulated Tubing Market Revenue and Forecast to 2030 - Application.
8. Europe Vacuum Insulated Tubing Market- Country Analysis
9. Company Profiles
10. Appendix
List of Tables
List of Figures
Executive Summary
At 4.3% CAGR, the Europe Vacuum Insulated Tubing Market is Speculated to be Worth US$ 3.13 Million by 2030.According to this research, the Europe vacuum tubing insulated tubing market was valued at US$ 2.34 million in 2023 and is expected to reach US$ 3.13 million by 2030, registering a CAGR of 4.3% from 2023 to 2030. Improved oil recovery to reduce oil imports is among the critical factors attributed to the Europe vacuum insulated tubing market expansion.
Injecting steam into existing oil fields has received significant traction due to its potential to increase ultimate recovery from mature conventional oil reserves. The injected steam improves the mobility of crude oil and allows it to flow efficiently by increasing the overall pressure of an oil reservoir. The steam injection method has been exploited commercially over recent decades to improve recovery from heavy oil reservoirs in their later stages of development. As a result, this enhanced oil recovery method helps revitalize the extraction of existing oil wells. Various countries are investing in rejuvenating existing oil resources to boost domestic oil production and reduce their dependence on oil imports. Thus, adoption steam injection method helps in improving oil recovery thereby reducing oil imports, which is anticipated to offer promising growth opportunities for the Europe vacuum insulated tubing market.
On the contrary, high cost of implementation of EOR and transition toward clean energy hampers the Europe vacuum insulated tubing market.
Based on application, the Europe vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held 65.9% share of Europe vacuum insulated tubing market in 2023, amassing US$ 1.54 million. It is projected to garner US$ 2.03 million by 2030 to expand at 4.0% CAGR during 2023-2030.
Based on country, the Europe vacuum insulated tubing market has been categorized into Italy, the UK, Russia, Norway, Rest of Europe. Our regional analysis states that Russia captured 69.6% share of Europe vacuum insulated tubing market in 2023. It was assessed at US$ 1.63 million in 2023 and is likely to hit US$ 2.24 million by 2030, exhibiting a CAGR of 4.7% during 2023-2030.
Key players operating in the Europe vacuum insulated tubing market are Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Nakasawa Resources, Shengji Group, TMK Group, and Vallourec SA.
Companies Mentioned
- ITP Interpipe
- Dongying Lake Petroleum Technology Co Ltd (Lake Petro)
- Shengji Group
- TMK Group
- Vallourec SA
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 75 |
| Published | December 2023 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value in 2023 | 2.34 Million |
| Forecasted Market Value by 2030 | 3.13 Million |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Europe |
| No. of Companies Mentioned | 5 |
