The Asia Pacific vacuum insulated tubing market is expected to grow from US$ 4.18 million in 2023 to US$ 5.83 million by 2030. It is estimated to grow at a CAGR of 4.9% from 2023 to 2030.
Based on application, the Asia Pacific vacuum insulated market is segmented into onshore and offshore. The onshore segment held the larger share of the Asia Pacific vacuum insulated tubing market in 2023.
Based on country, the Asia Pacific vacuum insulated tubing market is segmented int o Australia, China, India, Indonesia, Malaysia, and Rest of Asia Pacific. China dominated the Asia Pacific vacuum insulated tubing market in 2023.
Andmir Group, Exceed Oilfield Equipment, Imex Canada Inc, ITP Interpipe, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Nakasawa Resources, Tenergy Equipment & Technology Co., Ltd., Shengji Group, and Vallourec SA are some of the leading companies operating in the Asia Pacific vacuum insulated tubing market.
Maximize Oil Reserves Recovery and Extend Field Life Fuel Asia Pacific 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 Asia Pacific vacuum insulation tube market.Asia Pacific Vacuum Insulated Tubing Market Overview
The APAC vacuum insulated tubing market is segmented into India, China, Australia, Malaysia, Indonesia, and the Rest of APAC. APAC is a significant consumer of oil and natural gas. Rapid industrialization, urbanization, and population growth have driven the energy demand. APAC is home to substantial oil and gas reserves. Countries such as China, India, Malaysia, Indonesia, and Australia have significant domestic production. Several key market players in these countries are concentrating on enhanced oil recovery (EOR) projects in order to fulfill the growing consumption of oil. In April 2022, China National Offshore Oil Corporation, one of the leading national oil companies in China announced country’s first offshore large-scale super heavy oil thermal recovery oilfield put into operation. The successful operation of this heavy oil thermal recovery development model is expected to help the development of hundreds of millions of heavy oil resources in Bohai Bay basin. As a result, the number of EOR projects is rising in this region, which is anticipated to bolster the demand for vacuum insulated tubing in the coming years.Asia Pacific Vacuum Insulated Tubing Market Revenue and Forecast to 2030 (US$ Thousand)
Asia Pacific Vacuum Insulated Tubing Market Segmentation
The Asia Pacific vacuum insulated tubing market is segmented into application and country.Based on application, the Asia Pacific vacuum insulated market is segmented into onshore and offshore. The onshore segment held the larger share of the Asia Pacific vacuum insulated tubing market in 2023.
Based on country, the Asia Pacific vacuum insulated tubing market is segmented int o Australia, China, India, Indonesia, Malaysia, and Rest of Asia Pacific. China dominated the Asia Pacific vacuum insulated tubing market in 2023.
Andmir Group, Exceed Oilfield Equipment, Imex Canada Inc, ITP Interpipe, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Nakasawa Resources, Tenergy Equipment & Technology Co., Ltd., Shengji Group, and Vallourec SA are some of the leading companies operating in the Asia Pacific vacuum insulated tubing market.
Table of Contents
1. Introduction
3. Research Methodology
4. Asia Pacific Vacuum Insulated Tubing Market Landscape
5. Asia Pacific Vacuum Insulated Tubing Market- Key Market Dynamics
6. Asia Pacific Vacuum Insulated Tubing Market- Market Analysis
7. Asia Pacific Vacuum Insulated Tubing Market Revenue and Forecast to 2030 - Application.
8. Asia Pacific Vacuum Insulated Tubing Market- Country Analysis
9. Company Profiles
10. Appendix
List of Tables
List of Figures
Executive Summary
At 4.9% CAGR, the Asia Pacific Vacuum Insulated Tubing Market is Speculated to be Worth US$ 5.83 Million by 2030.According to this research, the Asia Pacific vacuum insulated tubing market was valued at US$ 4.18 million in 2023 and is expected to reach US$ 5.83 million by 2030, registering a CAGR of 4.9% from 2023 to 2030. Growing adoption of efficient oil extraction technique is among the critical factors attributed to the Asia Pacific vacuum insulated tubing market expansion.
The crude oil extraction process includes three phases - primary, secondary, and tertiary (enhanced) recovery. As most of the oil has already been recovered from several oil fields, producers are focusing on several tertiary or EOR techniques that help extract 30 to 60%, or more, of the reservoir's original oil in place. In recent years, thermal recovery EOR techniques have been gaining traction commercially. In October 2021, LUKOIL and Gazprom Neft announced a collaboration agreement to implement oil recovery enhancement projects. The company used advanced polymers to boost recoverable reserves up to 70% while unlocking additional barrels of Murban crude. Thus, the oil & gas industry is witnessing a trend of growing adoption of efficient oil extraction techniques, which is expected to support the growth of the Asia Pacific vacuum insulated tube market in the coming years.
On the contrary, high cost of implementation of EOR and transition toward clean energy hampers the Asia Pacific vacuum insulated tubing market.
Based on application, the Asia Pacific vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held 69.7% share of Asia Pacific vacuum insulated tubing market in 2023, amassing US$ 2.91 million. It is projected to garner US$ 3.96 million by 2030 to expand at 4.5% CAGR during 2023-2030.
Based on country, the Asia Pacific vacuum insulated tubing market has been categorized into Australia, China, India, Indonesia, Malaysia, and Rest of Asia Pacific. Our regional analysis states that China captured 42.6% share of Asia Pacific vacuum insulated tubing market in 2023. It was assessed at US$ 1.78 million in 2023 and is likely to hit US$ 2.51 million by 2030, exhibiting a CAGR of 5.0% during 2023-2030.
Key players operating in the Asia Pacific vacuum insulated tubing market are Andmir Group, Exceed Oilfield Equipment, Imex Canada Inc, ITP Interpipe, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Tenergy Equipment & Technology Co., Ltd., Nakasawa Resources, Shengji Group, and Vallourec SA, among others.
Companies Mentioned
- Andmir Group
- Exceed Oilfield Equipment
- Imex Canada Inc
- ITP Interpipe
- Dongying Lake Petroleum Technology Co Ltd (Lake Petro)
- Nakasawa Resources
- Shengji Group
- Vallourec SA
- Tenergy Equipment & Service Ltd
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 84 |
Published | December 2023 |
Forecast Period | 2023 - 2030 |
Estimated Market Value in 2023 | 4.18 Million |
Forecasted Market Value by 2030 | 5.83 Million |
Compound Annual Growth Rate | 4.9% |
Regions Covered | Asia Pacific |
No. of Companies Mentioned | 9 |