The Middle East & Africa vacuum insulated tubing market is expected to grow from US$ 8.39 million in 2023 to US$ 12.95 million by 2030. It is estimated to grow at a CAGR of 6.4% from 2023 to 2030.
Based on application, the Middle East & Africa vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held the larger share of the Middle East & Africa vacuum insulated tubing market in 2023.
Based on country, the Middle East & Africa vacuum insulated tubing market is segmented int o Saudi Arabia, The UAE, Iran, and Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa vacuum insulated tubing market in 2023.
Exceed Oilfield Equipment, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Shengji Group, and Vallourec SA are some of the leading companies operating in the Middle East & Africa vacuum insulated tubing market.
Growing Adoption of Efficient Oil Extraction Technique Fuel Middle East & Africa Vacuum Insulated Tubing Market
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. In March 2022, ADNOC Onshore, which operates onshore and in shallow coastal waters of the Emirate of Abu Dhabi, announced a US$ 227 million contract for enhanced oil recovery (EOR) at Bab Field. 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 Middle East & Africa vacuum insulated tubing market in the coming years.Middle East & Africa Vacuum INSULATED TUBING MARKET OVERVIEW
According to IEA, the Middle East & North Africa generate ~95% of their electricity from oil and gas. More than 290 billion cubic meters of gas, or more than one-third of the region's gas production, and 1.75 million barrels of oil per day are consumed by thermal plants in the region. The producer economies of the Middle East & North Africa rely heavily on fossil fuels, which raises the carbon intensity of their electricity generation by approximately a fifth compared to the global average. As a result, this region is expected to offer promising opportunities for opting for CCUS-EOR projects to achieve carbon neutrality. In May 2023, the Abu Dhabi National Oil Company (ADNOC) granted three contracts totaling US$ 4 billion to reduce carbon emissions and reach a production capacity of 5 million barrels per day by 2030. The contracts can cover ADNOC’s onshore and offshore operations for five years with a two-year extension option. Thus, the growing adoption of carbon-neutral oil and gas production is expected to offer lucrative growth opportunities to the vacuum insulated tubing market during the forecast period.Middle East & Africa Vacuum Insulated Tubing Market Revenue and Forecast to 2030 (US$ Thousand)
Middle East & Africa Vacuum Insulated Tubing Market Segmentation
The Middle East & Africa vacuum insulated tubing market is segmented into application and country.Based on application, the Middle East & Africa vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held the larger share of the Middle East & Africa vacuum insulated tubing market in 2023.
Based on country, the Middle East & Africa vacuum insulated tubing market is segmented int o Saudi Arabia, The UAE, Iran, and Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa vacuum insulated tubing market in 2023.
Exceed Oilfield Equipment, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Shengji Group, and Vallourec SA are some of the leading companies operating in the Middle East & Africa vacuum insulated tubing market.
Table of Contents
1. Introduction
3. Research Methodology
4. Middle East & Africa Vacuum Insulated Tubing Market Landscape
5. Middle East & Africa Vacuum Insulated Tubing Market- Key Market Dynamics
6. Vacuum Insulated Tubing Market- Middle East & Africa Market Analysis
7. Middle East & Africa Vacuum Insulated Tubing Market Revenue and Forecast to 2030 - Application.
8. Middle East & Africa Vacuum Insulated Tubing Market- Country Analysis
9. Company Profiles
10. Appendix
List of Tables
List of Figures
Executive Summary
At 6.4% CAGR, the Middle East & Africa Vacuum Insulated Tubing Market is Speculated to be Worth US$ 12.95 Million by 2030.According to this research, the Middle East & Africa vacuum insulated tubing market was valued at US$ 8.39 million in 2023 and is expected to reach US$ 12.95 million by 2030, registering a CAGR of 6.4% from 2023 to 2030. High crude oil prices, improved oil recovery to reduce oil imports, and maximize oil reserves recovery and extend field life are among the critical factor attributed to the Middle East & Africa Vacuum insulated tubing market expansion.
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 Middle East & Africa vacuum insulation tube market.
On the contrary, high cost of implementation of EOR and transition toward clean energy hampers the Middle East & Africa vacuum insulated market.
Based on application, the Middle East & Africa vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held 66.8% share of Middle East & Africa vacuum insulated tubing market in 2023, amassing US$ 5.60 million. It is projected to garner US$ 8.30 million by 2030 to expand at 5.8% CAGR during 2023-2030.
Based on country, the Middle East & Africa vacuum insulated tubing market has been categorized into the Saudi Arabia, the UAE, Iran, and Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 46.3% share of Middle East & Africa vacuum insulated tubing market in 2023. It was assessed at US$ 3.89 million in 2023 and is likely to hit US$ 6.24 million by 2030, exhibiting a CAGR of 7.0% during 2023-2030.
Key players operating in the Middle East & Africa vacuum insulated tubing market are Exceed Oilfield Equipment, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Shengji Group, and Vallourec SA.
Companies Mentioned
- Exceed Oilfield Equipment
- Dongying Lake Petroleum Technology Co Ltd (Lake Petro)
- Shengji Group
- Vallourec SA
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 62 |
| Published | December 2023 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value in 2023 | 8.39 Million |
| Forecasted Market Value by 2030 | 12.95 Million |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Africa, Middle East |
| No. of Companies Mentioned | 4 |
