The South & Central America vacuum insulated tubing market is expected to grow from US$ 3.56 million in 2023 to US$ 5.95 million by 2030. It is estimated to grow at a CAGR of 7.6% from 2023 to 2030.
Based on application, the South & Central America vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held the larger share of the South & Central America vacuum insulated tubing market in 2023.
Based on country, the South & Central America vacuum insulated tubing market is segmented int o Brazil, Argentina, and Rest of South & Central America. Brazil dominated the South & Central America 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 South & Central America vacuum insulated tubing market.
Improved Oil Recovery to Reduce Oil Imports Fuel South & Central America Vacuum Insulated Tubing Market
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 South & Central America vacuum insulated tubing market.South & Central America Vacuum Insulated Tubing Market Overview
The oil & gas industry is a major contributor to the economies of many South American countries. The rising energy demand in South America is attributed to population growth, urbanization, and industrialization, which fuels the need for increased oil and gas production. As a result, the oil & gas industry in South America attracts significant investments from domestic and foreign companies. International oil and gas companies offer capital, technology, and expertise, facilitating exploration, production, and infrastructure development of oil and gas industry of the region. Collaborations between national oil companies and international partners drive the oil and gas industry's growth. In July 2022, Gramercy Funds Management and Atmos Global Energy, two US-based investment groups, joined forces with a Venezuelan company Inelectra Group to explore oil and gas exploration and production projects in the US-sanctioned South American nation. Thus, the rising investment in the oil & gas industry of South America is expected to support the growth of the vacuum insulated tubing market in the coming years.South & Central America Vacuum Insulated Tubing Market Revenue and Forecast to 2030 (US$ Thousand)
South & Central America Vacuum Insulated Tubing Market Segmentation
The South & Central America vacuum insulated tubing market is segmented into application and country.Based on application, the South & Central America vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held the larger share of the South & Central America vacuum insulated tubing market in 2023.
Based on country, the South & Central America vacuum insulated tubing market is segmented int o Brazil, Argentina, and Rest of South & Central America. Brazil dominated the South & Central America 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 South & Central America vacuum insulated tubing market.
Table of Contents
1. Introduction
3. Research Methodology
4. South & Central America Vacuum Insulated Tubing Market Landscape
5. South & Central America Vacuum Insulated Tubing Market- Key Market Dynamics
6. Vacuum Insulated Tubing Market- South & Central America Market Analysis
7. South & Central America Vacuum Insulated Tubing Market Revenue and Forecast to 2030 - Application.
8. South & Central America Vacuum Insulated Tubing Market- Country Analysis
9. Company Profiles
10. Appendix
List of Tables
List of Figures
Executive Summary
At 7.6% CAGR, the South & Central America Vacuum Insulated Tubing Market is Speculated to be Worth US$ 5.95 Million by 2030.According to this research, the South & Central America vacuum insulated tubing market was valued at US$ 3.56 million in 2023 and is expected to reach US$ 5.95 million by 2030, registering a CAGR of 7.6% from 2023 to 2030. Growing adoption of efficient oil extraction technique is among the critical factors attributed to the South & Central America 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. 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 South & Central America vacuum insulated tube market in the coming years.
On the contrary, high cost of implementation of EOR and transition toward clean energy hampers the South & Central America vacuum insulated tubing market.
Based on application, the South & Central America vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held 85.9% share of South & Central America vacuum insulated tubing market in 2023, amassing US$ 3.05 million. It is projected to garner US$ 4.99 million by 2030 to expand at 7.3% CAGR during 2023-2030.
Based on country, the South & Central America vacuum insulated tubing market has been categorized into the Brazil, Argentina, and Rest of South & Central America. Our regional analysis states that Brazil captured 55.6% share of South & Central America vacuum insulated tubing market in 2023. It was assessed at US$ 1.98 million in 2023 and is likely to hit US$ 3.04 million by 2030, exhibiting a CAGR of 6.3% during 2023-2030.
Key players operating in the South & Central America vacuum insulated tubing market are Exceed Oilfield Equipment, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Shengji Group, and Vallourec SA, among others.
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 | 61 |
| Published | December 2023 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value in 2023 | 3.56 Million |
| Forecasted Market Value by 2030 | 5.95 Million |
| Compound Annual Growth Rate | 7.6% |
| No. of Companies Mentioned | 4 |
