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.
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.
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 into 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.
Strategic insights for the Middle East & Africa Vacuum Insulated Tubing provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 8.39 Million |
| Market Size by 2030 | US$ 12.95 Million |
| Global CAGR (2023 - 2030) | 6.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2030 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East & Africa Vacuum Insulated Tubing refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Middle East & Africa Vacuum Insulated Tubing Market is valued at US$ 8.39 Million in 2023, it is projected to reach US$ 12.95 Million by 2030.
As per our report Middle East & Africa Vacuum Insulated Tubing Market, the market size is valued at US$ 8.39 Million in 2023, projecting it to reach US$ 12.95 Million by 2030. This translates to a CAGR of approximately 6.4% during the forecast period.
The Middle East & Africa Vacuum Insulated Tubing Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Vacuum Insulated Tubing Market report:
The Middle East & Africa Vacuum Insulated Tubing Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Vacuum Insulated Tubing Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Vacuum Insulated Tubing Market value chain can benefit from the information contained in a comprehensive market report.
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