At 4.3% CAGR, the Europe Vacuum Insulated Tubing Market is Projected to be Worth US$ 3.13 Million by 2030, says Business Market Insights

According to Business Market Insights 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.

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