At 6.4% CAGR, the Middle East & Africa Vacuum Insulated Tubing Market is Projected to be Worth US$ 12.95 Million by 2030, says Business Market Insights

According to Business Market Insights 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.

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