At 8.4% CAGR, the North America Vacuum Insulated Tubing Market is Projected to be Worth US$ 33.52 Million by 2030, says Business Market Insights

According to Business Market Insights research, the North America Vacuum insulated tubing market was valued at US$ 19.07 million in 2023 and is expected to reach US$ 33.52 million by 2030, registering a CAGR of 8.4% from 2023 to 2030. High crude oil prices and maximize oil reserves recovery and extend field life are among the critical factors attributed to the North America vacuum insulated tubing market expansion.        

The demand for oil and gas is rising across the world owing to the increasing energy demand. According to a report published by the International Energy Agency (IEA) in May 2023, global oil demand is projected to increase by 2.2 million barrels per day (mb/d) year-on-year in 2023 to an average of 102 mb/d, 200 kb/d more than oil demand published in April 2023. Furthermore, the Russian Federation’s aggression in Ukraine has threatened the energy supply and tends to drive oil and gas prices up. In May 2022, European Council announced a partial ban on Russian oil imports. According to the IEA, European countries imported 23% of their oil from Russia in 2021. Thus, sourcing oil from more far-flung locations is expected to keep prices high. Such high crude oil prices enable market players to extract oil profitably with high-cost extraction techniques. EOR methods often involve additional costs compared to conventional oil extraction techniques. When oil prices are high, the increased revenue from selling oil can make EOR projects economically viable. Higher oil prices provide a stronger financial incentive for operators to invest in EOR technologies and maximize their production rates. Thus, the growing demand for crude oil and the rising costs are enabling key oil producers to focus on enhanced oil recovery (EOR) projects. Hence, implementation of EOR projects drives the North America vacuum insulated tubing market growth.

On the contrary, high cost of implementation of EOR and transition toward clean energy hampers the North America vacuum insulated tubing market.    

Based on application, the North America vacuum insulated tubing market is segmented into onshore and offshore. The onshore segment held 74.2% share of North America vacuum insulated tubing market in 2023, amassing US$ 14.15 million. It is projected to garner US$ 24.34 million by 2030 to expand at 8.1% CAGR during 2023–2030.

Based on country, the North America vacuum insulated tubing market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 71.2% share of North America vacuum insulated tubing market in 2023. It was assessed at US$ 13.57 million in 2023 and is likely to hit US$ 24.40 million by 2030, exhibiting a CAGR of 8.7% during 2023–2030.

Key players operating in the North America vacuum insulated tubing market are Andmir Group, Exceed Oilfield Equipment, Imex Canada Inc, ITP Interpipe, Dongying Lake Petroleum Technology Co Ltd (Lake Petro), Nakasawa Resources, Shengji Group, and Vallourec SA.

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