Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "North America Vacuum Insulated Tubing Market Forecast to 2030 - Regional Analysis - by Application (Onshore and Offshore)" report has been added to ResearchAndMarkets.com's offering.
Market Growth Driven by Advanced Oil Recovery Techniques
The latest market analysis indicates a promising expansion of the North America vacuum insulated tubing market, projecting an increase from US$ 19.07 million in 2023 to US$ 33.52 million by the end of 2030. An anticipated compound annual growth rate (CAGR) of 8.4% from 2023 to 2030 underscores the market's robust trajectory. This growth outlook is primarily fueled by the widespread adoption of more efficient oil extraction techniques across the region's oilfields.
As traditional oil reserves deplete, oil producers are increasingly turning to tertiary or enhanced oil recovery (EOR) methods. These techniques, including advanced thermal recovery processes, now play a pivotal role in the commercial oil production landscape and are integral to the successful extraction of additional oil reservoirs. The integration of novel EOR strategies is transforming the oil & gas industry and is anticipated to bolster the vacuum insulated tubing market's growth through the forecasted period.
Regional Market Insights
The analysis segments the North America vacuum insulated tubing market into three key countries: the United States, Canada, and Mexico. Notably, North America consistently ranks among the top oil-producing regions worldwide, with the United States and Canada leading oil production advancements through techniques like hydraulic fracturing and horizontal drilling. These countries contribute significantly to the global crude oil output, collectively accounting for approximately 20.3% of the world's production.
Innovation, coupled with a reduction in production costs and improvements in oil-well efficiencies, continues to spur the growth of the regional oil & gas sector. This positive trend is further supported by robust financial investments aimed at elevating market presence within the industry. For example, the substantial investment initiatives by key industry players are set to create a fertile environment for the vacuum insulated tubing market, promising lucrative growth opportunities ahead.
Market Segmentation Highlights
Application-based analysis reveals that the onshore segment commands the larger share of the market in 2023. This finding reflects the significant deployment of vacuum insulated tubing in onshore oil extraction operations, which remain predominant in the region.
Within the country-specific analysis, the United States holds a dominant position in the North America vacuum insulated tubing market for the year 2023. This dominance is indicative of the country's leadership in oil production growth and innovation.
This comprehensive market outlook concludes with a nod to key industry players who are making influential strides in the vacuum insulated tubing landscape across North America. These companies' contributions underscore their pivotal roles in shaping market trends and pioneering technologies in the region's oil & gas industry.
A selection of companies mentioned in this report includes, but is not limited to:
- Andmir Group
- Dongying Lake Petroleum Technology Co Ltd (Lake Petro)
- Exceed Oilfield Equipment
- Imex Canada Inc
- ITP Interpipe
- Nakasawa
- Shengji Group
- Vallourec SA
For more information about this report visit https://www.researchandmarkets.com/r/3wh8zg
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