Dublin, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The "Global Vacuum Insulated Tubing Market: Analysis By Application, Region Size, Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global VIT market value stood at US$42.51 million in 2023, and is expected to reach US$65.46 million by 2029. The market is expected to grow at a CAGR of 7.46% over the projected period of 2024-2029.
The global vacuum insulated tubing market is highly consolidated with majority of regional and domestic players catering to domestic and international demand. Leading companies in the market hold significant share due to their advanced technology, extensive distribution networks, and strong customer bases.
The vacuum insulated tubing (VIT) market encompasses activities associated with development, manufacturing, distribution, and application of advanced tubing systems designed to provide superior thermal insulation in demanding environments, particularly within oil & gas industry.
Increasing number of companies are investing heavily in research and development activities to innovate and improve their VIT offerings. In addition, major companies have a global presence and a strong brand recognition, which further consolidates their market positions. Their extensive distribution networks and customer relationships reinforce their dominance. For instance, on 20 June 2024, Vallourec announced that the company signed with the National Oil Company of Abu Dhabi a two-year extension to the 2019 contract originally worth US$900 million. This extension will take effect in January 2025 and will last up to January 2027.
Vacuum-insulated tubing is primarily utilized in oil and gas extraction operations to provide thermal insulation in wells. VIT is designed to maintain the temperature of fluids and gases being transported through pipelines, which is crucial in enhancing operational efficiency, safety, and cost-effectiveness in various industrial applications.
Factors such as expanding energy demand, high crude oil prices, growing number of oil field explorations activities in emerging economies like Asia pacific and Africa, cost reductions in implementing EOR projects, increasing focus on maximizing oil reserves recovery and extend field life, growing emphasis on improved oil recovery to reduce dependence on oil imports, and ongoing development of new insulating materials, such as aerogels and advanced multi-layer insulation have been positively impacting the growth of global vacuum insulated tubing market.
In addition, expanding global LNG trade, rising adoption of digital oilfield technologies, increasing demand for VIT in geothermal energy extraction, rapid industrialization, and global expansion and upgrading of oil and gas pipeline infrastructure is further expected to augment the growth of global vacuum insulated tubing market.
North America is the largest and fastest growing segment of global vacuum insulated tubing market owing to the region being the largest producer of crude oil and natural gas, increased demand for stable supply of energy, oil and gas being a vital part of North America's economy, widespread adoption of hydraulic fracturing and horizontal drilling techniques, ongoing discovery of new oil and gas rigs in the region, presence of extensive shale gas reserves, and rapid adoption of thermal EOR techniques.
The US and Canada are major oil producers, with significant reserves and advanced extraction techniques such as hydraulic fracturing (fracking) and horizontal drilling. Low-cost assets, reduced production costs, and a rise in oil-well efficiencies are contributing to the growth of the oil & gas industry in this region.
In addition, natural gas production in the US has grown significantly in recent years as improvements in drilling technologies have made it commercially viable to recover oil trapped in mature oil well. Middle East and Africa vacuum insulated tubing market has been positively growing over the years as a result of rapidly expanding oil and gas industry, rising energy demand, region's high urbanization rate, positively growing mining industry, energy and resources sector being the cornerstone of economic growth and development for Middle Eastern and African countries, and increasing focus of government on oil and gas related activities, which is seen as the primary source of Governments in the MEA region.
The governments in the MEA region are increasingly investing in the development of infrastructure of oil and gas industry. National oil companies (NOCs) increasingly enter into strategic partnerships with international oil companies (IOCs) such as BP, Chevron, Shell, Exxon Mobil, etc., to develop oil and gas fields within the region.
Market Segmentation Analysis:
The report provides the bifurcation of the global vacuum insulated tubing market into three segments on the basis of application: onshore and offshore. Onshore is the largest segment of global VIT market owing to, rising adoption of enhanced oil recovery (EOR) techniques, lower investment risk in onshore operational activities as compared to offshore operations, easier access and logistics on onshore projects, rising oil and gas production, diverse geographical spread of onshore oil and gas fields, continuous development and modernization of onshore oil & gas infrastructure, and rise in shale gas extraction activities, particularly in regions like North America.
The offshore segment is the fastest growing segment of global VIT market as a result of rising capital expenditure in offshore oil & gas projects, increasing LNG shipping activities from regions like the Middle East and North America to Asia and Europe, ongoing integration of digital and smart technologies in offshore oilfields, development of subsea processing systems, and recent discoveries of significant hydrocarbon reserves in deepwater regions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 111 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $45.68 Million |
| Forecasted Market Value (USD) by 2029 | $65.46 Million |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
Market Dynamics
Growth Drivers
- Increasing Crude Oil and Natural Gas Production
- Rising Crude Oil Prices
- Expanding Global Energy Demand and Consumption
- Increasing Focus on Maximizing Oil Reserves Recovery and Extended Field Life
- Growing Emphasis on Energy Efficiency and Sustainability
Challenges
- Positive Transition Towards Clean Energy
- Safety and Environmental Risks Associated with Cryogenic Liquids
Market Trends
- Growing Adoption of Efficient Oil Extraction Technique
- Expanding Applications of VIT Across Various Industries
- Ongoing Technological Advancements
- Increasing Demand for Smart Tubing Systems
Global Market Analysis
Global Vacuum Insulated Tubing Market: An Analysis
- Global Vacuum Insulated Tubing Market: An Overview
- Global Vacuum Insulated Tubing Market by Value
- Global Vacuum Insulated Tubing Market by Application (Onshore, and Offshore)
- Global Vacuum Insulated Tubing Market by Region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America)
Global Vacuum Insulated Tubing Market: Application Analysis
- Global Vacuum Insulated Tubing Market: Application Overview
- Global Onshore Vacuum Insulated Tubing Market by Value
- Global Offshore Vacuum Insulated Tubing Market by Value
Company Profile: Business Overview, Operating Segments, Business Strategy
- Vallourec
- CNPS
- ZEROCOR Tubulars
- Sanjack Petro
- Trubnaya Metallurgicheskaya Kompaniya (TMK)
- Tenergy Equipment & Technology Co., Ltd.
- Shengji Petro
- Nakasawa Resources
- Dongying Lake Petroleum Technology CO., Ltd (Lake Petro)
- ITP Interpipe
- Nine Ring Petroleum Machinery Co. Ltd.
- Imex Canada Inc.
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