Pune, India, Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Vacuum Insulated Pipe Market to 2028 – COVID-19 Impact and Global Analysis – by Product (Standard and Customized) and Application (Cryogenic, Food & Beverage, Aerospace, Electronic Manufacturing & Testing, and Others),” the market was valued at US$ 920.5 million in 2020 and is projected to reach US$ 1,386.3 million by 2028; it is expected to grow at a CAGR of 5.6% during 2021–2028.
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Vacuum Insulated Pipe Market: Competitive Landscape and Key Developments
Chart Industires, Inc., Air Liquide, TMK, Senior Flexonics, and Demaco are some of the key market players operating in the global vacuum insulated pipe market. The listing of key players is derived by considering multiple factors such as overall revenue, current vacuum insulated pipe portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the vacuum insulated pipe ecosystems which were studies analyzed during the course of this market research study, such as, TMK, Acme Cryogenics, Cryeng Group Pty Ltd., Cryofab, Cryoworks, Inc., Sps Cryogenics B.V.. Further, in 2021, Air Liquide increases stake its stake in Air Liquide Munay Tech Gases (ALMTG) by 75% and planning to invest up to 86 million euros to acquire hydrogen and nitrogen production units from Atyrau refinery owned by KazMunayGas. As per the new agreement, LMTG will operate these assets to supply industrial gases to the Atyrau refinery.
Most of the market initiatives were observed in North American and Europe region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
In 2021, S TMK’s R&D facility at Skolkovo has conducted a successful test of premium tubular oil and gas solutions. The test program was based on ISO Qualification of casing connections for thermal wells, and connection remained tight at all phases of the testing program, proving its unique set of operational properties.
In 2020, Senior Operations LLC appointed Senior Flexonics in Canada for company’s patented welded metal bellows for all non-Aerospace markets.
Global Vacuum Insulated Pipe Market Scope:
| Market Size Value in | USD 920.5 Million in 2020 |
| Market Size Value by | USD 1,386.3 Million by 2028 |
| Growth rate | CAGR of 5.6% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Product, Application |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
The vacuum insulated pipe market is expected to witness considerable growth during the forecast period. The use of vacuum insulated pipe in LNG application is growing due to its advantages such as reduce reliquefaction, less liquid losses, and higher LNG flow over greater distances, which is driving the growth of the vacuum insulated pipe market. In addition, the rising demand for vacuum insulated pipe among the end users due to its superior insulation properties, durability, and maintenance-free operations is further accelerating the growth of the market.
The vacuum insulated pipe market is segmented on the basis of product and application. Based on product, the customized segment is expected to register a higher CAGR growth during the forecast period. The market growth for this segment is attributed to the increasing demand for customized vacuum insulated pipe in oil & gas, energy, and healthcare sectors due to the industry’s specification systems. Based on the application, the food & beverage segment is expected to hold the dominant market share. The increasing per capita income of consumers along with development of food packaging sector are the key factors propelling the growth of the food & beverage sector. Moreover, the increasing trade of packaged food and frozen products has provided lucrative business opportunities to the market for the customized segment.
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Key Findings of Study:
Based on geography, APAC is estimated to dominate the vacuum insulated pipe market during the forecast period. Rapidly growing aerospace sector—primarily across China, Japan, India, and South Korea—has propelled the growth of the space industry, which, in turn, have fueled the product adoption. In addition, over the past few years, various industry players have shifted their manufacturing bases and research & development centers to the developing nations owing to lower labor and production cost, and supportive regulatory policies, which has propelled the demand for vacuum insulated pipe across APAC. Europe is expected to hold the second-largest vacuum insulated pipe market share during 2021–2028. Discoveries of oil & gas reserves, particularly in the eastern European region are driving the market growth in the region.
According to the latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide and the global economy witnessed a worst hit in 2020 and it is likely to continue in 2021 also. The outbreak has created significant disruptions in primary industries such as food & beverage, medical, energy & power, electronics & semiconductor, petroleum, and chemicals. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted manufacturing, supply, and sales of industrial equipment that are required for the manufacturing of vacuum insulated pipe. A significant decline in the activities in industries is hindering the growth of the global vacuum insulated pipe market.
Go through further research published by The Insight Partners:
Vacuum Insulated Tubing Market- Global Analysis and Forecast to 2030
Vacuum Furnaces Market- Global Analysis and Forecast to 2028
Vacuum Loaders Market- Global Analysis and Forecast to 2030
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