Selbyville, Delaware, Sept. 22, 2022 (GLOBE NEWSWIRE) --
The large bore vacuum insulated pipe market is expected to record a valuation of USD 120 million by 2030, according to the latest research study by Global Market Insights Inc.
Rapid industrialization and urbanization across emerging countries will spur the industry expansion. Ongoing investments in the expansion of refineries and chemical plants along with large-scale suburban migration have increased product demand. Moreover, the growing customer base in addition to advanced offerings will lead to heavy investments throughout the value chain, creating a favorable outlook for the large bore vacuum insulated pipe market over the forecast period.
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Advantages of sub-sea cryogenic piping solutions to boost under-sea installations
The large bore vacuum insulated pipe market from under-sea installation segment is estimated to witness commendable proceeds considering the advantages offered by technologies such as sub-sea cryogenic piping. New LNG facilities are required to go through rigorous environmental checks to gain permission to initiate operations. Additionally, ports are overworked whereas local communities populate and protect green-site areas.
Therefore, installing undersea Cryogenic Pipe-in-Pipes (CPIP) to a transfer post near shore has become a viable alternative to traditional solutions. This prevents the installation of a jetty as well as enhances the operational aspects of site security. Furthermore, the CPIP system offers a robust pipe without any expansion loops, and complete insulation reduces boil-off gas which results in substantial asset savings, bolstering industry dynamics.
Growing adoption of cryogenic systems across chemical sector
The large bore vacuum insulated pipe market from chemical application is poised to achieve appreciable growth during the forecast period, owing to the rising adoption of cryogenic systems in the chemical industry. The petrochemical and chemical manufacturing sector extensively uses pipe solutions and cryogenic piping systems to transfer cryogenic liquids such as nitrogen. Nitrogen is used as a liquefying agent across numerous chemical processes coupled with the generation of modified atmospheres for protecting products and facilities. The increasing usage of cryogenic systems in the chemical sector will propel the market expansion.
Technological advancements in piping systems to expedite industry growth
The North America large bore vacuum insulated pipe market size accounted for USD 13 million in 2021. Rising disposable income, in addition to technological advancements in product innovation, has encouraged leading industry participants to make substantial investments in the region, propelling the market growth. Moreover, the replacement of traditional pipelines, along with growing consumer awareness towards the benefits of adopting eco-friendly solutions will increase product procurement and in turn augment regional market dynamics.
Strategic agreements among key players to expand the business landscape
Top companies operating in the large bore vacuum insulated pipe market are Ability Engineering Technology, Inc, CRYOSPAIN, INTECH GmbH Demaco, Schwanner GmbH, Cryoworld, PERMA-PIPE International Holdings, Inc, Cryogas Equipment Pvt. Ltd., Maxcon Industries Pty. Ltd, and TMK.
These enterprises are winning strategic contracts to develop advanced and sustainable products. Citing an instance, in March 2022, Empower received a contract worth USD 52.5 million to develop a next-generation DC facility to deliver its sustainable district cooling services in the DLRC region. Upon completion of all phases of the project, the development of the facility will reach around 47,000 RT of the overall production capacity.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Large Bore Vacuum Insulated Pipe Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Growing demand for natural gas
3.5.1.2 Positive outlook toward aerospace and chemical industries
3.5.2 Industry Pitfalls & Challenges
3.5.2.1 Safety concerns related to cryogenic liquid
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
