Report : Vacuum Insulated Pipe Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Standard and Customized), Application (Cryogenic, Food & Beverage, Aerospace, Electronic Manufacturing & Testing, and Others)
According to the new research report titled “Vacuum Insulated Pipe Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1,386.3 million by 2028, registering a CAGR of 5.6% from 2021 to 2028.
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.
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.
Chart Industries Inc., TMK, Air Liquide, Senior Flexonics, and Demaco are the five key market players operating in the vacuum insulated pipe market. The listing of these five key players is derived by considering a few key parameters: overall revenue, segmental revenue, brand image and industry expertise, current vacuum insulated pipe portfolio and related products, customer base, geographical reach, research & development investments, patents, technology integration, new product launches, partnerships, mergers & acquisitions, and other market related activities. There are several other notable players operating in the market, such as Acme Cryogenics, Cryeng Group Pty Ltd., Cryofab, Cryoworks Inc., and Sps Cryogenics B.V. , which are also profiled in this report.