The global vacuum insulated pipe 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.
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 reliquefication, 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.
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.
The overall vacuum insulated pipe market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the vacuum insulated pipe market with respect to all the segments.It also provides the overview and forecast for the global vacuum insulated pipe market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the vacuum insulated pipe market. A few major players operating in the global vacuum insulated pipe market are TMK; Air Liquide; Chart Industries Inc.; Senior Flexonics; Acme Cryogenics; Cryeng Group Pty Ltd.; Cryofab; Cryowork, Inc.; Demaco; and Sps Cryogenics B.V.
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