Insights on the Vacuum Insulated Pipe Global Market to 2028 – by Product, Application and Geography – ResearchAndMarkets.com | Financial Buzz

Insights on the Vacuum Insulated Pipe Global Market to 2028 – by Product, Application and Geography – ResearchAndMarkets.com

The “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)” report has been added to ResearchAndMarkets.com’s offering.

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 5.25% from 2020 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 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.

Market Dynamics

Drivers

  • Supportive Clean Fuel Policies
  • Growing Oxygen Consumption in Healthcare Sector

Restraints

  • Complications Associated with Cross-Border Transportation via Pipelines

Opportunities

  • Discovery of New Oil & Gas Reserves

Future Trends

  • Ongoing Technological Advancements in Exploration of Unconventional Oil & Gas Resources

Companies Mentioned

  • ACME CRYOGENICS
  • AIR LIQUIDE
  • Chart Industries, Inc.
  • CRYENG GROUP PTY LTD.
  • CRYOFAB, INC.
  • CRYOWORKS, INC.
  • DEMACO
  • Senior Flexonics
  • SPS CRYOGENICS B.V.
  • TMK

For more information about this report visit https://www.researchandmarkets.com/r/xmvec

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