Vacuum Insulated Pipe Market to Grow at a CAGR of 5.6% to reach US$ 1,386.3 million from 2020 to 2028
The 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 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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Vacuum Insulated Pipe Market: Strategic Insights
Vacuum Insulated Pipe Market
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CAGR (2020 - 2028)
5.6%
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Market Size 2020
US$ 920.5 Million
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Market Size 2028
US$ 1,386.3 Million
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- ACME CRYOGENICS
- AIR LIQUIDE
- Chart Industires Inc
- CRYENG GROUP PTY LTD
- CRYOFAB INC
- CRYOWORKS INC
- DEMACO
- Senior Flexonics
- SPS CRYOGENICS B V
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Product
- Standard and Customized
Application
- Cryogenic
- Food & Beverage
- Aerospace
- Electronic Manufacturing & Testing
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Vacuum Insulated Pipe Market: Strategic Insights
-
CAGR (2020 - 2028)5.6% -
Market Size 2020
US$ 920.5 Million -
Market Size 2028
US$ 1,386.3 Million
Market Dynamics
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- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
Key Players
- ACME CRYOGENICS
- AIR LIQUIDE
- Chart Industires Inc
- CRYENG GROUP PTY LTD
- CRYOFAB INC
- CRYOWORKS INC
- DEMACO
- Senior Flexonics
- SPS CRYOGENICS B V
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Standard and Customized
- Cryogenic
- Food & Beverage
- Aerospace
- Electronic Manufacturing & Testing
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Impact of COVID-19 Pandemic on Vacuum Insulated Pipe Market
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.
Vacuum Insulated Pipe Market Insights
Supportive Clean Fuel Policies
Several government authorities across the world are supporting and imposing the clean fuel policies, which are being implemented in the respective regions. For instance, in March 2021, New Mexico’s state Senate approved a bill to introduce a clean fuel standard, which is likely to help them meet their carbon reduction goals. Such initiatives focus on limiting the use of conventional fuels in transportation. As a result, natural gas is expected emerge rapidly as an alternative fuel, and it would be the second-largest contributor to the energy mix, accounting for 25% by 2045.
In Asia Pacific, many governments are incentivizing consumers to convert their vehicles to clean gas (LPG) fuel-driven vehicles. The Government of India is planning to slash GST (Goods and Service Tax) on conversion kits along with providing subsidy support to consumers shifting to environment-friendly fuels. Further, the growth of the vacuum insulated pipes market in the region would be supported by the surging demand for liquefied natural gas (LNG) with the rapidly growing aerospace and manufacturing sectors. Therefore, rising government initiatives to adopt clean fuel policies are bolstering the demand for LNG, subsequently boosting the adoption of vacuum insulated pipes in oil and gas plants.
Product-Based Market Insights
Based on product, the vacuum insulated pipe market is bifurcated into standard and customized. The standard segment led the market in 2020. Standard pipes are considered as conventional insulated pipes and hold the majority market share. These pipe are made from steel and fused with a vacuum between inner and outer pipes. The vacuum insulated pipes are available in various size ranging from 0.5 inch to more than 5 inches. Furthermore, the diversified use in transferring large volume of cryogenic liquid including LNG, hydrogen, nitrogen, and others is driving the adoption of standard vacuum insulated pipes. Furthermore, the growing number of SMEs in emerging economies across APAC coupled with ease of transportation and lower cost of standard pipes than customize standard vacuum insulated pipes are among another factors propelling the market growth for the standard vacuum insulated pipe segment.
Players operating in the vacuum insulated pipe market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In 2019, Air Liquide increases stake its stake in Air Liquide Munay Tech Gases (ALMTG) by 75%. The joint venture also announced that it is planning to invest up to €86 million 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.
In 2021, Acme Cryogenics, Inc. acquired Cryogenic Experts, Inc. The acquisition aimed to broaden the company’s cryogenic and non-cryogenic specialty fluids product line and increase its business presence in West Coast of the US.
Vacuum Insulated Pipe Market Report Scope
Report Attribute | Details |
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Market size in 2020 | US$ 920.5 Million |
Market Size by 2028 | US$ 1,386.3 Million |
Global CAGR (2020 - 2028) | 5.6% |
Historical Data | 2018-2019 |
Forecast period | 2021-2028 |
Segments Covered |
By Product
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Regions and Countries Covered | North America
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Market leaders and key company profiles |
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
The Vacuum Insulated Pipe market has been segmented as follows:
Vacuum Insulated Pipe Market – by Product
- Standard
- Customized
Vacuum Insulated Pipe Market – by Application
- Cryogenic
- Food & Beverage
- Aerospace
- Electronic Manufacturing & Testing
- Others
Vacuum Insulated Pipe Market – By Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- TMK
- Air Liquide
- Chart Industries Inc.
- Senior Flexonics
- Acme Cryogenics
- Cryeng Group Pty Ltd.
- Cryofab
- Cryowork, Inc.
- Demaco
- Sps Cryogenics B.V.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product , Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, 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
Frequently Asked Questions
The vacuum insulated pipe market is led by customized segment with highest share and is expected to dominate in the forecast period. The rise in demand can be attributed to the rising demand of customized vacuum insulated pipe in oil & gas, energy, and healthcare sectors due to the industry’s specification systems.
Rise in partnerships and acquisitions is expected to create significant opportunity of the vacuum insulated pipe market growth. The demand for vacuum insulated pipe is escalating at a substantial pace across industries. Large organizations are strongly emphasizing on the adoption of such technologies to transport and store cryogenic liquids efficiently. In order to facilitate the buyers, the market players are either collaborating with well-established and industry-recognized vacuum insulated pipe manufacturer or conducting acquisition activities. The partnerships and acquisition activities are enabling the companies to adopt better technology for transferring the cryogenic liquid safely with more cost effective approach.
The growth of the vacuum insulated pipe market is primarily attributed to the rise in investments towards food & beverage, aerospace and semiconductor industry. Moreover, the oil and gas industry players are increasingly capitalizing on cryogenic liquids, thereby substantially driving the vacuum insulated pipe market.
The List of Companies - Vacuum Insulated Pipe Market
- ACME CRYOGENICS
- AIR LIQUIDE
- Chart Industires, Inc.
- CRYENG GROUP PTY LTD.
- CRYOFAB, INC.
- CRYOWORKS, INC.
- DEMACO
- Senior Flexonics
- SPS CRYOGENICS B.V.
- TMK