Large Bore Vacuum Insulated Pipe Market Size

Large Bore Vacuum Insulated Pipe Market Size

Large Bore Vacuum Insulated Pipe Market was valued at USD 62.2 million in 2023 and is anticipated to depict a CAGR of over 7% from 2024 to 2032. The rising demand for liquified natural gas (LNG) is said to bolster the industry growth.

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According to the International Energy Agency (IEA), more than one hundred billion cubic meters of new LNG supply is planned to be commissioned by 2023, with most of these inclusions coming from the United States and Australia. Furthermore, the LNG imports across the Asia Pacific registered around 346.3 bcm in 2021, indicating a rise of 6% from 2011. Moreover, the implementation of stringent greenhouse gas (GHG) norms to limit emissions will further augment large bore vacuum insulated pipe market outlook through 2030.

Advancements in containment technology for above-ground installations

The above-ground installation segment is projected to register a growth rate of about 8% through 2030. This is mainly accredited to the surging number of integrated gasification combined cycle (IGCC) projects. The IGCC technology integrates the generation of electricity and the generation of purified gas.

Environmentally, the technology reduces sulfur dioxide, mercury, and particulates as well as carbon dioxide, particularly when combined with CCS (carbon capture and storage). Moreover, continuous advancements in containment technology to enhance vacuum-insulated piping systems have allowed for inventive methods in pipes designed to transport cryogenic liquids.