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Vacuum Insulated Pipe Market Size
Vacuum Insulated Pipe Market size valued at USD 1.2 billion in 2023 and is projected to expand at more than 5.1% CAGR from 2024 to 2032, driven by the increasing investments in the development of gas-based power generation plants.
Governments across the world are encouraging private sector involvement and are working to increase the capacity and security of the supply of liquefied natural gas. Moreover, new LNG projects are fueled by a short-term surge in natural gas demand in Europe and Asia resulting from the Russia-Ukraine war and the sanctions and limitations imposed on Russian gas exports. As the global energy crisis worsens, investments in LNG infrastructure are set to grow. Thus, raising the demand for vacuum-insulated pipes, a preferred choice for the reliable, safe, and cost-effective transmission of cryogenic liquids.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 1.2 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 5.1% |
| 2032 Value Projection: | USD 1.8 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 663 |
| Tables, Charts & Figures: | 700 |
| Segments covered: | Product, Application |
| Growth Drivers: | |
| Pitfalls & Challenges: |
Concerns about cryogenic liquids to restrict product uptake
Cryogenic liquids are carried at extremely low temperatures, resulting in a variety of risks, such as fire, explosions, material embrittlement, and others. Contact with these liquids causes thermal burns, injury, and damage to the lungs and other regions of the body. Increasing concerns among organizations regarding gas leaks, which might have unforeseeable effects, may impede the industry expansion.
On the other hand, the accelerating efforts by major vacuum-insulated pipe manufacturers toward integrating robust materials and sophisticated technologies to produce leak-proof proof piping systems to assure the safe and dependable transfer of dangerous gases and liquids will favor industry growth.
Vacuum Insulated Pipe Market Analysis
In terms of application, the vacuum insulated pipe market from cryogenic segment surpassed over USD 400 million in 2022. Transmission of cryogenic materials and other related products needs reliable methods to prevent container combustion during shipping or storage. The growing investments in the import and export of natural gas from the gulf region are likely to support the segment growth. For instance, in November 2022, QatarEnergy, [IB1] a state-owned energy corporation, signed a 27-year natural gas supply agreement with China, under which it would supply four million tons of LNG annually from its new North Field East project to China’s petroleum and chemical corporation, Sinopec.
Custom vacuum insulated pipe market is poised to witness around 5% growth rate through 2032. Increasing expenditures in the aerospace sector and the expanding food processing industry will foster demand for vacuum-insulated pipes designed for specific applications. Leading industry players are also utilizing cutting-edge technology in accordance with distinct customer requirements to deliver reliable, effective, and adaptable services, thereby promoting segment growth. For instance, in August 2022, Cryospain, a Spanish company leader in cryogenic engineering, provided more than 650 meters of custom-designed cryogenic piping for an air separation unit (ASU) producing liquid oxygen, liquid nitrogen, and liquid argon.
Europe vacuum insulated pipe market is slated to observe nearly 5% growth rate till 2032, attributable to the government's urban development programs promoting the shift towards sustainable resources. Furthermore, LNG plant projects are moving at an unprecedented pace, impelled by the urgent need to replace Russian pipeline gas and favorable political and economic efforts that are expected to boost the regional revenue share. For instance, in May 2022, Germany began the construction of its first floating LNG terminal at Wilhelmshaven in Lower Saxony in an effort to wean the nation from Russian gas.
Vacuum Insulated Pipe Market Share
Some major companies operating in the vacuum insulated pipe market are
- Vacuum Barrier Corporation
- Cryofab
- Demaco
- Cryoworld
- CRYOSPAIN
- Cryo Anlagenbau GmbH
- BRUGG GROUP
- Cryogas Equipment Pvt. Ltd.
- Schwanner GmbH
- Maxcon Industries Pty. Ltd.
These firms are making investments in non-organic growth projects including partnerships, acquisitions, and mergers to strengthen their market position. In December 2022, Chart Industries collaborated with Raven SR to store, transport, and liquefy hydrogen in conjunction with the creation of pure carbon dioxide from Raven's non-combustion Steam and CO2 reformation process to transform waste into renewable fuel. This provision will improve Raven's ability to offer CO2 and hydrogen as a product.
Impact of COVID-19 pandemic
The pandemic initially had a negative effect on the vacuum insulated pipe market revenue. The onset of COVID-19 imposed a significant strain on the current healthcare infrastructure, leading to massive investments in the construction of new hospitals, nursing homes, and clinics. In contrast, major refurbishments of the existing healthcare infrastructure to accommodate more patients have positively influenced the product demand. Additionally, owing to the increased focus on implementing sustainable energy sources globally, the market growth is set to gain momentum with the decline in infection rates and the resumption of industrial and construction operations.
The vacuum insulated pipe market research report includes in-depth coverage of the industry with estimates & forecasts in terms of “Km” & “USD” from 2019 to 2032, for the following segments:
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Market Insights, By Product
- Standard
- Customized
Market Insights, By Application
- Cryogenic
- Food & Beverage
- Aerospace
- Electronic Manufacturing & Testing
- Healthcare
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Poland
- Russia
- Norway
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Thailand
- Malaysia
- Philippines
- Australia
- Middle East & Africa
- Turkey
- Kuwait
- Oman
- Saudi Arabia
- UAE
- Qatar
- Egypt
- Nigeria
- South Africa
- Latin America
- Brazil
- Argentina
- Peru
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