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Vacuum Insulated Pipe Market Analysis
- Report ID: GMI4446
- Published Date: Feb 2023
- Report Format: PDF
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.
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Vacuum Insulated Pipe Market Scope
