Report : 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)
Supportive Clean Fuel Policies to Provide Growth Opportunities for Vacuum Insulated Pipe Market during 2021–2028
According to our latest market study on “Vacuum Insulated Pipe Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and Application,” the 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% from 2021 to 2028.
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.
The vacuum insulated pipe market is segmented on the basis of product, application, and geography. Geographically, Asia Pacific held the largest share of the market in 2020, followed by Europe and North America. Further, Asia Pacific is projected to register the highest growth rate during the forecast period. Based on product, the market is bifurcated into standard and customized. The standard segment represented a larger share of the overall market in 2020. By application, the vacuum insulated pipe market is segmented into cryogenic, food & beverage, aerospace, electronic manufacturing & testing, and others. The cryogenic segment represented the largest share of the overall 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.
TMK, Air Liquide, Chart Industries Inc., Senior Flexonics, Acme Cryogenics, Cryeng Group Pty Ltd., Cryofab, Cryowork, Inc., Demaco, and Sps Cryogenics B.V. are among the major companies operating in the vacuum insulated pipe market.
The report segments the global vacuum insulated pipe market as follows:
Vacuum Insulated Pipe Market – by Product
Vacuum Insulated Pipe Market – by Application
Vacuum Insulated Pipe Market – by Geography