The global market for vacuum insulated pipes was valued at approximately US$ 920.5 million in 2020 and is anticipated to grow to US$ 1,386.3 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.6% from 2021 to 2028.
During the forecast period, the vacuum insulated pipe market is expected to experience significant expansion. The increasing utilization of vacuum insulated pipes in liquefied natural gas (LNG) applications is a key factor driving this growth. These pipes offer numerous advantages, including reduced reliquefaction, minimized liquid losses, and enhanced LNG flow over extended distances. Furthermore, the rising demand from end users for vacuum insulated pipes, attributed to their excellent insulation properties, durability, and low maintenance requirements, is further propelling market growth.
The vacuum insulated pipe market can be categorized based on product type and application. In terms of product, the customized segment is projected to exhibit a higher CAGR during the forecast period. This growth is primarily due to the increasing need for tailored vacuum insulated pipes in sectors such as oil and gas, energy, and healthcare, which often require specific industry standards. Regarding applications, the food and beverage sector is expected to dominate the market share. Factors such as rising per capita income and advancements in food packaging are driving the growth of this sector. Additionally, the growing trade in packaged and frozen food products is creating lucrative opportunities for the customized segment of the market.
According to the latest report from the World Health Organization (WHO), countries such as the US, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China have been severely impacted by the COVID-19 pandemic. The crisis has disrupted industries globally, leading to a significant downturn in the economy in 2020, with lingering effects expected into 2021. The pandemic has caused major disruptions in key sectors such as food and beverage, healthcare, energy and power, electronics and semiconductors, petroleum, and chemicals. Factory closures, travel restrictions, trade limitations, and border lockdowns implemented to manage the outbreak have adversely affected the manufacturing, supply, and sales of industrial equipment necessary for producing vacuum insulated pipes. Consequently, a notable decline in industrial activities is obstructing the growth of the global vacuum insulated pipe market.
The overall size of the vacuum insulated pipe market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aims to provide a comprehensive overview and forecast of the vacuum insulated pipe market across all segments. Additionally, it offers insights and forecasts for the global vacuum insulated pipe market segmented by five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. To further validate the data and gain deeper analytical insights, primary interviews were conducted with industry participants and experts. These participants included professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the vacuum insulated pipe market.
Several prominent players in the global vacuum insulated pipe market include TMK, Air Liquide, Chart Industries Inc., Senior Flexonics, Acme Cryogenics, Cryeng Group Pty Ltd., Cryofab, Cryowork, Inc., Demaco, and Sps Cryogenics B.V.