Vacuum Insulated Pipe Market size is expected to reach USD 3 Billion by the end of 2036, growing at a CAGR of over 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of vacuum insulated pipe was around USD 1 Billion. The expected growth in the market will be encountered due to its excessive demand for vacuum-insulated pipe across the world. For instance, many suppliers are involved in the generation of over 7000 meters of vacuum-insulated pipe for the conveyance of various kinds of gasses like > 50 LIN / LOX / LAR projects, > 20 LNG projects, > 5 LHe / LH2 projects, > 7 LNG / LH2 ship conversions. Moreover, a vacuum insulated pipe comprises two central pipes, an inner pipe that takes the cryogenic liquid and an outer pipe that serves as a vacuum jacket.
Another reason that will help the vacuum insulated pipe market to grow in its expected CAGR is because it is the safest pipe to use in cryogenic solutions. Vacuum insulated pipes are used as a main agent offering Chart to provide the maximum turnkey cryogenic solution for a massive variety of liquid gas applications, all the way from food and beverage packaging to giving high rates of hydrogen and oxygen at space launch pads. For liquid hydrogen installations notice EIGA Doc 06 Protection in Storage, Tackling, and Distribution of Liquid Hydrogen, and for cryogenic ethylene notice EIGA Doc 208 Safety in Storage, Handling and Distribution of Cryogenic Ethylene. Also acknowledged as vacuum-insulated piping, VJ piping, and vacuum-insulated tubing, it’s used to relocate cryogenic gasses in liquid form, comprising liquid oxygen, liquid nitrogen, liquid helium, and other kinds of technical gasses. Through a particular design, these installations will be capable of avoiding heat transfer techniques and heat outflows and therefore they keep substances at the expected cryogenic temperatures.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
∼5% |
|
Base Year Market Size (2023) |
∼USD 1 Billion |
|
Forecast Year Market Size (2034) |
∼USD 3 Billion |
|
Regional Scope |
|
Product (Standard, Customize)
The standard segment of the vacuum insulated pipe market is set to grow huge during the forecast period and hold a 60% revenue share. This growth will be noticed due to the construction industry increasing all over the globe, which will take more buildings utilizing these pipes. In 2021, 1,337,800 housing units were made, establishing an augmentation of 4% compared to 2020. This comprises residential buildings with roughly USD 483 billion, non-residential buildings worth about USD 473 billion, and other kinds of construction worth almost USD 273 billion. When construction executives were interviewed, 60% of them expected industry growth in 2023, with 8% anticipating substantial growth and 52% projecting reasonable expansion.
Application (Industrial Gas, LNG, Petrochemical Industries)
The LNG segment is poised to hold the highest revenue share in the vacuum insulated pipe market with almost 54% by the end of 2036. The increasing demand for LNG in different sectors will drive the market to get the highest market share. In line with the World LNG Report 2022, LNG is linked with 40 importing countries with 19 export markets. The international liquefaction capability available was 459.9 MTPA in 2021 after putting in 6.9 MTPA, as linked with 20 MTPA the year earlier. The outstanding possibility for LNG in Africa is substantial to the region's growth, with 123.9 MTPA of offered liquefaction expected for the final investment decision (FID).
Our in-depth analysis of the global market includes the following segments:
|
Product |
|
|
End-User |
|
|
Application |
|
APAC Market Analysis
The APAC vacuum insulated pipe market is predicted to hold 36% of the revenue share by the end of 2036 owing to the increasing urbanization in this region. Moreover, smart cities are increasing in this region. As of January 2023, Hangzhou in China had the highest yearly metropolitan population expansion rate among megacities in the Asia-Pacific region, at 5.5 percent. On the other hand, all three Japanese megacities Tokyo, Nagoya, and Osaka had the lowest yearly population expansion rates across APAC, with Osaka's population decreasing by 0.05 percent as of January 2023. Quick urbanization as well as economic expansion has led to a 10% yearly growth in total installed electricity production capability. Furthermore, with electricity from non-renewables, the state is creating extra electricity production potential through renewable sources.
North American Market Statistics
The North America vacuum insulated pipe market will also encounter a significant surge by the end of the forecast period owing to the increasing industrialization and construction-related investment. Approximately 48% of new investment declarations are energy-associated, with USD 140 billion in fresh private capital set on electric vehicle and battery manufacturing and USD 82 billion committed to clean energy production. Though biomanufacturing and heavy industry investments give a reason for a comparatively low share of investment dollars, they still show a quarter of all investment projects.
Author Credits: Mohd Shadab, Yashika Karodiwal
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?