Large Bore Vacuum Insulated Pipe Market Size
Large Bore Vacuum Insulated Pipe Market was valued at USD 62.2 million in 2023 and is anticipated to depict a CAGR of over 7% from 2024 to 2032. The rising demand for liquified natural gas (LNG) is said to bolster the industry growth.
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According to the International Energy Agency (IEA), more than one hundred billion cubic meters of new LNG supply is planned to be commissioned by 2023, with most of these inclusions coming from the United States and Australia. Furthermore, the LNG imports across the Asia Pacific registered around 346.3 bcm in 2021, indicating a rise of 6% from 2011. Moreover, the implementation of stringent greenhouse gas (GHG) norms to limit emissions will further augment large bore vacuum insulated pipe market outlook through 2030.
Advancements in containment technology for above-ground installations
The above-ground installation segment is projected to register a growth rate of about 8% through 2030. This is mainly accredited to the surging number of integrated gasification combined cycle (IGCC) projects. The IGCC technology integrates the generation of electricity and the generation of purified gas.
Environmentally, the technology reduces sulfur dioxide, mercury, and particulates as well as carbon dioxide, particularly when combined with CCS (carbon capture and storage). Moreover, continuous advancements in containment technology to enhance vacuum-insulated piping systems have allowed for inventive methods in pipes designed to transport cryogenic liquids.
Large Bore Vacuum Insulated Pipe Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| Large Bore Vacuum Insulated Pipe Market Size in 2023 |
USD 62.2 Million |
| Forecast Period |
2024 to 2030 |
| Forecast Period 2024 to 2030 CAGR |
7% |
| 2030 Value Projection |
USD 121.8 Million |
| Historical Data for |
2019 - 2023 |
| No. of Pages |
300 |
| Tables, Charts & Figures |
572 |
| Segments covered |
Installation, Application |
| Growth Drivers |
- Growing demand for natural gas
- Positive outlook toward aerospace and chemical industry
|
| Pitfalls & Challenges |
- Safety concerns related to cryogenic liquids
|
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Large Bore Vacuum Insulated Pipe Market Analysis
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The cryogenic application of large bore vacuum insulated pipe market is expected to register remuneration worth of USD 78 million by 2030. Advancements toward the exploration and generation of oil & gas resources to bridge the demand-supply gap have created favorable growth opportunities for industry players. Additionally, the rise in the export and import of cryogenic liquids such as helium, hydrogen, LNG, and nitrogen will augment business growth. Moreover, the sector has become inclined toward natural gas power facilities, triggering a trending shift toward a gas-oriented economy and in turn boosting product demand.
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The market for large vacuum-sealed pipes in Europe is set to grow by about 6% in the next decade, between 2022 and 2030. This is because of strict rules for energy safety and the rise in trade of liquefied natural gas (LNG) across Europe. Natural gas makes up about a quarter of the energy used in the European Union (EU), according to the European Commission. Most of this LNG comes from Russia and Norway. Many countries in southeastern Europe get most of their natural gas from just one supplier. So, to spread out where they get their gas from, the Southern Gas Corridor is building a pipeline that will bring gas from the Caspian Sea region to the EU. This is expected to help the European vacuum-insulated pipe industry grow, and it may reach $489.2 million by 2032.
Large Bore Vacuum Insulated Pipe Market Share
Some of the top companies in the large bore vacuum insulated pipe business scenario include
- CRYOSPAIN
- Ability Engineering Technology, Inc
- INTECH GmbH
- Cryogas Equipment Pvt. Ltd.
- Demaco
- Schwanner GmbH
- PERMA-PIPE International Holdings, Inc
- Maxcon Industries Pty. Ltd
- Cryoworld
- TMK
Some of these companies are signing high-value product procurement contracts to extend their business operations and reinforce their position. For instance, in March 2022, PERMA-PIPE was granted a USD 15.5 million contract in Saudi Arabia and Egypt. Under this contract, the company delivered a PermAlert leak detection system, XTRU-THERM insulation system as well as insulated pipelines.
COVID-19 Impact
The COVID-19 pandemic had a significant impact on the energy industry, which may have hampered industry progress in the initial months. Stringent lockdown measures disrupted power supply chains worldwide. Additionally, reduced economic activity curbed energy consumption across a variety of industries.
As per the IEA, overall energy usage was reduced by 4% during the pandemic. However, the introduction of vaccines and stimulus packages has allowed some economic activity to return to normalcy. This also includes global energy demand, which increased by 4.6% in 2021, surpassing pre-pandemic levels. Thus, with the energy sector gradually recovering from the residual impacts of the COVID-19 crisis, the large bore vacuum insulated pipe industry may witness substantial development by 2030.
This market research report on large bore vacuum insulated pipe includes in-depth coverage of the industry with estimates & forecast in terms of “km” & “USD” from 2018 to 2030 for the following segments
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Market, By Installation
- Above ground
- Under ground
- Under sea
Market, By Application
- Cryogenic
- Aerospace
- Chemical
- Others
The above information has been provided for the following regions and countries
- North America
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Russia
- Norway
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Thailand
- Malaysia
- Australia
- Middle East & Africa
- Kuwait
- Oman
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Latin America
