Vacuum Insulated Pipe Market to Reach $1,386.3 Million, Globally, by 2028 at 5.6% CAGR: The Insight Partners

NEW YORK, Nov. 9, 2021 /PRNewswire/ -- According to The Insight Partners study on "Vacuum Insulated Pipe Market to 2028 – Global Analysis and Forecast – by product and application," the global Vacuum Insulated Pipe market was valued at US$ 920.5 million in 2020 and is projected to reach US$ 1386.3 million by 2028; it is expected to grow at a CAGR of 5.6% during 2021–2028. Discoveries of new oil & gas reserves have gained pace worldwide. According to Rystad Energy, in 2019, 12.2 billion barrels of oil equivalent were discovered worldwide. There were 26 discoveries with over 100 barrels of oil equivalent in the same year, with offshore regions being enriched with the new oil & gas deposits. Saudi Aramco discovered two oil & gas fields in the northern parts of Saudi Arabia in August 2020. In September 2020, Equinor announced the discovery of new oil & gas fields at the Swisher prospect. The company also announced the discovery of two oil fields in the Flemish Pass basin offshore Newfoundland, Canada. Furthermore, in October 2020, Total and its partners announced to evaluate several development options for commercializing a new gas and condensate discovery in South Africa. In the same month, Gazprom announced the discovery of a new gas deposit—Yamal shelf—at the Leningradskoye field. Thus, the rising number of discoveries of new offshore oil & gas reserves are expected to boost the construction of new plants, thereby bolstering the demand for new vacuum insulated pipes for cross-border transmission in the coming years.

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Currently, the global market is predominantly dominated by the developed regions such as Asia Pacific and Europe region accounting for ~60% of the global market collectively. The increasing demand for cost-effective transportation method for oil and gas is one of the major factors that is expected to boost the demand for vacuum insulated pipe in the oversea oil & gas sector across these two regions. Most of the countries around the world need a high amount of energy (oil and gas) consumption while the production of oil and gas in such countries is negligible such Germany & France. Pertaining to this fact, there are growing number of on-going and upcoming offshore oil & gas projects in these regions, for instance, Rosebank & Lochnagar Oil & Gas Fields, Mariner Heavy Oil Field, and Culzean HPHT Gas & Condensate Field., which is anticipated to create huge opportunity in the vacuum insulated pipe market during the forecast period. Additionally, Asia Pacific is expected to be the fastest-growing region during the forecast period. During the forecast period from 2020 to 2027, the growth outlook of vacuum insulated pipe in all the major geographic regions estimated to be quite positive. However, due to ongoing COVID-19 outbreak, all the major countries in regions such as Europe, Asia Pacific, and North America have imposed strict restrictions on business activities and movement of goods and people. These factors are anticipated to affect both supply and demand for the pipe, thus affecting the revenue growth of the global vacuum insulated pipe market player to some extent especially in the year 2020 and early 2021. 

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According to latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in 2020 and likely in 2021. The outbreak has created significant disruptions in primary industries such as food & beverage, medical, energy & power, electronics & semiconductor, petroleum, and chemicals. A significant decline in the growth of mentioned industrial activities is impacting the growth of the global vacuum insulated pipe market. 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.

Growing Oxygen Consumption in Healthcare Sector

The growing consumption of oxygen across the healthcare sector is bolstering the vacuum insulated pipe market growth. As per the news (Times of India), India reports the need of ~600 metric tonnes medical oxygen per day, in contrast to the current availability of 375 metric tonnes per day. The wide gap between the oxygen supply and demand in the healthcare sector likely to increase the production of the same, thus triggering the demand for vacuum insulated pipes for the safe transfer and storage of the elevated volumes of oxygen at healthcare facilities.

Vacuum Insulated Pipe Market: Segmental Overview

The vacuum insulated pipe market is segmented based on product, and application. Based on product, the customized segment is expected to witness higher CAGR growth during the forecast period. The rise in demand can be attributed to the rising demand of customized vacuum insulated pipe in oil & gas, energy, and healthcare sectors due to the industry's specification systems. Based on the application, the food & beverage segment is expected to hold the dominant market share. The Increasing per capita income of consumers along with development of food packaging sector has been a key instrument toward the growth of food & beverage sector. Moreover, the increasing trade of packaged food and frozen products has also provided the segment a favorable business opportunity in the market.

Vacuum Insulated Pipe Market: Competition Landscape and Key Developments

TMK, Air Liquide, Chart Industries, Inc., Senior Flexonics, Acme Cryogenics, Cryeng Group Pty Ltd., Cryofab, Cryoworks, Inc., Demaco, and Sps Cryogenics B.V. are among the key players that were profiled during this market study. The market players have are focusing on product developments, partnerships, mergers and acquisitions, and collaboration strategies, for sustaining the competitive edge.

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• In 2021, S TMK's R&D facility at Skolkovo has conducted a successful test of premium tubular oil and gas solutions. The test program was based on ISO Qualification of casing connections for thermal wells, and connection remained tight at all phases of the testing program, proving its unique set of operational properties.
• In 2021, Chart Industries, Inc signed MOU with Matrix Service for the development of standardize hydrogen liquefaction plants, marine bunkering, fueling stations, plant expansions, storage expansion, spaceship fueling and other hydrogen related facilities across the North America.
• In 2019, Petrofac Limited had started introducing gas to the pipeline system, as a significant step towards the start of actual gas deliveries to Turkey and South-Eastern Europe through the newly developed offshore pipeline system.

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