Large Bore Vacuum Insulated Pipe Market size is set to surpass USD 120 million by 2030, according to a new research report by Global Market Insights Inc.
Growing investments in establishing natural gas infrastructures will spur the industry expansion. According to the U.S. Energy Information Administration (EIA), approximately 27.3 gigawatts (GW) of upcoming natural gas-fired capacity is expected to commence in the United States between 2022 and 2025. This additional capacity would increase the existing capacity by 6%, favoring the market growth. Furthermore, nations across the world are emphasizing the development of gas-based infrastructure including pipelines, terminals, and power plants due to strict emission regulations.
Favorable administrative policies to increase the adoption of underground installations
The large bore vacuum insulated pipe market from underground installation segment is anticipated to reach more than 90 Km by 2030 owing to the increasing investment interest in expanding current manufacturing plants along with favorable government initiatives. Surging domestic investments coupled with rising inflows of Foreign Direct Investment for establishing new industrial plants will augment the integration of underground vacuum-insulated pipes. This increase in governmental support will, in turn, expedite business growth.
Surging capital investment in aerospace to positively impact industry dynamics
The aerospace segment is poised to depict a growth rate of over 7% through 2030. This growth is credited to the rising capital investment across the aerospace industry. The number of projects in aerospace rose from 54 to 69 in 2021, with Western Europe attracting the most FDI in aerospace projects in 2021. Over 43% of all projects have either been announced or unveiled globally, which may ultimately propel industry growth.
Browse key industry insights spread across 300 pages with 550 market data tables & 22 figures & charts from the report, “Large Bore Vacuum Insulated Pipe Market Size By Installation (Above Ground, Underground, Under Sea), By Application (Cryogenic, Aerospace, Chemical), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Rapid growth of LNG trade in the Asia Pacific to stimulate product demand
The Asia Pacific large bore vacuum insulated pipe market is estimated to register substantial gains by 2030 on account of growing investment activities for expanding the energy generation capacity in the region. Moreover, the region has witnessed a surge in LNG trade over the years. Countries such as Vietnam, the Philippines, and Myanmar are all targeting LNG regasification to bolster their ever-increasing gas requirements. Therefore, the South East Asia region will increase its regasification capacity to more than 7Tcf by 2030, which is expected to support regional business expansion.
New projects from prominent players to expand the industry landscape
Top companies operating in the large bore vacuum insulated pipe market are CRYOSPAIN, Ability Engineering Technology, Inc, INTECH GmbH, Cryogas Equipment Pvt. Ltd., Demaco, Schwanner GmbH, PERMA-PIPE International Holdings, Inc, Maxcon Industries Pty. Ltd, Cryoworld, and TMK. These leaders are becoming actively involved in new projects that reinforce their market position.
Citing an instance in 2021, PERMA-PIPE was awarded a new project from Saipem S.p.A. for delivering thermal insulation, joint welding, and double coating of a 36-inch pipeline under a major in-progress project in the Middle East. The project used the company’s POLY-THERM pre-insulated piping system designed to avoid corrosion under insulation and reduce the costs associated with pipe inspection, repair, and replacement.