Vacuum Insulated Pipe Market size is set to surpass USD 1.5 billion by 2032, according to a new research report by Global Market Insights Inc.
Massive government expenditure on the healthcare sector improvement is slated to propel the industry growth. Furthermore, the increasing number of ongoing projects and initiatives to use hydrogen as an energy source has led industry participants to take the initiative in order to capitalize on the numerous potential growth prospects. For instance, in July 2021, the vacuum technology business Schwanner GmbH joined the BUTTING Group, a prominent stainless steel pipe manufacturer, as the companies shared a vision to combine their capabilities in pipe manufacturing and plant development with special expertise in vacuum-insulated pipes.
Widespread application across manufacturing and healthcare sector to fuel standard segment growth
In terms of product, the standard segment accounted for over 55% share of the vacuum insulated pipe market in 2022. Growing popularity of standard pipes is attributable to their widespread application across manufacturing and healthcare industries. Additionally, the multiple product features such as low cost, easy maintenance, ease of transportation, and a longer life of 15 to 20 years, after which the pipes are vacuum pumped again in order to utilize them for a longer duration are likely to favor the segment growth.
Rising investments in the development of healthcare infrastructure to propel healthcare segment share
The healthcare application segment held around 20% of the vacuum insulated pipe market share in 2022, owing to the growing product application in the newly developed healthcare infrastructures. Public and private organizations are investing and focusing on upgrading and developing hospitals and health clinics to reach underprivileged communities and extending access to health services in rural and distant locations, which is estimated to accelerate segment growth. For instance, since its inception in 2020, the United States International Development Finance Corporation (DFC) has approved over $2 billion in new healthcare project investments globally across 24 agreements.
Browse key industry insights spread across 663 pages with 663 market data tables & 37 figures & charts from the report, “Vacuum Insulated Pipe Market Size by Product (Standard, Customized), By Application (Cryogenic, Food & Beverage, Aerospace, Electronic Manufacturing & Testing, Healthcare), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Increasing investments in the development of gas infrastructure across Asia Pacific
Asia Pacific vacuum insulated pipe market size is anticipated to cross more than USD 550 million by 2032. The Asian countries are investing in gas infrastructure as the government promotes the use of greener fuels to minimize carbon emissions. The demand for vacuum-insulated piping systems in the region has increased resulting from the expansion of municipal gas infrastructure and enhanced capacity for importing liquefied natural gas (LNG) transported via new pipelines. For example, in 2020, India's energy minister stated that the country will receive USD 66 billion in investment in gas infrastructure.
Innovative product developments to define the competitive landscape
Top participants operating in the vacuum insulated pipe market are Chart Industries, BRUGG GROUP, Cryofab, Demaco, Cryoworld, PERMA-PIPE International Holdings, Inc., Thames Cryogenics Ltd., CRYOSPAIN, INTECH GmbH, Air Liquide, Ability Engineering Technology, Inc., and Maxcon Industries Pty. Ltd. The market is expected to see several product developments and product range expansions by industry players. For instance, in October 2022, Va-Q-tec, a thermal energy efficiency expert, collaborated with Uponor, a leading supplier of systems for hygienic drinking water installation and energy-efficient heating and cooling, to launch Ecoflex VIP, an innovative vacuum-insulated piping system technology with enormous market potential due to the ongoing global energy crisis.