The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Vacuum Insulated Pipe Market.
It was estimated prior to this unanticipated outbreak Vacuum Insulated Pipe Market will reach CAGR of 5.0 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Vacuum Insulated Pipe Market Insights
Vacuum Insulated Pipe Marketis likely to witness a CAGR of 5.0% during the forecast period. The major factors such as ongoing investments towards aerospace industry along with the rising LNG trade, accelerating spending in the direction of developing natural gas infrastructure owing to upsurge in gas-based generation capacity additions, growing demand for packaged and frozen food products coupled with the growing chemical industry majorly across the emerging economies are expected to positively influence the growth of the market and provide favorable opportunities during the forecast period.
Market Share Analysis
Vacuum Insulated Pipe Market Share: By Product Type
Based on the product type, the market is segmented as standard and customized. The factors such as ongoing investments towards industries such as food & beverage, aerospace and semiconductor, are generating significant growth opportunities to propel the penetration of vacuum insulated pipes in the market. The manufacturing of these pipes are done on the basis of individual requirements for customer, making these pipes useful for controlling the flow of cryogenic liquid at the end-user premises. Furthermore, other factors such as the increasing manufacturing base and rising demand for LNG in various regions, particularly in North America and Europe, and the increase in consumption of oxygen across the healthcare industry accompanied by the rapidly growing demand for packaged food items, meat and dairy products are expected to fuel the growth of the market during the forecast period.
Vacuum Insulated Pipe Market Share: By Application Type
Based on the application type, the market is segmented as cryogenic, food & beverage, aerospace, electronic manufacturing & testing, and others. The major factors such as introducing government regulations and mandates for the protection of environment consequently causing increase in the adoption of natural gas, shifting towards a gas-based economy due to the inclination of the industry headed towards gas power plants, ultimately causing stimulation of the demand for the product, combination of supportive policies of clean fuel and competitive gas prices, leading to the growth and development of new gas-fired plants and removal of coal-fired power plants, and ongoing enhancements in technology towards exploring unconventional oil & gas resources so as to avoid demand-supply mismatch, are expected to positively influence the growth of the market during the forecast period.
Vacuum Insulated Pipe Market Share: By Region
In terms of regions, Asia-Pacific is estimated to witness a high growth rate, attributed to the increasing investments toward generation capacity addition accompanied by the growth in LNG trade in the market, during the forecast period. Factors such as the development of urban areas, shifting towards generation stations based on gas and strong manufacturing industry growth, dynamic expansion of the industries including chemical, semiconductor and packaged food industry as well, accompanied by the rapidly growing infrastructure, accelerated growth in aerospace sector majorly across China, India, Japan, and South Korea fueling the space industry growth, which is eventually fueling the adoption of product, and complex and changing government policies regarding adoption of sustainable systems are some of the main reasons driving the growth of the market during the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.