A new market report forecasts strong growth for the large bore vacuum insulated pipe market in LNG and industrial gas applications. The report, released by MarketsandMarkets, predicts that the market will grow at a CAGR of 7.6% between 2021 and 2026.
The report notes that large bore vacuum insulated pipes offer several advantages over traditional methods of transporting LNG and industrial gases. These advantages include improved safety, reduced environmental impact, and increased efficiency in the transportation process. As a result, the demand for large bore vacuum insulated pipes is increasing, particularly in regions such as Europe and Asia Pacific.
The report identifies several factors that are driving growth in the large bore vacuum insulated pipe market. These include the increasing demand for natural gas and industrial gases, particularly in developing countries. In addition, the growing focus on sustainable energy solutions is also contributing to market growth.
The report also notes that technological advancements in large bore vacuum insulated pipes are driving market growth. New materials and designs are improving the performance of these pipes, making them more efficient and easier to install.
Geographically, the report predicts that the Asia Pacific region will be the fastest-growing market for large bore vacuum insulated pipes during the forecast period. The increasing population and rising demand for energy in countries such as China and India are expected to drive demand for these pipes in the region.
Some of the key players in the large bore vacuum insulated pipe market identified in the report include Chart Industries, Cryofab, Inc., Air Liquide Advanced Technologies, Cryolor, Vacuum Barrier Corporation, and GTT North America.
Overall, the report suggests that the large bore vacuum insulated pipe market is poised for strong growth in the coming years, driven by increasing demand for natural gas and industrial gases, technological advancements, and growing focus on sustainable energy solutions.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.