(MENAFN- GlobeNewsWire - Nasdaq) Key Role of Large Bore Vacuum Insulated Pipes in Enabling Cost-Effective transport of Cryogenic Fluids across Vast Distances: Fact.MR Report
Rockville, MD, Aug. 08, 2024 (GLOBE NEWSWIRE) -- The global large bore vacuum insulated pipe market is forecasted to reach a valuation of US$ 81.4 million in 2024 and is projected to further expand at a CAGR of 7.6% from 2024 to 2034.
As worldwide demand for cleaner energy rises, there is a corresponding increase in the need for liquefied natural gas (LNG). Specialized pipes, boasting vacuum insulation, play a pivotal role in transporting LNG efficiently and safely over long distances.
With their ability to minimize heat transfer and reduce boil-off, large bore vacuum insulated pipes ensure the integrity of LNG throughout its journey. This surge in demand reflects a growing commitment to sustainable energy solutions worldwide. The market is poised to meet this escalating demand, driving innovation and market expansion.
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When talking about cryogenic fluid transportation, vacuum-insulated pipes stand as indispensable assets, revolutionizing the industry with their remarkable capabilities. Chief among these is their prowess in minimizing heat leakage. Through advanced vacuum insulation, vacuum-insulated pipes significantly curtail heat transfer, enabling the seamless and cost-effective transport of cryogenic fluids across extensive distances.
Moreover, they play a crucial role in reducing boil-off and maintaining the integrity of these substances by ensuring they remain in their liquid state throughout the journey. This dual functionality not only safeguards the quality of the transported fluids but also enhances operational efficiency and cost-effectiveness.
With demand for cryogenic fluids, particularly LNG, continuing to rise globally, the importance of vacuum-insulated pipes becomes increasingly apparent. Their role in sustaining the integrity and viability of cryogenic fluid transportation underscores their status as a cornerstone of modern industrial infrastructure.
Key Takeaways from Market Study:
The global large bore vacuum insulated pipe market is projected to expand at a CAGR of 7.6% through 2034. Global sales of cryogenic pipes are estimated at US$ 81.4 million in 2024. The market is forecasted to reach US$ 169.3 million by 2034-end. The North American market is forecasted to expand at a CAGR of 7.8% through 2034. Above-ground pipes are estimated to account for 48.3% market share in 2024. East Asia is projected to account for 29.8% share of the global market by 2034.
“Energy, aerospace, healthcare, and manufacturing sectors extensively use large bore vacuum insulated pipes for safe and efficient transportation of cryogenic fluids. Their innovative design ensures reliability, thus driving market expansion,” says a Fact.MR analyst.
Competitive Landscape:
In the competitive landscape of the bore vacuum insulated pipe market, companies such as Cryogas Equipment Pvt. Ltd., Demaco, Schwanner GmbH, PERMA-PIPE International Holdings, Inc., Maxcon Industries Pty. Ltd., Cryoworld, and TMK are intensifying their efforts to secure a higher market share through technological advancements and robust research and development initiatives.
Industry players are committed to staying at the forefront of innovation, continuously enhancing the efficiency, reliability, and safety of their products. By investing in cutting-edge technologies and exploring new materials and manufacturing techniques, they aim to meet the evolving needs of their customers and remain competitive in the global marketplace.
Companies understand the importance of collaborations and partnerships to drive innovation forward. By fostering strategic alliances with research institutions, universities, and other industry stakeholders, they seek to accelerate the pace of technological development and bring groundbreaking solutions to the market. In this dynamic environment, the dedication of these companies to pushing the boundaries of innovation underscores their commitment to delivering superior products and driving industry growth.
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Large Bore Vacuum Insulated Pipe Industry News:
In March 2022, PERMA-PIPE secured a lucrative contract worth US$ 15.5 million in Egypt and Saudi Arabia. Under this agreement, the company supplied insulated piping solutions, including the innovative XTRU-THERM insulation system, alongside the PermAlert leak detection system. In March 2022, Empower secured a significant contract valued at US$ 52.5 million to construct a state-of-the-art DC plant, facilitating the provision of eco-friendly district cooling solutions in the DLRC area. Upon completion of all project phases, the plant's expansion is projected to increase the total output capacity to approximately 47,000 RT.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global large bore vacuum insulated pipe market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on installation type (above ground, underground, undersea) and end use (cryogenic, aerospace, chemicals), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Key Segments of Large Bore Vacuum Insulated Pipe Market Research
By Installation Type : Above Ground Underground Under Sea
By End Use : Cryogenic Aerospace Chemicals
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