Vacuum insulated, or cryogenic, pipes are those made to reduce heat transfer and keep cryogenic fluids at low temperatures while being transported. To minimize heat conduction, an annular gap that is maintained under vacuum surrounds an inner and an outer pipe. When cryogenic fluid transport is required, a number of industries, including chemicals, LNG, electronics, and healthcare, rely heavily on these pipes.
According to SPER market research, ‘Europe Vacuum Insulated Pipe Market Size- By Product, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Vacuum Insulated Pipe Market is predicted to reach USD 531.94 million by 2033 with a CAGR of 5.63%.
Growth Drivers: Growing LNG trading and ongoing advancements in the aerospace industry are driving the market for vacuum insulated pipe. A favorable business environment for specialty vacuum-insulated pipes has been established by sustained expenditures in the food and beverage, aerospace, and semiconductor industries. Due to the goods’ widespread application in the semiconductor, food and beverage, and aerospace industries, vacuum insulated pipe penetration has excellent potential. In addition, the industry is expanding as a result of rising demand for dairy, meat, and packaged foods as well as increased oxygen consumption in the medical field. Vacuum insulated pipes will become more necessary as a result of government mandates and laws pertaining to environmental preservation and the expected growth in the adoption of natural gas.
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Challenges: Raw material price fluctuation is a significant problem since it directly affects manufacturing expenses and, eventually, pricing strategies. Price fluctuations for commodities like as aluminum and stainless steel can lead to unpredictability in production schedules and financial performance for companies in the industry. Moreover, producers encounter challenges in adhering to stringent guidelines and standards imposed by regulatory bodies, necessitating continuous expenditure in research and development to meet evolving demands. Another challenge is the complexity of vacuum insulated pipe installation and maintenance, which frequently necessitates specific knowledge and equipment and extends project durations and prices.
Impact of COVID-19 on Europe Vacuum Insulated Pipe Market
The COVID-19 epidemic significantly impacted the European vacuum insulated pipe market by upsetting the supply chain and altering consumer behavior. Sector businesses like Senior Flexonics, Air Liquide SA, Chart Industries Inc., Cryofab, Sps Cryogenics B.V., and TMK encountered obstacles ranging from lower market demand to logistical constraints. A brief decrease in the installation of vacuum insulated pipes occurred in a number of end-user industries, including healthcare, electronics, and energy, as a result of lockdown procedures and restrictions on industrial activities. But the market steadily recovered as the area gradually came out of lockdowns and business operations started up again.
Europe Vacuum Insulated Pipe Market Key Players:
Additionally, some of the market key players are Cryofab, Senior Flexonics, Sps Cryogenics B.V., TMK, Others.
Europe Vacuum Insulated Pipe Market Segmentation:
By Product: Based on the Product, Europe Vacuum Insulated Pipe Market is segmented as; Standard, Customized.
By Application: Based on the Application, Europe Vacuum Insulated Pipe Market is segmented as; Cryogenic, Aerospace, Electronic Manufacturing and Testing, Food and Beverage, Others
By Region: This research also includes data for UK, France, Germany, Italy, Spain, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Europe Vacuum Insulated Pipe Market Size
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