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Large Bore Vacuum Insulated Pipe Market

Market Study on Large Bore Vacuum Insulated Pipes: Demand to receive stimulus amid Increased Demand for LNG

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Large Bore Vacuum Insulated Pipe Market Snapshot (2022-2032)

The global large bore vacuum insulated pipe market is expected to be worth US$ 17.43 Million in fiscal year 2022, up from US$ 16.2 Million in fiscal year 2021. From 2022 to 2032, the market is expected to grow at a 7.6% CAGR, reaching a value of US$ 36.26 Million by the end of 2032.

The large bore vacuum insulated pipe, quite similar to vacuum jacketed piping, also known as VJ piping or vacuum-insulated pipe, is used to transport liquid supercooled gasses. Cryogens such as liquid oxygen, liquid nitrogen and liquid helium must be maintained cold during the transfer procedure or else part of the liquid will gasify and leak out. The frigid temperatures required to reduce this heat loss are maintained exceedingly efficiently by large bore vacuum insulated pipes.

An inner and an exterior stainless-steel pipe make up large bore vacuum insulated pipes. The cryogenic liquid is carried via the inner pipe. It is surrounded by many layers of super insulation consisting of alternating layers of a heat barrier and a non-conductive spacer. This produces a distance between the two pipes, which is then "pumped down" by a vacuum pump to generate a static vacuum. The vacuum barrier prevents heat loss from conduction, convection, and radiation in cryogenic liquid. A grabber material, in addition to the superconductivity insulating material, gathers out-gassed molecules to further safeguard the vacuum. Each large bore vacuum insulated pipe system is designed and laid out specifically for the installation. The large bore vacuum insulated pipework is delivered in vacuum sealed sections that are commonly joined by cryogenic bayonets to provide a consistent and efficient continuous piping system. The use of cryogenic bayonets provides for easier installation and overall system integrity. Such factors are boosting the global demand for the large bore vacuum insulated pipe and the same trend is predicted during the forecast period.

Rising demand for liquefied natural gas (LNG) is expected to boost industry growth. In accordance with the International Energy Agency (IEA), more than 100 billion cubic meters of new LNG supply is expected to be operational by 2023, with the majority of these additions coming from Australia and the United States. Moreover, LNG imports in the Asia Pacific region are expected to reach 346.3 billion cubic meters in 2021, representing a 6% increase over 2011. Furthermore, the introduction of severe greenhouse gas (GHG) rules to control emissions would boost the outlook for large bore vacuum insulated pipe through 2032. Hence, with the propelling LNG sector, there would be a boom in the global large bore vacuum insulated pipe.

Attributes

Details

Anticipated Base Year Value (2021)

US$ 16.2 Million

Expected Market Value (2022)

US$ 17.43 Million

Projected Forecast Value (2032)

US$ 36.26 Million

Global Growth Rate (2022-2032)

7.6%

CAGR of North America (2022)

7%

CAGR of APAC (2022-2032)

7.8%

Prominent Players in The Global Market

  • Ability Engineering Technology Inc.
  • CRYOSPAIN
  • INTECH GmbH
  • Demaco
  • Schwanner GmbH
  • Empower
  • Cryogas Equipment Pvt. Ltd.
  • PERMA-PIPE International Holdings, Inc.
  • Cryoworld
  • Maxcon Industries Pty. Ltd.
  • TMK
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2017-2021 Large Bore Vacuum Insulated Pipe Market Demand Analysis Vs. Forecast 2022-2032

The global large bore vacuum insulated pipe market grew at a CAGR of 4.5% from 2017 to 2021, as per Persistence Market Research, a provider of market research and competitive intelligence. The COVID-19 epidemic had a huge influence on the energy business, which may have slowed initial industrial advancement. Power supply chains throughout the world have been affected as a result of strict shutdown measures. Furthermore, decreased economic activity lowered energy usage in a range of industries.

According to the IEA, worldwide energy consumption was lowered by 4% during the epidemic. However, the arrival of vaccinations and stimulus packages has enabled for a restoration to normalcy in business growth. This includes global energy consumption, which is expected to rise by 4.6% in 2021, exceeding pre-pandemic levels. As the energy sector progressively recovers from the aftereffects of the COVID-19 crisis, the large bore vacuum insulated pipe business may see significant growth by 2032.

Various government policies regarding clean fuels are boosting the growth in the various energy sectors. At the same time, the growing LNG sector is pushing the sales of the large bore vacuum insulated pipes, which is the market is expected to grow with a CAGR of 7.6% from 2022-2032.

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Prominent Growth Drivers Influencing Large Bore Vacuum Insulated Pipe Market

Various clean fuel policies to boost the demand in oil and gas sector

Clean fuel policies are being adopted as well as implemented by several governments all across the world. These policies are being implemented successfully in various regions. For example, in 2021, the state Senate of New Mexico approved a bill that put forth the clean fuel standards, which will help the nation to achieve the carbon neutral goals.

Such initiatives are aimed at usage of conventional fuels for transportation. As a result, liquified petroleum gas is emerging as the new clean fuel. This fuel is highly being used in the oil and gas industries, which in turn is bolstering the demand for the large bore vacuum insulated pipes. With these piping systems, the transfer of LPG becomes easier, safer and much more convenient.

Also, in countries like India, with the rising pollution levels, it is becoming mandatory to use clean fuels in the industrial combustion activities. This would reduce the carbon content in the air. Such factors are thus increasing the demand of LPG and hence the usage of large bore vacuum insulated pipes in various sectors.

Increased usages for their characteristic features and support

The large bore vacuum insulated pipes are utilized on launch pads inside the aerospace industry to supply exceptionally high rates of flow of liquid hydrogen and oxygen to fuel numerous space missions. The large bore vacuum insulated pipes aid in the dependable delivery of liquid nitrogen in the food and beverage sectors, allowing equipment to operate at full efficiency for maximum production.

In addition, an increase in present and planned industrial projects is driving market demand for large bore vacuum insulated pipes. All of these reasons are projected to drive the large bore vacuum insulated pipes market forward. Moreover, large bore vacuum insulated pipes ease installation by absorbing tiny vibrations as well as thermal movements in the system, attracting businesses to these pipes. Such factors are predicted to increase significantly, which is likely to boost sales during the forecast period.

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What Could Possibly Hinder Large Bore Vacuum Insulated Pipe Market Demand?

The initial cost of the raw materials is becoming a major hindrance

The initial purchase cost of large bore vacuum insulated pipes is expensive for new businesses where cost is a key component, which is one of the large bore vacuum insulated pipes market's limitations.

However, to combat this, manufacturers, on the other hand, are investing in research-and-development and manufacturing large bore vacuum insulated pipes that are long-lasting and immune to UV deterioration partitions in response to client demand, which is projected to produce a strong market for large bore vacuum insulated pipes over the forecast period.

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Category-wise Insights

Which installation type is expected to gain traction during 2022-2032?

The above ground segment will gain the dominant market share

In the year 2021, the above ground segment by installation type gained the maximum market share of almost 48%. This segment is expected to maintain its dominance throughout the forecast period too. Through 2032, it is anticipated that the above-ground installation market would expand at a pace of roughly 8.1%. The increasing number of integrated gasification combined cycle (IGCC) plants is mostly to blame for this. The IGCC technology combines the production of both power and filtered gas.

Environmentally speaking, the method decreases carbon dioxide as well as mercury, particulates and sulfur dioxide, especially when paired with CCS (carbon capture and storage). Furthermore, innovative techniques in pipes intended to transport cryogenic fluids have been made possible by ongoing developments in containment technology that have improved vacuum-insulated piping systems.

Which application segment will be using these products more often?

The cryogenic application of large bore vacuum insulated pipe will become dominant

The cryogenic application segment will be the fastest growing segment during the forecast period with a 7.2% CAGR. By 2030, the cryogenic use of large bore vacuum insulated pipe is anticipated to generate revenue of USD 78 million. For those involved in the sector, the improvements made in the discovery and production of oil and gas resources to close the supply-demand imbalance have opened up positive growth prospects.

Business development will also be aided by the increase in the export and import of cryogenic liquids including helium, hydrogen, LNG, and nitrogen. A tendency toward a gas-oriented economy has also been sparked by the sector's propensity for natural gas power plants, which has increased product demand. Such factors are expected to push the demand to new heights in the next ten years.

Region-wise Analysis

What is the outlook of the European large bore vacuum insulated pipe market?

Diversified usage in various sectors to propel the regional demand

Between 2022 and 2032, it is anticipated that the large bore vacuum insulated pipe market in Europe would grow by around 7.8%. Market figures are accelerating due to strict energy security rules and expanding LNG commerce throughout Europe.

According to the European Commission, natural gas accounts for around 25% of all energy used in the EU. Russia and Norway are the two main suppliers of LNG. The majority of the natural gas consumed in several South East European nations comes from a single provider. As a result, the Southern Gas Corridor provides a pipeline system that transports gas from the Caspian Basin to the EU, allowing for supply diversification.

Additionally, supportive governmental initiatives and programmes for the expansion of the regional aerospace sector will increase demand for large bore vacuum insulated pipes throughout the anticipated time frame.

What can be expected from the North American market for Large Bore Vacuum Insulated Pipes?

Rising R&D and product enhancements will boost the demand during the forecast period

Throughout the anticipated period, North America exhibits a significant market potential for large bore vacuum insulated pipe. According to the Persistence Market Research projections, the market will grow with a steady CAGR of 7% from 2022-2032.

In 2021, the market for big bore vacuum insulated pipes in North America was expected to be worth US$ 13.2 Million. Growing disposable income and technical breakthroughs in product innovation have prompted top industry players to make significant expenditures in the area, driving the market's expansion. Additionally, the replacement of conventional pipes and increasing consumer understanding of the advantages of using eco-friendly solutions will boost product procurement, which would in turn enhance regional market dynamics.

Start-up Scenario

The various start-ups in the market are aimed at enhancing their product with different varieties for the large bore vacuum insulated pipes.

  • CRYOPACIFIC, INC, a 2009 start-up, offers design, integration, and installation services for cryogenic systems. They provide flexible hoses, vacuum jacketed pipes, auto-vents, tanks for bulk storage, LC switches, monitors for atmospheric oxygen, control valves, and alarm systems, among other things. In addition to entertainment, other markets they service include biotech, aerospace and defense, industrial gas, semiconductors and electronics, alternative fuels and energy, vacuum coating technology, food processing and beverage packaging, and alternative fuels.
  • Eden Cryogenics LLC offers unique engineering solutions including vacuum jacketed pipe and vacuum insulated design. In addition, to fulfil ASME criteria, they adhere to the no-cryogenic double containment pipe policy. This criteria, together with the standard for each pipe system, guarantees that each system has a minimal leak and service. Field service and technical assistance are provided.

Competitive Landscape

Ability Engineering Technology, Inc., CRYOSPAIN, INTECH GmbH, Demaco, Schwanner GmbH, Empower, Cryogas Equipment Pvt. Ltd., PERMA-PIPE International Holdings, Inc., Cryoworld, Maxcon Industries Pty. Ltd., and TMK are a few of the leading businesses in the large bore vacuum insulated pipe market. To expand their company operations and strengthen their position, several of these businesses are negotiating contracts for the purchase of expensive products.

  • In March 2022, PERMA-PIPE was awarded a USD 15.5 million contract in Egypt and Saudi Arabia. As part of this deal, the business provided insulated pipes, an XTRU-THERM insulation system, and a PermAlert leak detection system.
  • Empower was awarded a contract for USD 52.5 million in March 2022 to build a cutting-edge DC plant that would enable them to provide sustainable district cooling solutions in the DLRC area. The expansion of the plant will reach about 47,000 RT of the total output capacity once all project phases have been completed.

Key Segments Covered in the Large Bore Vacuum Insulated Pipe Market Report

Large Bore Vacuum Insulated Pipe By Installation Type

  • Above Ground
  • Underground
  • Under Sea

Large Bore Vacuum Insulated Pipe Market by Application

  • Cryogenic
  • Aerospace
  • Chemical
  • Others

Large Bore Vacuum Insulated Pipe Market By Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Latin America
  • Middle East & Africa (MEA)

- Companies Covered in This Report -

  • CRYOSPAIN
  • Ability Engineering Technology, Inc.
  • INTECH GmbH
  • Cryogas Equipment Pvt. Ltd.
  • Demaco
  • Schwanner GmbH
  • PERMA-PIPE International Holdings, Inc.
  • Maxcon Industries Pty. Ltd
  • Cryoworld
  • TMK

- Frequently Asked Questions -

During the historical period of 2017-2021, the large bore vacuum insulated pipe market grew at a CAGR of 4.5%.

The global large bore vacuum insulated pipe market is predicted to rise with a steady 7.6% CAGR during 2022-2032.

The global large bore vacuum insulated pipe market is currently worth more than US$ 16.2 Million.

By 2032, the global large bore vacuum insulated pipe market is projected to reach a market size of US$ 36.26 Million

The above ground segment by installation type is going to occupy a 48% global market share in 2022.

The cryogenic application segment will be the fastest growing segment during the forecast period with a 7.2% CAGR.

The North American region is predicted to grow with a steady CAGR of 7% during 2022-2032.

The European large bore vacuum insulated pipe market is expected to grow with a steady CAGR of 7.8% during 2022-2032.

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