Report : Europe Vacuum Insulated Pipe Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Standard and Customized) and Application (Cryogenic, Food & Beverage, Aerospace, Electronic Manufacturing & Testing, and Others)Â
Standard Segment to Dominate Europe Vacuum Insulated Pipe Market during 2021–2028
According to a new market research study on “Europe Vacuum Insulated Pipe Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Application” is expected to reach US$ 406.05 million by 2028 from US$ 267.37 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the Europe vacuum insulated pipe market along with the drivers and restraints pertaining to the market growth. Increased consumption of oxygen across healthcare industry is the major factor driving the growth of the Europe vacuum insulated pipe market. However, issues associated with the complications associated with cross-border transportation via pipelines hinder the growth of Europe vacuum insulated pipe market.
The Europe vacuum insulated pipe market is segmented into product, application and country. Based on type, the Europe vacuum insulated pipe market is segmented into standard and customized. The standard segment dominated the market in 2020 and customized segment is expected to be the fastest growing during the forecast period. Based on application, the Europe vacuum insulated pipe market is segmented into cryogenic, aerospace, electronic manufacturing and testing, food and beverage, and others. The cryogenic segment dominated the market in 2020 and food and beverage segment is expected to be the fastest growing during the forecast period. Based on country, Europe vacuum insulated pipe market is classified into Germany, France, UK, Italy, Russia, and Rest of Europe.
In Europe, Russia is the hardest-hit country by the COVID-19 outbreak, followed by the UK and others. Majority of European countries are expected to suffer an economic hit due to a lack of revenue from various industries, as these countries record the highest number of COVID-19 cases and deaths in the past year. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to face an economic slowdown in 2020 and most likely in 2021. European countries represent a major market for vacuum insulated pipe owing to the stringent quality and safety regulations in food & beverages and pharmaceutical industries proposed by the government and industry regulators. However, the supply chain disruptions and demand decline from various end-user industries of vacuum insulated pipe market have led to a decline in revenues of market players operating in the European region.
Air Liquide SA; Chart Industries Inc.; Cryofab; Senior Flexonics; Sps Cryogenics B.V.; and TMK are among the leading companies in the Europe vacuum insulated pipe market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Air Liquide increases stake its stake in Air Liquide Munay Tech Gases (ALMTG) by 75% and planning to invest up to 86 million euros to acquire hydrogen and nitrogen production units from Atyrau refinery owned by KazMunayGas. As per the new agreement, LMTG will operate these assets to supply industrial gases to the Atyrau refinery.
Europe Vacuum Insulated Pipe Market, By Country, 2020 and 2028 (%)
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