Report : North America 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 North America Vacuum Insulated Pipe Market during 2021–2028
According to a new market research study on “North America Vacuum Insulated Pipe Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Application” is expected to reach US$ 306.24 million by 2028 from US$ 223.18 million in 2021. The market is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The report provides trends prevailing in the North America vacuum insulated pipe market along with the drivers and restraints pertaining to the market growth. Supportive clean fuel policies is the major factor driving the growth of the North America vacuum insulated pipe market. However, issues associated with the complications associated with cross-border transportation via pipelines hinder the growth of North America vacuum insulated pipe market.
The North America vacuum insulated pipe market is segmented into product, application and country. Based on type, the North America 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 North America 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, North America vacuum insulated pipe market is classified into US, Canada, and Mexico.
The US is the worst-hit country in North America due to the outbreak of COVID-19, with thousands of infected individuals facing severe health conditions across the country. Increasing number of infected individuals has led the government to impose lockdown across the nation’s borders during Q2. The majority of the manufacturing plants were either temporarily shut or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American manufacturers. The US is one of the largest markets for vacuum insulated pipe especially in medical, aerospace, food & beverages, and energy, owing to stringent government/industry regulations regarding safety and quality standards. However, the outbreak has severely affected the production and revenue generation with the lower number of manufacturing staff.
Acme Cryogenics; Air Liquide SA; Chart Industries Inc.; Cryeng Group Pty Ltd.; Cryofab; Cryowork, Inc.; Senior Flexonics; and TMK are among the leading companies in the North America 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.
North America Vacuum Insulated Pipe Market, By Country, 2020 and 2028 (%)
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