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) 

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) 

The vacuum insulated pipe market in Europe is expected to grow from US$ 267.37 million in 2021 to US$ 406.05 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028. Several government authorities across Europe are supporting and imposing the clean fuel policies. Such initiatives focus on limiting the use of conventional fuels in transportation. As a result, natural gas is expected to emerge rapidly as an alternative fuel. It would be the second-largest contributor to the energy mix, accounting for 25% by 2045. Therefore, surge in government initiatives to adopt clean fuel policies are bolstering the demand for LNG, subsequently boosting the adoption of vacuum insulated pipes in oil and gas plants.

The standard segment led the Europe vacuum insulated pipe market, based on product, in 2020. Standard pipes are considered as conventional insulated pipes and hold the majority market share. These pipes are steel pipes fused with a vacuum between inner and outer pipes. The vacuum insulated pipes are available in various size ranging from 0.5 inch to more than 5 inches. Furthermore, the diversified use in transferring large volume of cryogenic liquid including LNG, hydrogen, nitrogen, and others is driving the adoption of standard vacuum insulated pipes. Furthermore, the growing SMEs in the region coupled with ease of transportation and low cost compared to customize standard vacuum insulated pipes is among another factor which is propelling the growth of standard vacuum insulated pipes.

In Europe, Russia is the hardest-hit country by the COVID-19 outbreak, followed by the UK. Majority of European countries suffered an economic hit due to a lack of revenue from various industries, as these countries recorded the highest number of COVID-19 cases and deaths in the past year. Due to business lockdowns, travel restrictions, and supply chain disruptions, Europe faced an economic slowdown in 2020 and most likely in 2021. European countries represent a major market for vacuum insulated pipe due to the stringent quality and safety regulations proposed by the government and industry regulators in the food & beverages and pharmaceutical industries. However, the supply chain disruptions and demand decline from various end-user industries of the vacuum insulated pipe market have led to a decline in revenues of market players operating in Europe.

The overall Europe vacuum insulated pipe market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the Europe vacuum insulated pipe market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Europe vacuum insulated pipe market. Air Liquide SA, Chart Industries Inc., Cryofab, Senior Flexonics, Sps Cryogenics B.V., and TMK are among the players operating in the market.

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