With the emergence and long-term Impact of COVID-19, the Global Cryogenic Insulation Market is to reach USD 4 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Cryogenic Insulation Market is poised to raise up to USD 4 Billion by 2030. Cryogenic insulation materials are specifically designed to have low, thermal conductivity, meaning they are poor conductors of heat. Commonly used insulation materials in cryogenic includes foams, powders, multilayer insulation (MLI) and vacuum insulation panels (VIP). These materials, trapped air or gas pockets within their structure, which hinders the transfer of heat by conduction or convection. However, the increasing use of LNG gas and advancement in energy storage emerge as to be the growth drivers for Global Cryogenic Insulation Market.
According to the International Group of Liquefied Natural Gas Importers (GIIGNL) in 2021, the Global liquefied natural gas LNG trade went up to an average of 49 billion cubic feet per day. This represents a year-on-year increase of two 2.2 billion cubic feet per day which is 4.5% compared to 2020. According to the US Department of Energy in 2020, the global energy storage market for stationary and transportation purposes is expected to increase fourfold by 2030, reaching over 2500 gigawatt-hours (GWH). This growth is mainly driven by the adaptation of electric vehicles (EVs) and if 30% of vehicle sales consist of EVs, the market could reach up to 4 terawatt-hours (TWh).
Transportation storage deployment is 2-10 times higher than stationary storage, depending on the assumptions made for the transportation department. However, Safety and Environmental Concerns and Limited material Options may hamper the growth of the Global Cryogenic insulation Market. Moreover, the increasing use of electric vehicles and government initiatives towards renewable energy are anticipated to be growth opportunities in the market.
The key regions considered for the Global Cryogenic Insulation Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America region has the market dominance because of the increasing gas exploration and production as well as the prominent inclination towards the environmental safety such factors contribute to dominating the Global Cryogenic Insulation Market. Asia Pacific region emerges as to be the fastest growing region because of the rapidly growing population and continuously increasing demand for sustainable and renewable energy also Asia pacific region come out as a large customer base for electric vehicles which contributes to the growth of the Global Cryogenic Insulation Market.
The global Cryogenic Insulation Market is highly competitive owing to the presence of several key manufacturers such as Aspen Aerogels Inc., Kaefer SE and Co.KG, Armacell Enterprise GmbH & Co., Lydall Inc., Cabot Corporation., and others.
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Global Cryogenic Insulation Market Size study & Forecast, by Product (Polyurethane (PUR) and Passive Infrared (PIR), Cellular Glass, Polystyrene, Fiberglass, Perlite, Other), by Application (LPG/LNG Transport and Storage, Energy and Power, Metallurgical, Other) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Cryogenic Insulation Market is anticipated to grow with a healthy growth rate of more than 6.5% over the forecast period 2023-2030.
- In the application segment, LPG/LNG transport and storage emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to increasing gas exploration and production activities.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
- Polyurethane (PUR) and Passive Infrared (PIR)
- Cellular Glass
- LPG/LNG Transport and Storage
- Energy and Power
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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