The adoption of renewable energy sources for electric power generation has been consistently rising. This trend is running parallel to the increasing demand for reliable and uninterrupted energy supply. Consequently, governments and the private sector have been investing to build advanced facilities for power generation. Efforts are also being directed to set up sophisticated electricity transmission and distribution facilities, creating new demand for various equipment used in such plants. In this context, the demand for cryogenic insulation equipment is projected to rise, especially with rapidly rising industrialization and urbanization. Cryogenic insulation is essential in energy plants to maintain sound temperature levels and manage heat exchange across energy plants. The important role of cryogenic insulation is expected to influence leading energy vendors to scale their investments in the manufacturing of advanced equipment, driving the global cryogenic insulation market to maturity.
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Growing Adoption of LNG to Soar Demand for Cryogenic Insulation Equipment
Strong commitments to shift away from fossil-fuel-based sources of electricity are expected to positively influence the demand for liquified natural gas (LNG), particularly as the need for reliable electric power continues to grow. At the same time, there has been a growing emphasis on distributed power and utility projects, impacting the consumption of natural gas. Concerns related to sustainable development and environmental conservation are also encouraging the public sector to build advanced energy facilities and LNG plants. Cryogenic insulation helps to effectively manage heat exchange between pipes, tanks, and energy facilities while maintaining temperature levels. Thus, cryogenic insulation is essential to running safe, secure, and effective facilities across the entire LNG value chain. Against this backdrop, the cryogenic insulation market is projected to witness tremendous growth.
Rapid Urbanization Surges Global Energy Demand, Influencing Market Expansion
The convenience associated with living in urban areas is propelling people to shift to the more developed regions of their respective countries. Rapidly growing urbanization is also giving way to robust industrialization, creating substantial demand for energy and water resources. With this increasing demand for energy, decision-makers are expected to ramp up their investments in the construction of energy plants and renewable energy facilities. All these developments are indirectly influencing the expansion of the cryogenic insulation market, creating sound scope for innovation and opening new revenue streams. It is predicted that a large share of the urban population will seriously consider alternative sources of energy, such as LNG. Over the study period, the growing need for LNG storage and transportation will augment the demand for high-quality fuel tanks, making it the leading segment in the cryogenic insulation market, based on equipment type.
Positive Outlook Towards Renewable Energy Positions APAC as Regional Leader
Rising energy demand, greater ease of doing business, and favorable government support have enabled the Asia Pacific to dominate the global cryogenic insulation market. In this region, strong RD in renewable energy generation, promising subsidies given to energy vendors, and growing access to affordable electricity will create lucrative outcomes across its cryogenic insulation market. Additionally, increasing industrialization and LNG consumption in China and India are set to strengthen revenue generation across APAC’s cryogenic insulation market.
Key Market Players
Pittsburgh Corning Corporation, BASF SE, Armacell International Holding GmbH, Rochling Group, Dunmore Corporation, Hertel, Lydall Inc., Imerys Minerals, Cabot Corporation, Johns Manville Inc. are some of the main players in the cryogenic insulation market.
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