Vacuum Insulation Panel Market is Expected to Show a Significant Growth During the Forecast Period 2021 – 2024
The global Vacuum Insulation Panel Market size is expected to value at USD 9.07 billion by 2024. The vacuum insulation panel industry is subject to witness a substantial growth due to the rising construction spending in the both developed & developing economies across the globe. Increasing demand for vacuum insulation panels is currently attributed to its superior properties such as thermal resistance, particularly as compared to the traditional insulation materials.
Globally, the vacuum
insulation panel market is predicted to grow at higher CAGR in the forecast
period, providing numerous opportunities for market players to invest for
research and development in the market. Vacuum insulation panels are considered
as vital elements for various construction applications due to their superior
thermal resistance properties, thus largely positively affecting market growth
over the forecast period. Stringent laws & regulations in regards to energy
conservation by government authorities are predicted to favor the growth of
vacuum insulation panels over the forecast period. In addition, use of vacuum
insulation panels helps to limit carbon dioxide emission rate, thus aggravating
market value exponentially in the process.
Request a Sample Copy
of Vacuum Insulation Panel Market Report @ https://www.millioninsights.com/industry-reports/vacuum-insulation-panel-market/request-sample
However, higher initial cost associated with vacuum insulation panel is expected to limit the growth of vacuum insulation panel industry to a certain extent. In addition, vacuum insulation panel are considered as heavier than other conventional insulation material, thus significantly affecting market performance. Shorter shelf life is one of the major contributing factor for slower market growth of vacuum insulation panels as well. Shorter shelf life of the vacuum insulation panel is directly related to factors such as aging and durability.
Vacuum insulation panels are also fragile in nature, thus substantially negatively affecting overall industry performance. Yet, personalized customization of vacuum insulation panels with broad range of sizes is projected to boost market demand in the near future. The recent technological advancements in building & construction sector coupled with development of novel products are expected to drive market growth over the next seven years.
Incorporation of digitalization and automation in various manufacturing processes is forecast to reduce the cost of vacuum insulation panels, thus driving market demand over the coming years. However, volatility in the cost of raw material and availability are come of key challenges for sustained industry growth as well. Raw materials used during the production processes need open structure in order to channelize the heat wave. Silica and fiberglass are highly preferred core materials used in vacuum insulation panels.
Global
Vacuum Insulation Panels Core Material Outlook (Volume, Million Meter Squares;
Revenue, USD Million, 2014 - 2024)
•
Silica
•
Fiberglass
• Others
Global
Vacuum Insulation Panels Product Outlook (Volume, Million Meter Squares;
Revenue, USD Million, 2014 - 2024)
•
Flat
• Special Shape
Global
Vacuum Insulation Panels Application Outlook (Volume, Million Meter Squares;
Revenue, USD Million, 2014 - 2024)
•
Construction
•
Cooling & Freezing devices
•
Logistics
• Others
Access Vacuum
Insulation Panel Market Report with TOC @ https://www.millioninsights.com/industry-reports/vacuum-insulation-panel-market
The vacuum insulation
panel market is divided by region as North America, Europe, Asia-Pacific, Latin
America and Africa. North America has shown major growth in recent years owing
to the rise in the implementation of latest technologies in building &
construction sector, increase in the number of research & development
activities, and existence of well-established manufacturing infrastructure in
the region.
Asia-Pacific region is
predicted to hold major market share in the vacuum insulation panel with
massive growth in forecast period. Countries such as India, China and Singapore
are leading the Asia-Pacific market with increasing infrastructural spending, strong
economic growth in the region, and significant investment by leading industry
players considering potential growth opportunities.
Comments
Post a Comment