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Industrial Insulation Market Competitive Landscape, Segmentation, Key Players, Industry Analysis, And Forecast To 2033
Industrial Insulation Market Analysis
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industrial insulation industry. This report on industrial insulation market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The industrial insulation market size has grown strongly in recent years. It will grow from $4.72 billion in 2023 to $5.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to energy efficiency regulations, environmental awareness, industrial growth, growth in construction activities, aging infrastructure.
The industrial insulation market size is expected to see strong growth in the next few years. It will grow to $6.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to climate change concerns, infrastructure development, globalization, rise in power generation sector, and rise in urbanization. Major trends in the forecast period include eco-friendly materials, heat recovery systems, remote monitoring and maintenance, resilience to extreme conditions.
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Key Market Players:
Safran S.A., Honeywell Aerospace, Thales Group, L-3 Avionics System, United Technologies Corporation, GE Aviation, BAE Systems are prominent players in the industrial insulation industry.
Market Drivers:
According to the Industrial Insulation Market Report 2024 by The Business Research Company, The increase in power and energy requirements is expected to propel the growth of the industrial insulation market going forward. Energy refers to the power integrated over time. Industrial insulation helps with energy and power by acting as a barrier to the transmission of any form of energy through the insulated surfaces. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, annual additions to global renewable electricity capacity are expected to average around 305 GW per year between 2021 and 2026. This suggests an acceleration of nearly 60% compared to renewable' expansion over the last five years. Annual renewable capacity additions in the accelerated case are a quarter higher than in our main case, reaching over 380 GW on average over 2021-2026. Therefore, an increase in power and energy requirements is driving the industrial insulation market.
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Market segments for industrial insulation include:
1) By Form: Pipe, Blanket, Board, Other Forms
2) By Material: Mineral Wool, Calcium Silicate, Plastic foams, Other Materials
3) By End-Use Industry: Power, Oil and Gas, Chemical, Petrochemical, Cement, Food and Beverage, Other End-Use Industries
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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