CHICAGO, May 9, 2019 /PRNewswire/ -- According to the new market research report "Pre-Insulated Pipes Market by Installation (Below Ground & Above Ground), End-use Industry (District Heating & Cooling, Oil & Gas, Infrastructure & Utility), and Region (Europe, North America, APAC, MEA, South America) - Global Forecast to 2024", published by MarketsandMarkets, the Pre-Insulated Pipes Market is projected to grow from USD 6.4 billion in 2019 to USD 10.2 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period. The growing district heating & cooling and infrastructure & utility markets are key drivers influencing the growth of the pre-insulated pipes market across the globe. There is a high demand for pre-insulated pipes in the district heating & cooling end-use industry segment. Pre-insulated pipes are quintessential aspects of district heating & cooling systems. They provide insulation to the media pipe and maintain temperature equilibrium inside the pipe. Some of the key advantages offered by pre-insulated pipes are excellent thermal efficiency, lower maintenance, reduced on-site labor, improved safety, and superior quality.
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The below ground segment of the pre-insulated pipes market is projected to grow at the higher CAGR during the forecast period
Based on installation, the below ground segment is projected to grow at the higher CAGR between 2019 and 2024. Below ground systems are also known as buried/ underground installations, which are the most widely used globally. Long straight below ground installations are preferred as they reduce the requirement for fittings, joints, and welding. Below ground systems are however high on labor and installation costs, since these require digging, both, during installation and maintenance.
District heating & cooling segment is projected to grow at the highest CAGR in the global pre-insulated pipes market
Based on end-use industry, the district heating & cooling segment is projected to grow at the highest CAGR between 2019 and 2024. The requirement for energy efficient and eco-friendly infrastructure is driving the demand for pre-insulated pipes. Factors such as regulations, increasing awareness towards environment, long term benefits of pre-insulated pipes, growing infrastructure activities in the Asia Pacific, and government initiatives, such as smart cities are some of the major factors driving the market.
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The market in Europe is projected to lead the global pre-insulated pipes market during the forecast period
The pre-insulated pipes market in the European region is projected to grow at the highest CAGR during the forecast period. The demand for housing in Germany is anticipated to grow due to the increasing influx of immigrants from the Middle East. This has led to increased construction activities, especially the construction of housing and commercial establishments, thus creating growth opportunities for the pre-insulated pipes market in the infrastructure & utility segment. Due to the implementation of new regulations, such as NZEB for new buildings and amendments in the Energy Saving Act, there is increasing adoption of pre-insulated pipes which is driving the market.
Some of the leading players in the global Pre-Insulated Pipes Market include Georg Fischer AG (Switzerland), Logstor (Denmark), Uponor (Finland), Watts Water Technologies (US), Perma-Pipe International Holdings (US), Kabelwerke Brugg (Switzerland), Polypipe Group PLC (UK), and Isoplus Fernwaermetechnik GmbH (Germany), among various others.
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