Where is the market for vacuum insulation panels?
Vacuum Insulated Panels (VIPs) are specially designed panels that offer insulation in vacuum space. It is a type of thermal insulation comprising an airtight enclosure from which air has been completely evacuated. VIPs present better insulation than some conventional insulation materials such as glass wool and spray foam. Thermal conductivity is not possible and only radiation can pass through a vacuum enclosure due to absence of air inside it. Therefore, VIPs are considered to be the next generation of all insulation products since they provide excellent thermal conductivity. VIPs were first employed in commercial applications such as freezers, reefer containers, refrigerators, and cold shipping boxes.
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In terms of geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is projected to lead the market due to improved infrastructure and rapid urbanization. This is anticipated to lead to an increase in construction activities and fuel the need for vacuum insulated panels.