Vacuum Insulation Panel (VIP) Market to Generate Massive Revenue Over Next Five Years Owing to Rising Construction Spending Across the Globe

Radiant Insights, Inc.

SAN FRANCISCO, Feb. 12, 2019 /PRNewswire/ -- The global vacuum insulation panel (VIP) market is expected to display higher growth rate over the next five years. Rapid surge in the VIP market is credited to the rising construction spending in 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 compared to the traditional insulation materials. Globally, vacuum insulation panel (VIP) market is predicted to generate massive revenue over the next five years, providing numerous opportunities for industry participants to invest in research and development of vacuum insulation panels (VIPs). 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. However, higher initial cost associated with vacuum insulation panel is expected to limit the growth of vacuum insulation panel market 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. The vacuum insulation panel market (VIP) is broadly categorized into three major segments based on the application type such as building & construction industry, cooling & freezing devices, and logistics sector. The building & construction industry is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years.