The Gas Equipment Industry plays a pivotal role in ensuring the efficient storage, transportation, and utilization of gases in various sectors. It encompasses a broad spectrum of products, including gas cylinders, gas regulators, valves, compressors, and more. As we delve into the significance of this industry, we will explore the size of the gas equipment market, its outlook, and its indispensable role in meeting market demands. MarketsandMarkets projects the global industrial gas handling equipment market to grow from USD 51.93 Billion in 2016 to USD 72.22 Billion by 2021, at a CAGR of 6.82% from 2016 to 2021. As the application of industrial gas handling equipment in metal fabrication, chemical, and healthcare & medical industries is growing day by day, the market for industrial gas handling equipment is also growing. Industrial gas handling equipment is used in processes such as industrial gas generation, storage, gas detection, and transportation of industrial gases. Strict regulations by the government have also impacted the growth of the industrial gas handling equipment market.
How Big is the Gas Equipment Market?
The gas equipment market is substantial, driven by a multitude of applications across industries. According to data available until my last knowledge update in September 2021, the global gas equipment market was valued at over $62 billion and was projected to experience steady growth. However, it’s important to note that market conditions may have evolved since then.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=68487468
The market encompasses a wide range of equipment and technologies, with varying degrees of specialization. Gas cylinders, for instance, are integral for storing and transporting gases, especially in the healthcare, industrial, and energy sectors. Compressors and regulators are essential components to manage gas pressure, ensuring safety and efficiency. Valves and fittings are crucial for controlling the flow of gases in pipelines and systems.
The primary drivers of the gas equipment market include the growing demand for clean energy sources, the expanding healthcare sector, and increasing industrialization. With the global emphasis on reducing emissions and the transition towards cleaner fuels, the gas equipment industry is poised for further growth. Moreover, technological advancements are driving innovation in this sector, making gas equipment safer, more efficient, and environmentally friendly.
Outlook for the Gas Equipment Industry
The outlook for the gas equipment industry is optimistic, primarily driven by several key factors:
- Energy Transition: As the world shifts towards cleaner and more sustainable energy sources, the demand for gas equipment is expected to surge. Natural gas, for instance, is considered a cleaner alternative to traditional fossil fuels and is used extensively in power generation, transportation, and residential heating.
- Healthcare and Life Sciences: The healthcare sector relies heavily on gases for various applications, from anesthesia to medical gases. The growing global healthcare industry is expected to drive the demand for specialized gas equipment.
- Industrial Growth: The industrial sector is a major consumer of gases for applications like welding, cutting, and heat treatment. As industrialization continues to expand in emerging markets, the need for gas equipment is set to grow.
- Technological Advancements: Ongoing research and development efforts are enhancing the efficiency and safety of gas equipment. Innovations in materials and design are contributing to the industry’s positive outlook.
- Environmental Regulations: Governments worldwide are imposing stringent environmental regulations to reduce emissions. This is encouraging the adoption of cleaner energy sources, further bolstering the gas equipment market.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=68487468
It’s important to emphasize that the gas equipment industry is not without challenges. It must adapt to changing regulations, such as those related to safety and environmental impact. Market players also need to invest in research and development to keep up with evolving technologies and customer demands. Additionally, global economic conditions and geopolitical factors can impact the industry’s trajectory.
“Use of cryogenic products is projected to increase at the fastest pace during the forecast period.”
The cryogenic products segment is projected to be the fastest-growing equipment category in the next five years. Due to the increasing use of super cooled liquefied gases in the chemical sector and other industrial activities, the demand for cryogenic products such as pressure vessels, cryogenic storages, and cold traps for the purpose of transporting and storing has also increased and it is expected to witness the same trend through 2021. This segment is projected to grow at the highest CAGR during the forecast period and acquire the largest market share.
“North America dominated the industrial gas handling equipment market, in 2015”
North America held the largest share in the industrial gas handling equipment market and is projected to dominate the market during the forecast period. The U.S. is projected to be the fastest-growing country level market for industrial gas handling equipment, during the forecast period, whereas the market for Asia-Pacific is projected to grow at the highest CAGR. Factors such as growth of the metal fabrication industry due to the increasing demand for automobiles and consumer appliances, development of new technologies and machineries in the healthcare & medical sector, rapid industrialization in the emerging Asia-Pacific region, and stringent government regulations regarding worker and environmental safety are driving the industrial gas handling equipment market.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=68487468
Gas Equipment Market Key Players
The key players in the industrial gas handling equipment market are Linde AG (Germany), Air Liquide S.A (France), Praxair Inc. (U.S.), Air Products And Chemicals, Inc. (U.S.), and Iwatani Corporation (Japan). The other players in the market are Colfax Corporation (U.S.), Itron, Inc. (U.S.), Messer Group GmbH (Germany), Matheson Tri-Gas, Inc. (U.S.), and GCE Holding AB (Sweden).
In conclusion, the gas equipment industry serves as a linchpin for various sectors, ensuring the safe and efficient handling of gases. The market’s size is substantial, and its outlook is positive, driven by the global transition towards cleaner energy sources, the growth of the healthcare and industrial sectors, and ongoing technological advancements. To thrive, companies in this industry must stay attuned to regulatory changes and invest in innovation, ensuring they meet the evolving needs of the market.
