Xenon Market Size to Reach USD 292.26 Million by 2026
The global xenon market size is anticipated to be worth USD 292.26 million by 2026 on account of the increasing demand for xenon from the satellite industry Xenon is a colorless, odorless, and dense gas found in the earth's atmosphere with a trace amount of 0.0000087% of the air in terms of volume. It consumes a notable amount of electricity for chilling. Xenon is manufactured in huge cryogenic air separation units.
In a Fortune Business Insights(TM) report titled, "Xenon Market Size, Share & Industry Analysis, By Application (Imaging and Lighting, Medical, Satellite, Electronics & Semiconductors, R&D, Black Matter Research and Others), and Regional Forecast, 2019-2026," the market value stood at USD 186.08 million 2018. Furthermore, the market is anticipated to exhibit a CAGR of 5.60 % during the forecast period of 2019 to 2026.
The Report Highlights
o 360-degree overview of the market
o Competitive landscape and list of significant players
o Key industry developments
o Interesting insights into the market
o Major market segmentation and names of leading segment
o Major strategies adopted by market vendors
o Other xenon market trends
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Electric Propulsion Property of Xenon to Promote Market Growth
With the continuously prospering world economy, there is a rise in demand for xenon gas. Xenon gas is received as a byproduct of large scale oxygen production and therefore, the increasing demand for oxygen in the market is directly promoting the xenon gas market growth. Besides this, the increasing demand for xenon from the satellite industry is also expected to increase the xenon market size as they help in electric propulsion and interplanetary operations. Xenon has a huge advantage of weight reduction and this property is further anticipated to help increase the overall xenon market revenue in the forecast period.
On the flip side, the rise in popularity of LED lighting technology may hamper the market by taking over halogen lamps and xenon technology at high rates. Nevertheless, the high ionization property of xenon makes it an ideal choice for traveling between heliocentric orbits. This is further projected to create lucrative growth opportunities for the market in the forthcoming years.
List of the key manufacturers of xenon market include:
o Iceblick Ltd.
o Electronic Fluorocarbons, LLC
o Akela-p Medical Gases P. Ltd
o Coregas Pty Ltd
o American Gas Products (AGP LLC)
o Matheson Tri-Gas, Inc.
o Proton Gases (India) Pvt. Ltd.
o Messer Group GmbH
o Air Products & Chemicals, Inc.
o Linde plc
o Air Liquide
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North America to Lead Market with Major Growth Opportunities in Satellite Industry
From a geographical perspective, the global xenon market is witnessed to be widespread into the regions of North America, Europe, Asia Pacific, and the Rest of the world. Each region is further categorized into nations. Out of these, the market is dominated by North America with a Xenon market size of USD 49.70 Million in 2018. This is on account of major growth opportunities that lie in research areas and the satellite industry of the region. Again, Europe will witness stable growth on account of the presence of major growth promoters such as the satellite industry, semiconductors and electronics industries, and others. Besides this, the current dark matter research in Italy is likely to create lucrative growth opportunities for the market in the region.
Mergers and Acquisition Strategies Adopted by Top Players to Result in Consolidated Nature of Market
The global xenon market is highly consolidated due to the presence of top players that holds about 85% of the overall market. Major strategies adopted by top manufacturers are mergers and acquisitions, company collaborations, and others. Such strategies are anticipated to maintain uninterrupted supply to the end user industries in the foreseeable future.
Some of the key industry developments in the xenon market are;
July 2017 - The expansion of the production capacity of Xenon at a facility located in New Jersey, U.S.A., was announced by Linde plc (then Linde). This expansion project was completed in the same quarter to suffice to the increasing demands of the semiconductor industry of North America.
July 2018 - One of the largest producers of industrial and rare gases on the world namely Air Liquide, signed multiple contracts worth more than USD 59 million for supplying krypton and xenon to semiconductor and satellite industry in, Asia, Europe, and the U.S.
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