Nitrogen Generators Market is Expected to Reach $17.43 Billion by 2026 | Air Products and Chemicals, Inc., Atlas Copco AB, Hitachi Industrial Equipment Systems Co., Ltd., L’Air Liquide S.A.
The global nitrogen generators market size was $11,776.1 million in 2018 and is projected to reach $17,435.5 million in 2026, growing at a CAGR of 4.9%. The PSA nitrogen generator segment accounted for over two-fifths of the market share in 2018 and is expected to witness significant growth during the nitrogen generators market forecast period.
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North America accounted for the highest revenue in 2018 compared to other regions, due to upsurge in the adoption of nitrogen generators in major sectors such as food & beverage and medical & pharmaceuticals. In Asia-Pacific and Europe, nitrogen generator acre majorly applicable across industries such as transportation, electrical & electronics, and military.
The food & beverage segment is expected to garner the largest share in the global market during the forecast period, owing to an increase in the adoption of nitrogen generators to inhibit bacterial growth, maintain the freshness of food for a prolonged period, and offer a controlled atmosphere for storage of vegetables & fruits.
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Industry Money Makers
• Air Products and Chemicals, Inc.
• Hitachi Industrial Equipment Systems Co., Ltd.
• Atlas Copco AB
• L'Air Liquide S.A.
• Oxymat A/S
• NOVAIR S.A.S
• On Site Gas Systems, Inc.
• Peak Gas Generation
• Parker-Hannifin Corporation
Chemicals segment to manifest the fastest growth
By end-users, the chemical segment is projected to portray the fastest CAGR of 6.0% during the forecast period, owing to an increase in applications of nitrogen generators in the chemical industry such as purging and blanketing.
However, the food & beverage segment dominated the global nitrogen generators market in 2018, contributing to nearly one-fourth of the market, due to the rise in the number of food & beverage plants globally and dependency of the industry on nitrogen gas to preserve freshness and prevent spoilage of products.
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Key players in the nitrogen generators market adopted product launch and expansion as their key strategies to meet the growing consumer demands. For instance, in June 2018, Peak Scientific launched GENIUS XE, an advanced N2 generator suitable for high-performance analytical applications, which include triple-quadrupole LC-MS.
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