Press release
Global Xenon Gas Market To Be Driven By Rising Demand From Electronics Applications In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): 4 Miilion Litres
Forecast CAGR (2023-2028): 3%
Forecast Market Size (2026): 0 Miilion Litres
As the world economy continues to thrive, demand for xenon gas is on the rise. Many applications for xenon gas show significant growth. Xenon gas is a by-product of large-scale oxygen production and therefore the supply of xenon gas is driven by demand in the oxygen markets. The demand for window insulation, lightning and satellite markets is primarily responsible for the significant growth of the global xenon gas market. The increase in demand for insulated widows in commercial and industrial space is enhancing the growth of the market. Increasing health concerns due to the reactivity of other gases, such as hydrogen, carbon, sulphur, etc., are propelling the demand for xenon gas.
Industry Definition and Major Segments
Xenon gas is a colourless, odourless, monoatomical rare trace gas in Earth's atmosphere and can be obtained commercially by fractional distillation in specially designed large air separation units (ASUs) around the world. Xenon emits blue light when excited by electrical discharge in a gas filled tube. This property is used for lightning purposes. Apart from lighting, it also finds its application in the filling of televisions and radio tubes, as general anaesthetics and for research purposes. Xenon gas is also used to produce devices intended to detect radiation. Due to its non-toxic nature, this gas has many pharmaceutical purposes, including the treatment of brain diseases, lung problems, stress problems, depression, etc. Xenon gas is considered to be a successful means of regenerative and rehabilitation therapy and is beneficial for increasing the working capacity of patients.
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Based on mode of supply, the market is segmented into:
Packaged
Merchant
On-Site
Based on end use, the industry can be bifurcated into:
Aviation and Aerospace
Healthcare
Imaging and Lighting
Automotive and Transportation
Electrical and Electronics
Construction
The regional market of Xenon Gas is divided into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
Xenon gas is experiencing a sharp increase in demand for semiconductor applications. As a result, Asia Pacific is a major market for xenon gas, with countries in the region such as Japan, South Korea, China, India, etc. that have established consumer electronics manufacturing hubs expected to make a major contribution to the growth of the market. Collectively, the Asia-Pacific region, North America and Europe are expected to hold a dominant share of global demand for xenon gas, as government regulations promote the use of non-toxic gases for multiple applications.
The growing adoption of this gas in the healthcare industry, as an anaesthesia and to image the heart, brain, and other parts is expected to significantly contribute to the market growth. However, the high cost associated with its production owing to the limited availability of xenon gas may hamper the growth of the market in the forecast period. The market for xenon gas is niche, and the number of suppliers in this market is lower. The cost of gas is therefore high. This is likely to hinder the growth of the market. The replacement of xenon gas with LED lights is a major threat to the xenon gas market.
Key Market Players
The major players in the market are Airgas, Inc., Air Liquide, Linde plc, Praxair Technology, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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