Gas Equipment Market Analysis and Innovations 2024

"The Business Research Company recently released a comprehensive report on the Global Gas Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The gas equipment market size has grown strongly in recent years. It will grow from $72.79 billion in 2023 to $77.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to trade liberalization, research and development initiatives, natural gas discoveries, infrastructure development, regulatory changes over time.

The gas equipment market size is expected to see strong growth in the next few years. It will grow to $102.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to energy security concerns, population growth, shift towards renewable gas, digitalization, government subsidies. Major trends in the forecast period include circular economy practices, decentralized energy solutions, smart infrastructure integration, carbon capture and storage (CCS), and hybrid gas-electric systems.

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Market Drivers and Trends:

The increase in demand for industrial gases for diverse applications is driving the growth of the gas equipment market. Industrial gases are manufactured for different industrial applications, such as manufacturing, oil refining, cleaning, and transportation. To meet the demands of industrial applications, several of them are provided in significantly bigger cylinders, which are sold and utilized in pure form or combined with other gases and stored in other ways. Oxygen, nitrogen, hydrogen, and carbon dioxide are some of the industrial gases that are used for various applications. Carbon dioxide can be used productively in processes such as increased oil recovery, the production of fuels, construction materials, and other things, or it can be stored in subterranean geologic formations. To capture carbon dioxide (CO2), Carbon Capture and Storage (CCS) facilities require various gas equipment which increases the demand for the gas equipment market. For instance, in 2021, according to the report released by the Global Carbon Capture and Storage Institute, an Australia-based non-profit organization, 149.3 million metric tons of carbon Dioxide (CO2) could be captured annually by the CCS facilities, in which 102 CCS facilities were under construction or in advanced stages. Therefore, increasing demand for industrial gases for diverse applications is expected to propel the growth of the gas equipment market over the coming years.

Technological advancements are a key trend gaining popularity in the gas equipment market going forward. Major companies operating in the gas equipment market are focused on developing new technological solutions to strengthen their position in the market. For instance, in January 2022, SuperFlash LLC, a US-based compressed gas safety and management company, launched the GA300, a new mobile, and compact gas analyzer. For systems without an inbuilt analyzer, the GA300 enables the analysis of gas mixtures. Processes involving food, beverages, and a wide range of industrial production applications all depend on gas analysis. With its simple menus and digital LCD display, the GA300, a light, durable, and low-maintenance device designed for mobility, is simple to operate. The GA300, which weighs little more than 13 lbs, is a device designed to continually monitor gas mixes. It can monitor up to 10 binary gas mixtures. The GA300 has the added advantages of being able to record, document, and integrate into the quality assurance process, in addition to enabling precise analysis of gas mixtures.

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Major Key Players of the Market:

BASF SE, Nippon Sanso Holdings Corporation., Linde plc, Air Liquide S.A., ABB Ltd., Parker Hannifin Corporation, Atlas Copco AB, Praxair Inc., Iwatani Corporation, John Wood Group plc, The Messer Group GmbH, Colfax Corporation, Donaldson Company Inc., Itron Inc., Matheson Tri-Gas Inc., Messer SE & Co. KGaA, Chart Industries Inc., Filtration Group Inc., Camfil AB, Johnson Thermal Systems Inc., GCE Holding AB, Cryostar SAS, FIBA Technologies Inc., Xebec Adsorption Inc., Gas Control Equipment Ltd., Hannay Reels Inc., Rexarc International Inc., Welsco Inc., Global Display Solutions S.p.a., Advanced Specialty Gases., Gasco Affiliates LLC, Generon IGS Inc., Global Gases Group Pte Ltd., Haskel International Inc.

Gas Equipment Market 2024 Key Insights:

• The gas equipment market size is expected to see strong growth in the next few years. It will grow to $102.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rising Demand For Industrial Gases Drive Growth Of Gas Equipment Market
• Technological Advancements Driving Innovation In Gas Equipment Market
• North America was the largest region in the gas equipment market in 2023

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This release was published on openPR.