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Industrial Gas Regulator Market to Expand with Significant CAGR During 2024
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According to the research report, the U.S. industrial gas regulators market was valued at US$2.3 bn in 2015 and is expected to be worth US$3.0 bn by the end of 2024. During the forecast years of 2016 and 2024, the overall market is expected to rise at a CAGR of 3%.
Oil and Gas Segment Expected to Emerge as Leading Application Segment
The various gasses studied in this report are inert, toxic, and corrosive. Out of these, the demand for inert gasses is expected to remain high throughout the forecast years. This segment is expected to be worth US$1.8 bn by the end of 2024. This growth will be attributable to the booming uptake of natural gas across several industrial sectors and the growing usage of inert gas to prevent the unwanted chemical reactions that could occur during manufacturing processes.
These gasses are used in industries such as oil and gas, steel and metal processing, food and beverages, and chemicals. Analysts anticipate that the oil and gas application will emerge as the leading application segment in the coming years due to growing adoption of gas regulators for attaining accurate pressure control. In terms of revenue, the oil and gas application segment in the U.S. industrial gas regulators market is estimated to rise at a CAGR of 3.1% between 2016 and 2024.
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