The report "Gas Equipment Market by Industrial Gas (Atmospheric, Hydrogen, Acetylene, Helium), Type (Gas delivery, Regulators, Purifiers & filters, Flow devices, Gas generation, Cryogenics, Gas detection), Process (Generation, Storage, Detection, Transportation) - Forecast to 2021", The industrial gas handling equipment market size is projected to grow from USD 51.93 Billion in 2016 to USD 72.22 Billion by 2021, at a CAGR of 6.82% from 2016 to 2021.
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The industrial gas handling equipment market is projected to witness significant growth in the future with the increasing use of industrial gases in metal fabrication, chemical, oil & gas, and healthcare & medical sectors. Developing markets such as China, Brazil, and India are emerging as growth frontiers for industrial gas handling equipment. Growing economies, globalization, and reduced trade barriers act as the main drivers for increased opportunities in these nations.
“Use of cryogenic products is projected to increase at the fastest pace during the forecast period.”
The cryogenic products segment is projected to be the fastest-growing equipment category in the next five years. Due to the increasing use of super cooled liquefied gases in the chemical sector and other industrial activities, the demand for cryogenic products such as pressure vessels, cryogenic storages, and cold traps for the purpose of transporting and storing has also increased and it is expected to witness the same trend through 2021. This segment is projected to grow at the highest CAGR during the forecast period and acquire the largest market share.
“North America dominated the industrial gas handling equipment market, in 2015”
North America held the largest share in the industrial gas handling equipment market and is projected to dominate the market during the forecast period. The U.S. is projected to be the fastest-growing country level market for industrial gas handling equipment, during the forecast period, whereas the market for Asia-Pacific is projected to grow at the highest CAGR. Factors such as growth of the metal fabrication industry due to the increasing demand for automobiles and consumer appliances, development of new technologies and machineries in the healthcare & medical sector, rapid industrialization in the emerging Asia-Pacific region, and stringent government regulations regarding worker and environmental safety are driving the industrial gas handling equipment market.
The market comprises gas equipment manufacturing companies such as Linde AG (Germany), Air Liquide S.A (France), Praxair, Inc. (U.S.), Air Products And Chemicals, Inc. (U.S.), Iwatani Corporation (Japan), Itron, Inc. (U.S), Colfax Corporation (U.S.), Messer Group GmbH (Germany), Matheson Tri-Gas, Inc. (U.S.), and GCE Holding AB (Sweden). These products are further used by industrial gas manufacturing companies such as Xebec Adsorption Inc. (Canada), BASF SE (Germany), ABB Ltd. (Switzerland), Ellenbarrie Industrial Gases Ltd. (India), and Criomec S.A (Romania).
The research methodology used to estimate and forecast the gas equipment market begins with capturing data on key vendor revenues through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global gas equipment market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. These data triangulation and market breakdown procedures were used to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
The scope of the report covers detailed information regarding the major factors influencing the growth of the industrial gas handling equipment market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been conducted to provide insights into their business overview, products & services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, joint ventures, and recent developments associated with the industrial gas handling equipment market.
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