July 20, 2022 10:30 AM ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt.Ltd
NEWARK, Delaware, July 20, 2022 (GLOBE NEWSWIRE) — The global air separation equipment market is valued at $5.9 billion and is projected to grow at a 5% CAGR to reach $7.9 billion by 2022. US dollars. 2028. The high demand for air separation plants in the healthcare industry is expected to become a prominent trend, contributing to the overall growth of the market in the regions.
By 2028, the global market for air separation equipment will be valued at US$7,891.1 million with a CAGR of 4.9% and China will account for the majority of the global market in the next decade.
In addition, many industries are shifting to high purity gases, driving innovation in the air separation market. Chemical properties such as reactivity and physical properties such as density, boiling point, and vapor pressure make these gases useful in a variety of industries—depending on the industry, they are called fuel gases, medical gases, refrigerant gases, or specialty gases.
In addition, the growing demand for high purity gases such as oxygen, argon, hydrogen and helium in the healthcare, steel and chemical industries is expected to drive sales growth at a CAGR of 5% over the forecast period (2022-2028). .
Due to this trend, some market players are focusing on expanding production capacity to take advantage of the growing demand. For example, in February 2021, INOX Air Products announced the construction of a new cryogenic air separation plant in India, which will allow the company to produce 300 tons of nitrogen and 700 tons of oxygen per day, respectively.
It is estimated that numerous such developments will drive market growth in the coming years.
By 2028, North America is expected to hold a significant share of the global market, according to FMI. Shell’s growing gas exploration activity and the rapid expansion of manufacturing industries in countries such as the US and Canada are fueling the region’s growth.
“Increased government focus on the introduction of air separation units in Integrated Gasification Combined Cycle (IGCC) and industrial sectors to reduce carbon emissions is expected to accelerate market growth,” FMI analysts said.
A significant portion of market revenue is likely to come from the chemicals, steel, health care, and food and beverage industries. Air separation plants are used to separate atmospheric air into industrial gases, including nitrogen, oxygen, argon and other inert gases. The increased demand for such industrial gases will create growth opportunities for the air separation plant market in the coming years.
Growing attention to gas packaging, quenching and freezing technologies in the food and beverage industry is driving demand for liquid nitrogen freezing. A number of manufacturers of air separation equipment produce equipment specifically for gas-related products in the food industry. In addition, demand for medical gases and equipment such as infusion pumps and continuous positive airway pressure (CPAP) equipment in hospitals and private homes will increase investment in the air separation equipment market in the coming years.
To meet the growing demand for on-site gas production for environmentally friendly operations, key players in the air separation plant market offer customized on-site production solutions to meet various volume and purity requirements across multiple industries. On-site air separation plants increase energy efficiency, improve product quality and increase productivity. Modular configuration, redundant systems design, and ease of installation and integration are some of the factors driving the adoption of on-site ASU technology for highly reliable power supply.
Tailor-made solutions, M&A and sales: key strategies driving the global air separation plant market
Leading players operating in the global air separation equipment market are focusing on strategic mergers and acquisitions to expand their business in the industry’s fastest growing regions. Manufacturers are also supporting end users through the innovation and digitization of air separation equipment to improve operator comfort and protection. To meet the specific needs of customers in terms of volume and purity of gas, market participants adapt air separation plants. For example, Linde AG serves the majority of customers who need customized solutions, as they operate worldwide and have extensive experience in designing and operating custom air separation plants.
However, in terms of market size, factors such as the high capital costs associated with installing air separation plants and cyclical fluctuations in the end-user market may negatively affect the growth of the air separation plant market. The mature Japanese market is likely to reduce the deployment of air separation plants in the coming years.
Major manufacturers of air separation equipment are focusing on mergers and acquisitions to strengthen their global presence and expand their activities in different countries. In addition, some players intend to expand their production capacity to meet the demand for technical gases.
Old source: https://www.prnewswire.com/ae/news-releases/air-separation-plant-market-to-register-5-cagr-driven-by-surging-demand-for-nitrogen-gas-in . -food-amp-beverage-sector-future-market-insights-812791556.html
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Future Market Insights, an ESOMAR-accredited market research organization and member of the Greater New York Chamber of Commerce, provides information on the determinants of market demand. It reveals growth opportunities for different market segments over the next 6 years, depending on origin, application, sales channel and end use.
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Post time: Dec-15-2022