Use of cryogenic products is projected to increase at the fastest pace in the Gas Equipment Market

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.

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%.

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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.

Target audience

  • Gas equipment manufacturers
  • Gas equipment importers and exporters
  • Gas equipment traders, distributors, and suppliers
  • Market research and consulting firms
  • Commercial R&D institutions
  • Associations and industry bodies
  • Government and regulatory bodies
  • End users

North America dominated the gas equipment market in 2015 and is projected to remain the market leader through 2021. The U.S. is the fastest growing country-level market, from 2016 to 2021. Asia-Pacific is the fastest growing region in the gas equipment market. Rising population of the region, along with rapid industrialization and infrastructural development, has propelled the growth of various industries such as metal fabrication, chemical, automotive, and electronics. This in turn has driven the growth of the market for gas equipment due to its diverse applications in these end-use sectors.

Technical issues and high cost due to the complication in the manufacturing process of gas equipment are the major restraints in the studied market. New product launch and acquisition were the major strategies adopted by most players in the gas equipment market. Companies such as Linde AG (Germany), Air Liquide S.A. (France), Praxair, Inc. (U.S.), Colfax Corporation (U.S.), Air Products and Chemicals, Inc. (U.S.), and GCE Holding AB (Sweden) were the key players who adopted this strategy to increase the reach of their offerings, improve their production capacity, and establish focus on core operations.

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The Growth of the Industrial Gas Handling Equipment Market was Largely Influenced by new Product Launches and Acquisitions in the past five years

MarketsandMarkets projects the global industrial gas handling equipment market 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. As the application of industrial gas handling equipment in metal fabrication, chemical, and healthcare & medical industries is growing day by day, the market for industrial gas handling equipment is also growing. Industrial gas handling equipment is used in processes such as industrial gas generation, storage, gas detection, and transportation of industrial gases. Strict regulations by the government have also impacted the growth of the industrial gas handling equipment market.

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The key players in the industrial gas handling equipment market are Linde AG (Germany), Air Liquide S.A (France), Praxair Inc. (U.S.), Air Products And Chemicals, Inc. (U.S.), and Iwatani Corporation (Japan). The other players in this market are Colfax Corporation (U.S.), Itron, Inc. (U.S.), Messer Group GmbH (Germany), Matheson Tri-Gas, Inc. (U.S.), and GCE Holding AB (Sweden). These players have adopted various strategies to expand their global presence and increase their market share. New product launches, acquisitions, partnerships, agreements, contracts, and expansions are some of the major strategies adopted by the market players to achieve growth in the industrial gas handling equipment market.

The growth of the industrial gas handling equipment market was largely influenced by new product launches and acquisitions in the past five years. In November 2015, Air Liquide S.A. announced the acquisition of Airgas Inc. (U.S.), a leading supplier of industrial gases, industrial gas handling equipment, and related products. Under the terms of this transaction, Air Liquide will pay a total enterprise value of USD 13.4 billion to Airgas Inc., in cash. After this transaction, Airgas Inc. will become a wholly-owned subsidiary of Air Liquide. The acquisition is aligned with Air Liquide’s strategy to become the market leader in North America, complementing its leading market position in Europe, Asia-Pacific, and the Middle East. In the same year, the company acquired Messer Aligaz Sanayi Gazlari (Turkey) which is a subsidiary of Messer Group (Germany). This acquisition strengthened the company’s hold on the Turkish market by enhancing its presence in the industrial market segment. In 2012, the company launched silicon-passivated SCOTT brand regulators. These are ultra-compact single- and two-stage regulators with a set of new industry standards and are used for reactive or corrosive gas mixtures.

In 2014, Praxair, Inc. (U.S.) launched Grab ‘n Go Digital Advanced Oxygen System which has a built-in regulator, flow-control valve, and contents gauge which allow to easily adjust the oxygen flow. In 2013, Praxair Offshore Services Limited (U.S.), a subsidiary of Praxair, acquired Dominion Technology Gases Investment Limited (Scotland), a leading supplier of diving, industrial, welding, calibration, and laboratory gases and related equipment to the offshore oil and gas industry. This acquisition expanded Praxair’s oil and gas-related capabilities in the offshore energy segment.

Related Reports:

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