Drilling platform in Baku, Azerbaijan.
The Gas Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gas Equipment Global Market Report 2024, 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.
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.
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The gas equipment market covered in this report is segmented –
1) By Equipment Type: Gas Delivery Systems, Gas Regulators, Flow Devices, Purifiers And Filters, Gas Generating Systems, Gas Detection Systems, Cryogenic Products, Accessories
2) By Gas: Nitrogen, Hydrogen, Helium, Oxygen, Carbon Dioxide, Others Gases
3) By Process: Generation, Storage, Detection, Transportation
4) By End-User: Metal Fabrication, Chemical, Healthcare and Medical, Oil and Gas, Other End Users
Major companies operating in the gas equipment market are developing innovative products such as pressure-reducing regulators to gain a competitive edge in the market. A pressure-reducing regulator is a device designed to lower and control the pressure of incoming gas from a high-pressure source to a specified lower pressure required for downstream applications. For instance, in November 2022, Emerson Electric Co., a US-based engineering and technology solutions company, launched the TESCOM HV-3500 Onboard Regulator, a pressure-reducing regulator specifically tailored for use in commercial hydrogen fuel cell vehicles. The dual-stage design and patented active seal of the HV-3500 ensure consistent pressure and a continuous supply of hydrogen to fuel cells, optimizing fuel efficiency across various operational conditions. The regulator’s stable pressure contributes to extended fuel cell life, reduces the frequency of maintenance, and enables commercial vehicles to drive longer distances without refueling. In addition to enhancing fuel cell durability, the HV-3500 simplifies installation for original equipment manufacturers (OEMs), reducing manufacturing time and costs.
The gas equipment market report table of contents includes:
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