Categories: Market Research

LPG Vaporizer Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The LPG Vaporizer 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 LPG Vaporizer Global Market Report 2024, The lpg vaporizer market size has grown steadily in recent years. It will grow from $1.13 billion in 2023 to $1.19 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to growing industrialization, energy transition initiatives, expanding residential applications, government initiatives, infrastructure development, fluctuating oil prices.

The lpg vaporizer market size is expected to see steady growth in the next few years. It will grow to $1.41 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to rising global energy demand, renewable integration, increased residential conversion, stringent emission regulations, economic growth in emerging markets. Major trends in the forecast period include digitalization and automation, technological advancements, market globalization, regulatory changes, rise of small-scale lpg applications.

The increasing use of liquefied petroleum gas (LPG) is significantly contributing to the growth of the LPG vaporizer market going forward. Liquefied petroleum gas (LPG) refers to a liquid combination of the volatile hydrocarbons propene, propane, butene, and butane. LPG vaporizer is used to convert LPG from liquid form to gaseous form for various industrial and commercial applications such as restaurant kitchens and powering industrial ovens and furnaces. For instance, according to 2022 data published by Oil Price Information Service, a US-based news publishing company on energy commodities, by mid-July 2022, European LPG imports from the United States had increased by 1.23 million metric tons year on year, the equivalent of 27 additional Very Large Gas Carriers (VLGCs) worth of LPG arriving over five months, year over year, US shipments to Europe grew by 525,000 metric tons in June and 479,000 mt in July 2021. Therefore, the increasing use of Liquefied Petroleum Gas (LPG) is driving the growth of the LPG vaporizer market.

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The lpg vaporizer market covered in this report is segmented –

1) By Product: Direct-fired, Electric, Steam/Water Bath

2) By Capacity: 40-160 gal/hr, 168-455 gal/hr, 555-1005 gal/hr, >1000 gal/hr

3) By Application: Industrial, Commercial, Agriculture, Other Applications

Technological advancement is the key trend gaining popularity in the LPG vaporizer market. Major companies operating in the LPG vaporizer market are integrating new technologies like the Internet of Things (IoT) to connect LPG vaporizers with other machinery in a project. For instance, in March 2021, Anova, a US-based IT services company launched the Anova Transcend IoT Platform a revolutionary new Industrial Internet of Things (IoT) platform for industrial gas producers and distributors. Anova Transcend integrates data from various monitored tanks and advanced equipment into a single platform to provide wide insights into the industrial gas supply chain. Users obtain deep, instant insight from attractively presented data and customizable dashboards displaying information collected from various tanks, LPG vaporizers, pipelines, and other advanced equipment.

The lpg vaporizer market report table of contents includes: