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Industrial gas Regulators Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The industrial gas regulators market size is expected to see strong growth in the next few years. It will grow to $22.71 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.” - The Business Research Company
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How Is The Industrial Gas Regulators Market Progressing And What Is The Growth Rate?
The industrial gas regulators market size has grown strongly in recent years. It will grow from $16.48 billion in 2023 to $17.58 billion in 2024 at a compound annual growth rate CAGR of 6.7%. The growth in the historic period can be attributed to the acceleration in industrialization and manufacturing activities, increased utilization of industrial gases in various applications, the need for precise pressure control and regulation in processes, and the expanding chemical, petrochemical, and pharmaceutical industries. This surge can also be traced back to the heightened demand for reliable and high-performance gas handling equipment.
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What Are The Expected Trends And Growth Forecasts For The Industrial Gas Regulators Market?
The industrial gas regulators market is predicted to witness robust growth in the forthcoming years. It will grow to $22.71 billion in 2028 at a compound annual growth rate CAGR of 6.6%. Top drivers of growth in the forecast window include a shift to specialty gases and high-purity gases in industries, the incorporation of advanced IoT-enabled controllers for monitoring and control, a focus on energy efficiency and sustainable gas handling solutions, and the adoption of alternative fuel gases in the energy and transportation sectors.
The predictions also see an expansion in the use of gas handling in healthcare and life sciences applications. Major trends forecasted in the same period include the integration of pressure and flow control, high-precision and ultra-high-purity regulators, electronic and digital pressure regulation, remote monitoring and control via IoT, and dual-stage and multi-stage pressure regulation.
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How Is Rapid Industrialization Impacting The Industrial Gas Regulators Market?
Rapid industrialization is anticipated to be a vital catalyst for the growth of the industrial gas regulator market. Industrialization is characterized by an economy's shift from an agricultural focus to one grounded in goods production. Industrialization has revolutionized the economy by fostering the production of a plethora of goods across numerous sectors, industrial gas regulators included. Various supporting statistics reflect this trend. For instance, as of March 2022, according to the United Nations Industrial Development Organization, a specialized agency based in Austria, global manufacturing production shot up by 9.4% in 2021, following a pandemic-induced drop of 4.2% in 2020.
Moreover, by March 2022, the India Brand Equity Foundation IBEF, an Indian government export promotion agency, reported that Indian manufacturing hubs will achieve a worth exceeding $500 billion by 2030. This has led to several businesses commencing their production in India. For example, the first solar company opened a manufacturing unit in Tamil Nadu, while Zoho invested $13.4 million in R&D manufacturing.
Which Major Companies Are Operating In The Industrial Gas Regulators Market?
Major companies operating in the industrial gas regulators market include Emerson Electric Co., Linde plc, Air Liquide S.A., Praxair Inc., Air Products and Chemicals Inc., GCE Group, Cavagna Group S.p.A., Iwatani Corporation, Messer Group GmbH, Matheson Tri-Gas Inc., Iceblick Ltd., Advanced Specialty Gases, BASF SE, Buzwair Group, Ellenbarrie Industrial Gases Ltd., Gulf Cryo, Proton Gases Private Limited, Rotarex S.A., Honeywell International Inc., Maxitrol Company, Airgas Inc., Harris Products Group, Meca-Inox, Mertik Maxitrol GmbH & Co. KG, MHOxygen, Norgas Controls Inc., Parker Hannifin Corporation, Pietro Fiorentini S.p.A., Pressure Tech Ltd., Rego Products Inc., Sierra Instruments Inc., Swagelok Company, Tescom Corporation, Witt-Gasetechnik GmbH & Co. KG.
Are Technological Advancements Influencing The Industrial Gas Regulators Market?
Technological advancement is a key trend gaining popularity in the industrial gas regulator market. Companies are developing new technologies to bolster their position. For instance, in April 2021, The Cavagna Group, a UK-based company operating in industrial gas regulators, launched the Viproxy i-1Touch, a brand-new digital valve for medical oxygen therapy. The product features an IoT add-on and a unique, smart medical VPR with data transmission capabilities. The Viproxy i-1Touch valve also integrates a pressure regulator and a digital pressure gauge. Its digital gauge will clearly display all parameters monitored during use and send audible alerts.
How Is The Industrial Gas Regulators Market Segmented?
The industrial gas regulators market covered in this report is segmented –
1 By Type: Single Stage, Dual Stage
2 By Gas: Inert, Corrosive, Toxic
3 By Material: Brass, Stainless Steel
4 By Application: Oil and Gas, Chemical, Steel and Metal Processing, Medical Care, Food and Beverages, Other Applications
Which Region Is Dominating In The Industrial Gas Regulators Market?
In terms of geography, North America held the largest share in the industrial gas regulator market in 2023. Meanwhile, Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial gas regulators market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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