Market Research Report
Global Neon Gas Market - 2019-2026
|Published by||DataM Intelligence||Product code||944264|
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|Global Neon Gas Market - 2019-2026|
|Published: June 25, 2020||Content info:||
The Global Neon Gas market was valued at USD XX billion in 2019 and expected to grow at a CAGR of XX% to reach a market value of USD XX billion by 2027.
Neon, a noble and inert gas and aerogen, is a chemical element that exhibits chemical inertness on account of its unique atomic structure. It is highly unreactive; therefore, it is widely used for non-reactive applications. Apart from neon, there are five others naturally occurring noble gases: helium, argon, krypton, xenon, and radon. The global neon gas market is expected to grow at a steady pace during the forecast period, largely due to the rapid expansion of end-use industries including cryogenics, imaging, and electronic chip manufacturing.
Growing use of Neon gas for cryogenic applications is the major driver of the market. Neon is widely used for cryogenic applications pertaining to large hadron colliders (LHC), rocket propulsion systems, and wave meter tubes. Neon is often preferred over helium as a cryogenic coolant in most cutting-edge energy and scientific research that does not require extreme cooling. Neon isotopes are increasingly being evaluated for use in energy research as a fuel. Liquid gas is also used for cooling high-temperature superconducting motors, voltage regulators, and current limiters. In addition, neon is used in high-energy cathode ray tubes and wave meter tubes. Increasing research efforts on this front is expanding the horizon of applications and is contributing to the demand for liquid neon.
Additionally, growing consumer demand and industrialization is driving the requirement for barcode scanners and laser-operated sensors, which in turn is contributing to the demand for neon gas.
Noble gases are predominantly used in imaging, laser, and display technologies for fluorescent and incandescent lighting. However, the use of phosphors and noble gases in lighting and laser applications is being challenged by LED technologies, which are both cost-effective and energy efficient.
By Application, the Global Neon Gas market is segmented into Cryogenics, Imaging and Lighting, Industrial Applications, Electronics and Semiconductors, and Others.
In 2019, the imaging and lighting segment dominated the market due to its extensive use in major applications such as holography, spectroscopy, and barcode scanning. The segment accounted for a XX% share of the market. However, the market share of the imaging and lighting segment is likely to decline by 2019 due to the growing prominence of semiconductor lighting. The market share of the cryogenics segment will likely increase in light of growing research efforts in the energy and healthcare sectors, as well as the rising need for energy-efficient industrial coolant solutions.
The global neon gas market for cryogenic applications was valued at USD XX million in 2019 and is expected to reach USD XX million in 2026, growing at a CAGR of XX%. Neon is used for industrial processes like welding, laser equipment, and lighting; however, in its liquid form, it is often used as a cryogenic refrigerant for commercial purposes. The gas is considered to be a perfect medium to cool specific processes in cryovacuum technology, which also includes applications like fault current limiters and cooling of high-temperature superconductor (HTS) motor rotors.
By Geography, the global Neon Gas market is segmented into North America, Asia-Pacific, Europe, South America and the Middle East and Africa.
In 2019, APAC dominated the market geographically, accounting for a share of XX%. This was due to neon's extensive use in manufacturing industries associated with automobiles, construction, mining, and transportation. APAC is the largest market for neon gas in terms of consumption, as many automotive, construction, mining, and transportation manufacturing companies operate in the region. APAC is the base for some of the fastest-growing economies in the world, such as India, China, and Indonesia. The region is also a semiconductor powerhouse, with South Korea, Taiwan, Japan, and China being the key global suppliers of electronics and semiconductors. Despite this, the region lags behind others in terms of the demand-supply balance of noble gases. APAC is a net importer of noble gases, wherein the market is dominated by the industrial gas manufacturers from Europe and the US operating through their local subsidiaries.
The market was oligopolistic in nature until the last decade, with the presence of only a few large firms from Europe and the US. However, the market structure shifted with the entry of small and medium-scale companies that produce various industrial gas formulations and sell them at competitive prices. Most manufacturing players distinguish their product offerings on the basis of availability, price, and distribution service.