PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1392150
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1392150
Air Separation Unit Market size is projected to expand at over 4.4% CAGR from 2023 to 2032, propelled by the increasing production of liquefied natural gas (LNG) worldwide and the surging usage of nitrogen for the liquefaction process.
Air separation units (ASUs) support the cooling and preservation of LNG while ensuring the reliable supply of high-purity nitrogen. With the rising global demand for LNG, substantial investments are flowing into expanding the production capacities and reliable on-site gas supply, further augmenting the industry outlook. For instance, in April 2023, American liquefied natural gas producer Tellurian disclosed plans to partner with Japanese and Indian corporations about prospective investments in a projected Gulf Coast LNG facility.
The air separation unit industry is segmented into process, gas, end-use, and region.
Based on process, the market value from the non-cryogenic segment is anticipated to record significant growth between 2023 and 2032. Non-cryogenic technologies, such as pressure swing adsorption (PSA) and membrane separation provide cost-effective alternatives for air separation applications. Additionally, these processes eliminate the need for energy-intensive cryogenic methods to cater to various production scales. The efficiency and flexibility of non-cryogenic ASU systems will also contribute to their growing adoption across healthcare, electronics, and small-scale gas production sectors.
In terms of end-use, the ASU industry from the oil and gas segment is projected to pick momentum during 2023-2032. The growth is owing to increasing application in providing essential gases like nitrogen and oxygen for various processes, including enhanced oil recovery, gas blanketing, and refining operations. The increasing demand for industrial gases in exploration, production, and refining activities coupled with the growing emphasis on safety and efficiency will further fuel the product adoption across the oil and gas sector.
Regionally, the North America air separation unit market is set to exhibit robust growth from 2023-2032 driven by the expanding industrial activities and the strong focus on advanced manufacturing in the region. The abundant availability of raw materials is making way for well-established production infrastructure. For instance, in August 2023, Air Water's company, Air Water America announced that it will build the first air separation unit in New York. Moreover, stringent environmental regulations for prompting the implementation of ASUs for efficient and sustainable gas production will accelerate the regional industry expansion.