PUBLISHER: SkyQuest | PRODUCT CODE: 1373883
PUBLISHER: SkyQuest | PRODUCT CODE: 1373883
Global Air Separation Plant Market size was valued at USD 5.80 billion in 2021 and is poised to grow from USD 6.12 billion in 2022 to USD 9.43 billion by 2030, at a CAGR of 5.55% during the forecast period (2023-2030).
The global markets have experienced an unusual transformation over several decades. This has driven a rise in consumerism, an idea that rising consumption of goods and services is constantly a desirable goal, consumer spending is the principal driver of the economy, and encouraging consumers to spend is a major policy goal. Therefore, increasing demand for industrial gasses from dynamic manufacturing sectors. The growth of the industrial sector has led to the demand for utility gasses, which are critical components used in the fabrication of goods. Furthermore, the increase in the demand for photovoltaic products is expected to propel the growth of the market over the forecast period. Despite having numerous advantages of air separation plants, some factors restrain and challenge the market growth. The huge development cost and the unavailability of affordable technologies are some of the restraining factors that may affect the growth of the market.
Top-down and bottom-up approaches were used to estimate and validate the size of the global Air Separation Plant Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Air Separation Plant Market Segmental Analysis
The global air separation plant market is segmented on the basis of gasses, process, end-user, and geography. Based on gasses, the market is bifurcated into nitrogen, oxygen, argon, and others. Based on process, the market is bifurcated into cryogenic and non-cryogenic. Based on end-users, the market is bifurcated into iron & steel, oil & gas, chemical, healthcare, and others. Based on geography, the global air separation plant market is classified into North America, Europe, Asia Pacific, and MEA.
Global Air Separation Plant Market Dynamics
Drivers of the Global Air Separation Plant Market
Growing Industrialization And Infrastructure Development
The increasing industrial activities and infrastructure projects across various sectors, such as iron and steel, oil and gas, and chemicals, are driving the demand for air separation plants. These plants play a crucial role in supplying industrial gasses required for manufacturing processes, contributing to the market's growth.
Restraints in the Global Air Separation Plant Market
Stringent Regulatory And Environmental Standards
The air separation plant market is subject to stringent regulatory and environmental standards, particularly regarding emissions and energy consumption. Complying with these regulations can pose challenges for plant operators and increase operational costs, acting as a restraint on market growth.
Market Trends of the Global Air Separation Plant Key
One of the key market trends in the global air separation plant market is the growing demand for industrial gasses in various end-use industries. Industries such as oil and gas, chemicals, healthcare, and manufacturing rely heavily on industrial gasses like oxygen, nitrogen, and argon for their production processes. As these industries continue to expand and evolve, the demand for air separation plants to supply these gasses also increases. This trend is driven by factors such as population growth, urbanization, and industrialization in emerging economies.