Global Industrial Gas Regulator Market Set for Rapid Growth, to Reach Value Around $19,469Mn by 2024
Global industrial gas regulator market expected to generate revenue of around USD 19,469. million by the end of 2024, growing at a CAGR of around 4.5% between 2018 and 2024. Industrial gas regulator market is expected to experience significant growth due to the strong growth in the field of oil & gas, energy, and medical care.
Sarasota, FL -- (SBWire) -- 11/19/2018 --Zion Market Research has published a new report titled "Industrial Gas Regulator Market by Type (Single Stage and Dual Stage), by Gas Type (Inert, Corrosive, and Toxic), by Material (Brass and Stainless Steel), and by Application (Oil & Gas, Chemical, Medical Care, Steel & Metal Processing, and Food & Beverages): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024". According to the report, global industrial gas regulator market was valued at approximately USD 14,306million in 2017 and is expected to generate revenue of around USD 19,469. million by the end of 2024, growing at a CAGR of around 4.5% between 2018 and 2024.
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Industrial gas regulator market is expected to experience significant growth due to the strong growth in the field of oil & gas, energy, and medical care. Power generation is one of the most important utilities in any modern community. The power generation industry has the two key tasks of producing power and distributing it within a predefined network. Thus, factors such as gaining new investment for improving the operational efficiency of power generation & distribution processes and coming up with progressive designs for the overall electric power system (EPS) is expected to positively impact industry gas regulator market growth over the forecast period. Furthermore, technological advancements and product innovations in industrial gas regulators are expected to further drive industry growth in the coming years. However, high cost associated with gas processing, fluctuations in the product demand, and advancements in alternative technologies are expected to restrain industry growth.
According to International Energy Agency (IEA), the worldwide natural gas market is projected to witness a notable transformation as a result of new supplies coming from the U.S. for fulfilling the demand for natural gas in developing countries. It has been projected that the consumption of natural gas would grow by 1.6% every year. Natural gas is the only energy source among all fossil fuels whose consumption is projected to grow in the long-run. Hence, natural gas is likely to surpass coal as the second leading source of energy by 2040. Such factors are anticipated to drive the industry growth over the forecast timeframe.
The industrial gas regulator market is segmented on the basis of type into a single stage and dual stage. The single stage regulators segment accounted for the highest revenue share for the market in 2017. The growth can be attributed to its use in various applications such as calibration gases, gas and liquid chromatography, high purity chamber pressurization, and high purity gases, among others.
Based on the gas type, industrial gas regulator market is segmented into toxic, inert, and corrosive. The inert segment accounted for the highest market share in 2017, due to rising demand for inert gas across various industries.
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Based on material, the industrial gas regulator market has been segmented into brass and stainless steel. Stainless steel is expected to contribute significantly towards industrial gas regulator market growth over the forecast period. Stainless steel gas pressure regulators are used with corrosive specialty gases and deliver excellent performance in various applications with high delivery pressure.
Application segment includes oil & gas, chemical, medical care, steel & metal processing, and food & beverages. Oil & gas is expected to contribute for a substantial growth over the forecast period. The growth is attributed to the increasing demand for industrial gas regulators in oil & gas coupled with rising government initiatives that are expected to drive industry growth in the coming years.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are regional segments of the global industrial gas regulator market. North America dominated the regional market by contributing largest revenue share towards the global industrial gas regulator market in 2017. The growth can be attributed to the increasing demand for industrial regulators in North America. The Asia Pacific is anticipated to record the fastest growth rate over the forecast period.
Some of the key players operating in industrial gas regulator market include Colfax Corporation, Cavagna Group S.p.A., Emerson Electric Co., Air Products and Chemicals, Inc., GCE Group, the Linde Group, Air Liquide, Itron, Inc., Praxair Technology, Inc., Airgas, Inc., and others.
Browse the full "Industrial Gas Regulator Market" report at https://www.zionmarketresearch.com/report/industrial-gas-regulators-market
This report segments the global Industrial Gas Regulator Market as follows:
Global Industrial Gas Regulator Market: Type Segment Analysis
Global Industrial Gas Regulator Market: Gas Type Segment Analysis
Global Industrial Gas Regulator Market: Material Segment Analysis
Global Industrial Gas Regulator Market: Application Segment Analysis
Oil & Gas
Steel & Metal Processing
Food & Beverages
Global Industrial Gas Regulator Market: Regional Segment Analysis
The Middle East and Africa
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