Northbrook, IL -- (SBWIRE) -- 01/15/2021 -- According to the new market research report "Laboratory Gas Generators Market by type (Nitrogen, Hydrogen, Zero Air, Purge Gas, ToC), Application (GC, LCMS, Gas Analyzer), Enduser (Pharma, Biotech, CRO, Chemical, Petrochemical, Food & Beverage, R&D, Environmental Companies) - Global Forecast to 2024" published by MarketsandMarkets™.

Revenue Growth Opportunities and Growth Drivers?

The Laboratory Gas Generators Market is projected to reach USD 508 million by 2024 from USD 279 million in 2019, at a CAGR of 12.7% during the forecast period

Growth Drivers in Depth:

# Increasing R&D Spending in Target Industries
# Growing Importance of Analytical Techniques in Drug and Food Approval Processes
# Rising Safety Concerns Related to the Use of Conventional Gas Cylinders
# Growing Demand for Hydrogen Gas as an Alternative to Helium

Recent Developments in Lab Gas Generators Industry;

- In May 2017, Peak Scientific announced the expansion of its regional office in Brazil.

- In November 2018, Praxair (US) signed an agreement with Phillips 66 (US) to supply high-purity hydrogen for Phillips' 66 Sweeny Refinery

- In February 2017, NEL (Norway) acquired Proton Energy Systems Inc. (Proton Onsite) (US) to become the world's largest supplier of products based on the Proton Exchange Membrane (PEM) technology.

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Market Segmentation in Detailed:

On the basis of type, the market is segmented into nitrogen gas generators, hydrogen gas generators, zero air generators, purge gas generators, and others (oxygen gas generators, calibration gas generators, and dry air generators). The nitrogen gas generators segment accounted for the largest market share in 2019. The large share of this segment can be attributed to their advantages, including better efficiency, improved safety, and expandable and scalable nitrogen generation capacity. These generators are also cost-effective, and their compact design helps free up working space. Owing to these advantages, the demand for nitrogen gas generators is increasing among end users. Nitrogen gas generators are widely used in LC-MS applications.

On the basis of application, the market is segmented into gas chromatography (GC), liquid chromatography-mass spectrometry (LC-MS), gas analyzers, and other applications [light scattering detectors, evaporators, microwave plasma-atomic emission spectrometers, and sample preparation instruments]. The GC segment is expected to grow at the highest CAGR during the forecast period, mainly due to its advantages such as convenience, safety, extended downtime, optimal analysis, and elimination of hazardous gas cylinders.

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Geographical Scenario:

On the basis of region, the market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2018, North America accounted for the largest share of the market, followed by Europe. However, Asia is expected to grow at the highest CAGR during the forecast period. Market growth in this region is primarily driven due to the significant outsourcing of clinical trials to Asian countries, among other factors.

Key players in the lab gas generators market;

The market is a highly diversified and competitive market, with a large number of players, including mid-tier companies and startup firms, competing for market shares. The prominent players in the global market include Parker Hannifin Corporation (US), Peak Scientific Instruments Ltd. (UK), Praxair Technology, Inc. (UK), Nel (Norway), F-DGSi (France), VICI DBS (US), LNI Swissgas Srl (Switzerland), LabTech S.r.l. (Italy), Claind S.r.l. (Italy), and ErreDue s.p.a. (Italy).

Peak Scientific Instruments Ltd. (UK): Peak Scientific is one of the prominent players in the market. The leading position of the company can be attributed to its strong brand recognition and extensive product portfolio in this market. Peak Scientific has two decades of experience in manufacturing laboratory gas generators, which gives it an edge over other players in this market.