Industrial Gases Market Size Worth $134.3 Billion By 2027 | CAGR: 5.5 %: Grand View Research, Inc.

Industrial Gases Market Size Worth $134.3 Billion By 2027 | CAGR: 5.5 %: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, May 21, 2020

SAN FRANCISCO, May 21, 2020 /PRNewswire/ -- The global industrial gases market size is expected to reach USD 134.3 billion by 2027, registering revenue based CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness substantial growth owing to increasing demand for industrial gases in manufacturing and healthcare sector. Moreover, increasing application of carbon dioxide in the Enhanced Oil Recovery (EOR) technology, food and beverages, and medical industry is anticipated to be the major driving force for the growing demand for industrial carbon dioxide.

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Key suggestions from the report:

Read 166 page research report with ToC on "Industrial Gases Market Size, Share & Trends Analysis Report By Product (Nitrogen, Oxygen), By Application (Healthcare, Manufacturing), By Distribution (Onsite, Bulk), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/industrial-gases-market

Hydrogen can be used to power fuel cells that efficiently convert hydrogen to electricity. The utility gamut of fuel cells is immense and thus, has the potential to replace the traditional forms of power generators such as large batteries in buses, cars, submarines, forklift trucks, power plants, and combustion engines.

The healthcare application segment is predicted to have the highest growth and is expected to attain a CAGR of 7.0% in terms of revenue, over the forecast period. This is a highly versatile segment and its utilities range from pharmaceutical products to supplies and from medical equipment and healthcare services to medical therapies. The segment also includes preservation of tissue and blood using oxygen, MRIs using helium, and respiratory therapy using oxygen to help patients breathe.

Bulk (Liquid Gas Transport) distribution mode of delivery is ideally opted as a mode of distribution when the demand for gases if higher than packaged gas distribution and lesser than onsite distribution. This is a more efficient form of distribution and is therefore preferred over other modes of distribution since it ensures continuous supply of gases.

Grand View Research has segmented the global industrial gases market on the basis of product, application, distribution, and region:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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