The global industrial gases market is expected to reach a value of $154.079.5 million by 2030, increasing from $92,392.4 million in 2019, progressing at a 5.5% CAGR during the forecast period (2020–2030), as per a report by P&S Intelligence. The key factors leading to the growth of the market are the rising government initiatives regarding alternate sources of energy, wide range of applications, and advancing healthcare industry, owing to rising expenditure in the industry.
The Asia-Pacific region accounted for the largest share of the industrial gases market in 2019, and the situation is likely to remain the same during the forecast period as well. The huge base of manufacturing industries in Japan, China, South Korea, and India, due to low labor cost and less strict environmental regulations, is driving the regional domain. The region is further projected to witness the highest growth due to the surging population and rising spending power of people in the country, owing to increasing per capita income.
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The increasing initiatives by governments for alternate sources of energy is expected to drive the industrial gases market in the coming years as well. The concerns regarding carbon emissions from fossil fuels have been surging at the present time, owing to which, the worldwide interest is shifting form traditional energy to green and sustainable energy. Presently, solar PVs are an important source of green energy. Industrial gases are used in the PV sector for reducing silicon losses and wafer production during the ingot sawing process.
Hence, the market is growing due to the large end-use industrial base and rising initiatives for shifting towards alternate energy sources.
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