Industrial Gases Market Revenue Worth $154,079.5 Million by 2030 P&S Intelligence
NEW YORK, Dec. 2, 2020 /PRNewswire/ -- Chile, South Africa, Japan, China, India, and the U.K., invested 1.4%, 1.4%, 0.8%, 0.9%, 0.5%, and 0.8%, respectively, of their gross domestic product (GDP) in renewable energy in 2015, says the World Bank. This factor is to prove instrumental in driving the global industrial gases market from $92,392.4 million in 2019 to $154,079.5 million in 2030, at a 5.5% CAGR between 2020 and 2030, according to P&S Intelligence.
Numerous industrial gases are used during the production of photovoltaic (PV) panels, to reduce silicon loss during the ingot sawing process. Another key renewable-energy-related development helping the industrial gases market advance is the rising sales of hydrogen-fueled automobiles. For instance, in October 2020, the Delhi government introduced hydrogen-enriched compressed natural gas (HCNG) buses, with the ultimate aim to transition to pure-hydrogen buses in future.
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The COVID-19 impact on the industrial gases market is been negative, as well as positive. Due to factory closures, the use of several gases for industrial purposes has reduced. Similarly, the low sales of vehicles have hit the hydrogen fuel cell industry hard. However, the demand for gases, especially oxygen, has burgeoned in medical centers, as COVID-19 is essentially a respiratory infection. An increasing number of patients are being put on ventilator support, thereby driving the usage of medical-grade oxygen.
The hydrogen category is predicted to hold the largest share in the industrial gases market in the coming years, on the basis of type. H2 is widely used in welding, oil and fat hydrogenation, and chemical production, such as of ammonia. Moreover, hydrogen has long been considered a clean automotive fuel, which is why its consumption is rising, driven by emission control laws.
Browse report overview with COVID-19 impact analysis on Industrial Gases Market Research Report: By Type (Hydrogen, Oxygen, Carbon Dioxide, Nitrogen, Helium, Argon, Acetylene), Delivery (Bulk Container, Cylinder, On-Site Generation), End User (Oil & Gas and Petrochemical, Chemical, Food Processing, Healthcare, Electronics, Metal Processing) - Global Industry Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/industrial-gases-market