In a dynamic global industrial gas regulator market, mergers and acquisitions are a key trend prevalent among key players in the larger oil and gas sector to expand their operations and to garner greater share in the overall market. Consequently, this is making the industry more consolidated and aiding market participants to gain a strong foothold. A case in point is Praxiar Inc. – a leading industrial gas supplier in North and South America. The company merged with the Linde Group together that form a global leader in the industrial gases market.
Further, key players in the oil and gas sector are pouring money into innovation and product development that will help them gain a competitive advantage in the industrial gas regulator market.
Prominent participants to name in the global industrial gas regulator market include Emerson Electric Co., Air Liquide S.A., GCE Group, Praxair Technology Inc., Honeywell Process Solutions, The Linde Group, Air Products and Chemicals Inc., Cavagna Group S.p.A, Rotarex S.A., and Itron Inc.
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“A report by Transparency Market Research estimates the global industrial gas regulator market to reach a valuation of US$18,240 mn by the end of 2025, from US$13,783.7 mn in 2016 expanding at a CAGR of 3.11% between 2017 and 2025. Vis-à-vis volume, the global industrial gas regulator market is predicted to reach 313.18 mn units by 2025-end.
The segment of dual type regulator is anticipated to account for a volume share of 31.8% in the overall market by 2025-end. Amongst the key application segments, oil and gas is projected to display a significant CAGR and account for leading revenue share in the market by 2025. Powered by the U.S., North America led amongst key regional markets for industrial gas regulator in 2016 vis-à-vis revenue.
Efforts to Promote Use of Natural Gas as Industrial Fuel Stokes Growth
Growing demand for industrial gases from various industries for power generation and for operations of industrial units is primarily driving the industrial gas regulator market. Several governments across the world are championing the use of natural gas in place of fossil fuels for power generation in order to curb CO2 emissions. This is greatly influencing the industrial gas regulator market.
Apart from this, advancement in automobile technology leading to the development of automobiles that run on liquefied natural gas is also stoking growth of industrial gas regulator market.
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Further, economic development in countries such as India is witnessing a heightened demand for plastic and polymers. This has led to an exponential growth of the chemical sector that discharges plastic and polymers as byproducts. Consequently, this has led to an upped demand for industrial gas regulators to be used in chemical industries.
Lastly, product innovation and advancement of existing products due to efforts undertaken by key players is immensely influencing the market’s growth. These initiatives are leading to the creation of products with a high degree of safety, operational ability, and efficiency virtues.
Strict Regulations for Safety of Gas Equipment Limits Growth
On the flip side, existence of strict regulations and norms for gas equipment is limiting the market’s growth. Nonetheless, the introduction of innovative and technologically advanced products that will overcome the drawbacks of predecessor products will act in favor of the market’s growth in the next few years.