North America held the largest share in the industrial gas handling equipment market and is projected to dominate the market during the forecast period. The U.S. is projected to be the fastest-growing country level market for industrial gas handling equipment, during the forecast period, whereas the market for Asia-Pacific is projected to grow at the highest CAGR. Factors such as growth of the metal fabrication industry due to the increasing demand for automobiles and consumer appliances, development of new technologies and machineries in the healthcare & medical sector, rapid industrialization in the emerging Asia-Pacific region, and stringent government regulations regarding worker and environmental safety are driving the industrial gas handling equipment market.
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The gas equipment market size will grow from USD 51.93 Billion in 2016 to reach USD 72.22 Billion by 2021, at an estimated CAGR of 6.82%. Strict government standards and regulatory legislations have a positive impact on the safest and proper use of gas equipment. Rapid industrialization, growing concern toward the public health, and laws & regulations have propelled the growth of the gas equipment industry.
Gas equipment market, on the basis of equipment category, consists of gas delivery systems, gas regulators, flow devices, purifiers & filters, gas generating systems, gas detection systems, cryogenic products, and accessories. Due to the increasing use of super cooled liquefied gases in the chemical sector and other industrial activities, the demand for cryogenic products such as pressure vessels, cryogenic storages, and cold traps for the purpose of transporting and storing has also increased and it is expected to witness the same trend through 2021.
On the basis of gas, the market has been categorized into atmospheric gases, hydrogen, acetylene, helium, and other gases which include carbon monoxide, krypton, neon, xenon, and nitrous oxide. The atmospheric gases segment recorded the largest consumption of gas equipment in 2015 due to the huge demand for this type of gases in the industrial applications. Hydrogen and acetylene gas have high potential as the demand for these gases is growing rapidly in the chemical, food processing, and metallurgical industries.
The key players in the industrial gas handling equipment market are Linde AG (Germany), Air Liquide S.A (France), Praxair Inc. (U.S.), Air Products And Chemicals, Inc. (U.S.), and Iwatani Corporation (Japan). The other players in the market are Colfax Corporation (U.S.), Itron, Inc. (U.S.), Messer Group GmbH (Germany), Matheson Tri-Gas, Inc. (U.S.), and GCE Holding AB (Sweden).
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