Las Vegas Industrial Gases Market to Reach $208.7 Million, by 2032 – Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, February 13, 2024 /EINPresswire.com/ — Las Vegas industrial gases market is expected to witness an increase in demand during the forecast period, due to significant growth on account of increasing applications in electronics, healthcare, semiconductors, power generation, oil & gas, mining, and other industries. Furthermore, expanding crude oil consumption and the need for refining may enhance the demand for industrial gases in the forecast period.
The Las Vegas industrial gases market was valued at $155.9 million in 2022 and is projected to reach $208.7 million by 2032, registering a CAGR of 3.0% from 2023 to 2032.
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Industrial gases mainly consist of carbon dioxide, hydrogen, nitrogen, oxygen, and noble gases (helium, neon, argon, krypton, xenon, and radon). The atmospheric gases like oxygen, nitrogen, and argon are captured by reducing the temperature of the air until the respective components get liquefied and separated. New developments are taking place in healthcare with increasing emphasis on a healthier and generally better quality of life. In addition to oxygen, nitrous oxide, nitric oxides, and other industrial gases like hydrogen, helium, and xenon are all being prepared for use in pharmaceutical-based products. Treatments and drug developments using induced pluripotent stem cells (IPS) are bringing a new added value to the industry through the application of systems, using gases such as carbon dioxide and liquid nitrogen, which is indispensable for the cultivation and preservation of cells and tissues driving demand for high-grade industrial gases.
The coronavirus pandemic has weakened all the businesses in the industrial gases market; manufacturers are creating potential opportunities, owing to increasing applications of industrial gases in various end-use industries across the globe. Increasing demand for oxygen, nitrogen, carbon dioxide, hydrogen, and argon in different end-use industries, such as consumer electronics, semiconductors, food & beverages, healthcare, mining, and others is generating revenue streams for manufacturers in the industrial gases market. Furthermore, Las Vegas is expected to witness rapid growth due to industrialization and urbanization.
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The increase in demand for power and increasing consumption of energy in the past decade have led to the development of new technologies, such as nuclear fusion, hydrogen fuel cells, and green ammonia, which have a positive impact on the demand for industrial gases. The rapid development towards highly stable and small-scale nuclear fission reactors is expected to drive the demand for noble gases, which are used in nuclear reactors. The huge investment of major countries across the globe the vision to ignite nuclear fusion technology by 2050 and the application of noble gas as a fuel and as a raw material to manufacture laser ignition systems drive the growth of the market.
Furthermore, an increase in the investment of developing and developed countries in hydrogen fuel cell technologies and engines to harvest energy is expected to have a positive impact on the market. An increase in demand for power in the future and rapid innovation and breakthroughs in the core technologies for nuclear fusion reactors will provide lucrative opportunities for the growth of the industrial gas market. The industrial gases market is segmented based on type, and end-use industry.
Based on type, the market is segmented into oxygen, carbon dioxide, nitrogen, hydrogen, noble gas, and others. In addition, based on the end-use industry, the industrial gas market is segmented into healthcare, electronics, aerospace, construction, energy & power, and others. The major companies profiled in this report include Air Liquide, Linde plc, BASF SE, Messer Group, NEXAIR, Air Products and Chemicals Inc., Universal Cryo Gas, LLC, and MATHESON TRI-GAS, INC.
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Key findings of the study
– Based on type, the oxygen segment emerged as the leader in 2022 and is anticipated to be the largest market during the forecast period.
– Based on the end-use industry, the construction segment emerged as the leader in 2022 and is anticipated to be the largest market during the forecast period.
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