Xenon Gas Market Growth Prospects, Competitive Analysis, Upcoming Trend and Forecast 2030
The xenon gas market size was robust in 2021 and revenue is expected to register a CAGR of 5.2% from 2022 to 2030. Increasing demand for Electric Vehicles (EV) and lighting is a key driver of market revenue growth. Rise in EV sales is attributable to increased focus on reducing Greenhouse Gas (GHG) emissions and the supportive government policies in countries across the globe. The European Union has set a target of reducing CO2 emissions by 40% by 2030 compared to 1990 levels. China has also committed to reducing its carbon intensity by 60%–65% below 2005 levels by 2030. These targets are likely to create significant high demand for electric vehicles in the coming years.
Increase in construction activities and infrastructural development projects is also expected to support revenue growth of the market going ahead. Surge in investments in the construction sector is attributable to increasing population, need for housing, and rapid urbanization, particularly in countries in Asia Pacific.
Another major factor driving revenue growth of the market is rising demand for air conditioners and refrigerators in households and commercial food outlets and food courts. Increase in disposable income, particularly in emerging economies, is projected to support demand for air conditioners and refrigerators going ahead.
One of the major restraints for market revenue growth is high cost of raw materials. Xenon gas is commercially produced as a by-product during the separation of oxygen and nitrogen in air-separation units. The production process is energy intensive, which makes the end product expensive. This is expected to hamper growth of the market to some extent.
The global xenon gas market has been segmented by application, end-use industry, and region. On the basis of application, the market has been segmented into electric vehicles, lighting, air conditioners and refrigerators, and others. The electric vehicles segment is expected to register fastest revenue CAGR during the forecast period due to increase in EV sales in countries across the globe. Moreover, increase in construction activities is also expected to drive revenue growth of the lighting segment. The air conditioners and refrigerators segment revenue is expected to increase at a moderate pace during the forecast period owing to increase in demand for air conditioners and refrigerators in households and hospitality industry and food outlets and food courts.
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The power and energy sector is rapidly expanding in terms of revenue in the recent past and is expected to register significant revenue share over the forecast period of 2022 to 2030. Significant revenue growth is attributed to factors such as rapid developments in the industrial sector, and building and construction industries, increasing demand for electricity across the globe in various industries as well as commercial and residential sectors. In addition, high demand for green energy, increasing awareness about excess non-renewable resources consumption and rising investments in research and development activities are further fueling market growth.
The report offers detailed information about research and development activities, license agreement, brand promotions, product and services portfolio and financial standings of each market player. The global Xenon Gas market is extremely competitive and comprises key players at regional and are focused on developing various key strategies such as mergers and acquisitions, joint ventures, product developments and collaborations to gain robust footing in the market and expand their product base. Key players operating in the global Xenon Gas market include Linde plc (Ireland), Praxair Technology, Inc. (US), Air Liquide S.A. (France), Air Products and Chemicals, Inc. (US), The Linde Group (Germany) & Others.
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The report also offers regional level analysis and market estimation for 5 main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Korea
- Rest of Middle East & Africa
- Electric Vehicles
- Air Conditioners and Refrigerators
Key points covered in the global Xenon Gas market report:
- The study categorizes the market on the basis of leading regions, product types, applications, business verticals, market value and volume, and end-user industries.
- Industry supply chain, sourcing strategy, upstream feedstock, and downstream demand analysis has also been undertaken in the research report.
- It also offers detailed historical data, current scenario, giving an accurate market forecast in the coming years.
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