LONDON--(BUSINESS WIRE)--The global nitrogen purge systems market is expected to grow at a CAGR of around 8% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global nitrogen purge systems market for 2017-2021. The market is segmented based on type (dilution nitrogen purge systems and displacement nitrogen purge systems) and end-user (oil and gas sector, pharmaceuticals and chemical sectors, mining sector, food and beverage sector, and discrete industries).
The global nitrogen purge systems market is witnessing a stable growth and is expected to gain traction during the forecast period owing to the major contribution from the oil and gas sector. The nitrogen purging system provides complete protection of the equipment in industries by exhausting the presence of all harmful compounds. The purging services are accompanied by services, such as testing leak out, simulation or commissioning of materials.
Technavio’s industrial automation research analysts categorize the global nitrogen purge systems market into the following segments by regions:
- EMEA
- Americas
- APAC
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EMEA: largest nitrogen purge systems market
“EMEA is the major market for nitrogen purge systems and will retain its position over the next five years. The region has always made its position in the forefront when it comes to the oil and gas sector. However, as this market gets a major contribution from the oil and gas sector, it can be concluded that EMEA is the major consumer of nitrogen purge systems,” says Bharath Kanniappan, a lead analyst at Technavio for research on automation.
Since the 1950s, the countries, such as Saudi Arabia, Iran, the UAE, and Kuwait, have remained the global hotspots for the global oil and gas production. It is expected that EMEA will witness a significant growth in the oil and gas sector during the forecast period with the prices of oil and gas settling down. At present, the regions popularly known for mining are facing many challenges due to the decline in oil and gas pricing.
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Nitrogen purge systems market in the Americas
“The growth of the nitrogen purge systems market in the Americas is mainly due to the rising production of shale gas in the US. This region is the second largest user of nitrogen purge systems owing to the continuous demand for crude oil in the US, Canada, and Mexico. The US remains in the forefront of exploiting crude oil as a fuel for major industries, such as power, automotive, and transportation, thereby giving rise to the need for nitrogen purge systems to maintain their efficiency of handling oil,” adds Bharath.
The US government's initiatives to bring back the major manufacturing units to their region and enforcing higher tax structures on import will ensure more industrial growth in the country. It is expected that this initiative taken by the current US government will ensure industrial growth in the US and will also impact the nitrogen purge systems market in the Americas. This will impact the entire industrial sector and the markets associated with it.
Nitrogen purge systems market in APAC
APAC is expected to witness a steady growth in the implementation of nitrogen purge systems due to the increased investments in the major end-users like the pharmaceuticals and chemicals and food and beverages sectors. As per World Bank data, the countries in APAC have witnessed a good annual growth in the industrial sector in 2015 driven by the countries like China, India, and Malaysia.
The rising demand for clean energy in APAC will increase the production of gas in the region during the forecast period. China and India will be accounting for the high energy demand owing to their development in infrastructure. Moreover, China, which has recorded the highest production of shale gas is going to establish the entire shale gas production during the forecast period. All these factors are expected to drive the nitrogen purge systems market in APAC.
The top vendors in the global nitrogen purge systems market highlighted in the report are:
- Air Products and Chemicals
- AQUILA ENGINEERS
- GTS
- Liquid Packaging Solutions
- Pepperl+Fuchs
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