DUBLIN--(BUSINESS WIRE)--The "Laboratory Gas Generators Market by type (Nitrogen, Hydrogen, Zero Air, Purge Gas, ToC), Application (GC, LCMS, Gas Analyzer), Enduser (Pharma, Biotech, CRO, Chemical, Petrochemical, Food & Beverage, R&D, Environmental Companies) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Laboratory Gas Generators Market is Projected to Reach USD 508 Million by 2024 from USD 279 Million in 2019, at a CAGR of 12.7% During the Forecast Period
Rising safety concerns related to the use of conventional gas cylinders, the growing importance of analytical techniques in drug and food approval processes and increasing R&D spending in target industries are the key factors driving the laboratory gas generators market.
Growth in this market is mainly driven by the rising importance of analytical techniques in drug and food approval processes, increasing R&D spending in target industries, rising safety concerns related to the use of conventional gas cylinders, and the growing demand for hydrogen gas as an alternative to helium.
The increasing demand for laboratory automation and opportunities in the life science industry will also have a positive impact on market growth in the coming years. On the other hand, the reluctance to replace conventional gas supply methods with modern laboratory gas generators is a major factor challenging market growth.
The hydrogen gas generators segment is expected to grow at the highest CAGR during the forecast period.
Based on type, the laboratory gas generators market is segmented into nitrogen gas generators, hydrogen gas generators, zero air generators, purge gas generators, and others (oxygen gas generators, calibration gas generators, and dry air generators). The nitrogen gas generators segment accounted for the largest share of the laboratory gas generators market in 2018, while the hydrogen gas generators segment is projected to grow at the highest CAGR during the forecast period. The trend of replacing helium with high-purity dry hydrogen is considered a major opportunity area for players in this market.
The pharmaceutical & biotechnology companies segment accounted for the largest share of the laboratory gas generators market in 2018
Based on end-user, the laboratory gas generators market is segmented into pharmaceutical & biotechnology companies, chemical & petrochemical companies, food & beverage companies, and other end-users (environmental companies and research & academic institutions). The pharmaceutical & biotechnology companies segment accounted for the largest market share in 2018. Rising drug R&D, stringent drug discovery regulations, and the growing demand for laboratory analytical instruments and lab automation are some of the key factors enhancing the growth of this end-user segment. The chemical & petrochemical companies segment is expected to register the highest growth during the forecast period.
Asia to be the fastest-growing regional market.
By region, the laboratory gas generators market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest market share in 2018. The large share of this market is attributed to the strong economies in the US and Canada, which has led to a higher demand for efficient and advanced laboratory equipment in this region. However, the market in Asia is expected to grow at the highest CAGR during the forecast period. Market growth in this region is attributed to the significant outsourcing of clinical trials to Asian countries, among other factors.
- Increasing R&D Spending in Target Industries
- Growing Importance of Analytical Techniques in Drug and Food Approval Processes
- Rising Safety Concerns Related to the Use of Conventional Gas Cylinders
- Growing Demand for Hydrogen Gas as an Alternative to Helium
- Reluctance to Replace Conventional Gas Supply Methods With Modern Laboratory Gas Generators
- Growing Demand for Laboratory Automation
- Opportunities in the Life Sciences Industry
- Cannabis Testing
List of Companies Profiled in the Report
- Parker Hannifin Corporation (US)
- Peak Scientific Instruments Ltd. (UK)
- Praxair Technology, Inc. (UK)
- Nel (Norway)
- F-DGSi (France)
- VICI DBS (US)
- LNI Swissgas Srl (Switzerland)
- LabTech S.r.l. (Italy)
- Claind S.r.l. (Italy)
- ErreDue s.p.a. (Italy)
For more information about this report visit https://www.researchandmarkets.com/r/vq2nzj