Cost-saving and sustainability offered by nitrogen, development of the manufacturing sector, and increase in employee safety have boosted the drive the growth of the global nitrogen generators market
PORTLAND, Oregon, Jan. 14, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Nitrogen Generators Market Analysis by Type (PSA Nitrogen Generator, Membrane Nitrogen Generator, and Cryogenic Nitrogen Generator) and End-use Industry (Food & Beverage, Transportation, Medical & Pharmaceuticals, Electrical & Electronics, Chemicals, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global nitrogen generators industry accounted for $11.77 billion in 2018, and is projected to reach $17.43 billion by 2026, registering a CAGR of 4.9% from 2019 to 2026.
Prime determinants for growing market
Cost-saving and sustainability offered by nitrogen, development of the manufacturing sector, and increase in employee safety have boosted the growth of the global nitrogen generators market. However, threat of substitutes hampers the market growth. On the contrary, technological advancements are expected to create lucrative opportunities in the near future.
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PSA nitrogen generator dominated the market
By generation type, the PSA nitrogen generator segment held the largest share in 2018, contributing to around half of the global nitrogen generators market, owing to increase use of PSA nitrogen generators across plastic molding industry and food & beverage industry and advantages offered by this generator such as convenience, consistency & reliability, and low operating costs. However, the membrane nitrogen generator segment is projected to register the fastest CAGR of 5.1% during the forecast period, owing to rise in the adoption of these generators in healthcare and chemical industries.
Chemicals segment to manifest the fastest growth
By end users, the chemical segment is projected to portray the fastest CAGR of 6.0% during the forecast period, owing to increase in applications of nitrogen generators in the chemical industry such as purging and blanketing. However, the food & beverage segment dominated the global nitrogen generators market in 2018, contributing to nearly one-fourth of the market, due to rise in number of food & beverage plants globally and dependency of the industry on nitrogen gas to preserve freshness and prevent spoilage of products.
North America held the largest share
The global nitrogen generators market across North America held the largest share in 2018, accounting for nearly two-fifths of the market, owing to huge demand for nitrogen generators in the food & beverage, laboratories, and aviation industries. However, the market across Asia-Pacific is expected to manifest the fastest CAGR of 5.8% during the study period, owing to the presence of emerging economies and several end-use industries such as automotive, food & beverage, electronics, and oil & gas that demand nitrogen generators.
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Industry Money Makers
- Air Products and Chemicals, Inc.
- Hitachi Industrial Equipment Systems Co., Ltd.
- Atlas Copco AB
- L'Air Liquide S.A.
- Oxymat A/S
- NOVAIR S.A.S
- On Site Gas Systems, Inc.
- Peak Gas Generation
- Parker-Hannifin Corporation
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