Global markets have been severely affected in terms of revenue shares, and mechanisms due to the wrath of the pandemic crisis. The Xenon Gas Market, today is a major market that has been estimated to have reached a volume of about 18 litres in the past year. Here are some trends and facts about this xenon gas market which might be useful to know.
The xenon gas market is currently growing at a CAGR of approximately 3.5% in its forecast period from now to 2027. The xenon gas market is supposed to cross 22 litres by the end of its forecast period.
The Xenon gas market, as the term implies, is based on the industrial and commercial usage of Xenon gas, which is basically a noble gas, also chemically referred to as Xe. Some of the most important characteristic features of xenon gas that add to its propensity towards being commercially and chemically useful are that it’s tasteless, odourless, colourless, non-toxic and not at all reactive.
The gas used in the xenon gas market can be produced chemically as a by-product of large scale oxygen production. But the amount of this gas in the atmosphere is extremely limited. Because of its diverse range of applications in different types of industries, the xenon gas market has quite a number of competitors in the global market out there.
Some of the key names providing services and competing to succeed in the xenon gas market are Airgas Inc., American Gas & Chemical Co., Ltd., BASF SE, Core Gas, Linde AG, Matheson Tri-Gas, Inc., Messer Group GmbH, Praxair, Inc and so on.
Delving further into the market segmentation of this global xenon gas market will explain the growing usage and success of the same. Depending on the mode of supply, the xenon gas market can be divided into a merchant, packaged, on-site, etc. Based on type, the xenon gas market can be divided into cylinders, tonnage and bulk. However, based on the end-use industrial application, the xenon gas market can be categorized methodically into aviation and aerospace industry, imaging and lighting industry, automotive and transportation industry, healthcare industry, construction sector industry, electrical and electronic industry, and so on. The healthcare industry is considered to be leading the revenue shares of the xenon gas market owing to its applications in the expanding pharmaceutical arena and rehabilitation therapy. Other than that, the lighting industry has the largest share of the xenon gas market.
Having seen the kind of segmentation in the xenon gas market, it is comprehensible that the important driving forces of the xenon gas market include increasing demand for lighting solutions, stringent environmental regulations, growing urbanisation and rapidly changing technological progress, thriving consumer electronic industry, and so on.
Regional segmentation of the xenon gas market depicts its competitive landscape to be dominated by areas of Europe, Asia Pacific, North America, Middle East and Africa. Among them, the Asia Pacific, especially China, followed by North America has emerged to be holding the maximum shares of the xenon gas market. The multitudinous utilizations of the xenon gas market, thus foretells that it is here to stay, and even expand!
