Gas Equipment Global Market Report 2024

The gas equipment market size has grown strongly in recent years. It will grow from $72.79 billion in 2023 to $77.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The expansion observed in the historical period can be attributed to trade liberalization, research and development initiatives, natural gas discoveries, infrastructure development, and regulatory changes over time.

The gas equipment market size is expected to see strong growth in the next few years. It will grow to $102.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to energy security concerns, population growth, a shift towards renewable gas, digitalization, and government subsidies. Major trends expected in the forecast period include circular economy practices, decentralized energy solutions, smart infrastructure integration, carbon capture and storage (CCS), and hybrid gas-electric systems.

The gas equipment market is set for growth due to the rising demand for industrial gases across various applications. Industrial gases play a crucial role in manufacturing, oil refining, cleaning, transportation, and other industrial processes. These gases, including oxygen, nitrogen, hydrogen, and carbon dioxide, are supplied in larger cylinders and used in pure form or in combination with other gases. The demand for industrial gases is further augmented by processes such as Carbon Capture and Storage (CCS), where gas equipment is essential. For example, the Global Carbon Capture and Storage Institute reported the potential for capturing 149.3 million metric tons of carbon dioxide annually by CCS facilities. This growing demand for industrial gases is expected to propel the gas equipment market.

The gas equipment market is set to experience growth due to the increasing demand for energy. Energy demand refers to the total amount of energy required by individuals, industries, and societies for various purposes. Gas equipment plays a crucial role in energy production through gas-fired power plants, industrial boilers, and distributed generation using gas engines. It supports applications such as peaking plants and liquefied natural gas facilities. In April 2023, the Energy Information Administration reported a projected 5% to 32% rise in energy usage in the US industrial sector between 2022 and 2050. This surge in energy demand is a key factor driving the growth of the gas equipment market.

Technological advancements are becoming a prominent trend. Major companies operating in this sector are directing their efforts towards developing innovative technological solutions to enhance their market positions. For example, in January 2022, SuperFlash LLC, a US-based company specializing in compressed gas safety and management, launched the GA300, a mobile and compact gas analyzer. This device enables the analysis of gas mixtures for various applications, such as food, beverages, and industrial production processes. With its user-friendly interface and digital LCD display, the GA300 is a lightweight, durable, and low-maintenance device designed for mobility, offering precise analysis capabilities for gas mixtures.

Major companies are striving to gain a competitive edge by developing innovative products such as pressure-reducing regulators. These regulators are designed to lower and control the pressure of incoming gas from a high-pressure source to a specified lower pressure required for downstream applications. Emerson Electric Co., a U.S.-based engineering and technology solutions company, exemplifies this trend with the launch of the TESCOM HV-3500 Onboard Regulator in November 2022. Tailored for use in commercial hydrogen fuel cell vehicles, the HV-3500 employs a dual-stage design and patented active seal to ensure consistent pressure, optimizing fuel efficiency and extending fuel cell life. Beyond improving fuel cell durability, the HV-3500 simplifies installation for original equipment manufacturers (OEMs), reducing manufacturing time and costs.

In April 2022, Air Products, a US-based company specializing in essential industrial gases, related equipment, and applications expertise, completed the acquisition of Air Liquide for an undisclosed amount. This strategic move by Air Products is aimed at leveraging its extensive experience in the Middle East and further supporting its regional expansion strategy. Air Liquide, a France-based company providing industrial gases and services to various industries, including medical, chemical, and electronics manufacturing, became part of Air Products through this acquisition.

Major companies operating in the gas equipment market report are BASF SE, Nippon Sanso Holdings Corporation., Linde PLC, Air Liquide S.A., ABB Ltd., Parker Hannifin Corporation, Atlas Copco AB, Praxair Inc., Iwatani Corporation, John Wood Group PLC, The Messer Group GmbH, Colfax Corporation, Donaldson Company Inc., Itron Inc., Matheson Tri-Gas Inc., Messer SE & Co. KGaA, Chart Industries Inc., Filtration Group Inc., Camfil AB, Johnson Thermal Systems Inc., GCE Holding AB, Cryostar SAS, FIBA Technologies Inc., Xebec Adsorption Inc., Gas Control Equipment Ltd., Hannay Reels Inc., Rexarc International Inc., Welsco Inc., Global Display Solutions S.p.a., Advanced Specialty Gases., Gasco Affiliates LLC., Generon IGS Inc., Global Gases Group Pte Ltd., Haskel International Inc.

North America was the largest region in the gas equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gas equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gas equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary equipment types in gas equipment include gas delivery systems, gas regulators, flow devices, purifiers and filters, gas generating systems, gas detection systems, cryogenic products, and accessories. Gas delivery systems are crucial for significant gas volumes, safely reducing pressure for various applications in semiconductors, pharmaceuticals, aerospace, universities, and more. Gases such as nitrogen, hydrogen, helium, oxygen, and carbon dioxide undergo processes such as generation, storage, detection, and transportation, serving industries such as metal fabrication, chemical, healthcare and medical, oil and gas, among others.

The gas equipment market research report is one of a series of new reports that provides gas equipment market statistics, including gas equipment industry global market size, regional shares, competitors with a gas equipment market share, detailed gas equipment market segments, market trends and opportunities, and any further data you may need to thrive in the gas equipment industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The gas equipment market consists of sales of air fuel torches, laser equipment, mixers, flowmeter, regulator. Values in this gas equipment market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.