The global air separation plant market enjoys a valuation of US$ 5.9 Bn and is projected to expand at a CAGR of 5% to attain a net worth of US$ 7.9 Bn by the end of 2028. Strong demand for air separation plants in the healthcare industry is expected to be a prominent trend favouring overall market growth across regions.
The global market for air separation plants will be worth $7,891.1 Mn by 2028, growing at a steady CAGR of 4.9 percent, with China accounting for the lion’s share of the global market in the coming decade.
Furthermore, many industrial activities are shifting toward high-purity gases, boosting innovation in the air separation plant market. Chemical properties such as reactivity and physical properties such as density, boiling point, and vapour pressure make these gases suitable for use in a variety of industries—they are known as fuel gases, medical gases, refrigerant gases, or speciality gases depending on the industry.
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An Overview of the Global Air Separation Plant Market
A large share of the market revenue is likely to be generated by the chemical, iron and steel, healthcare, and food and beverage industries. Air separation plants are used for separating atmospheric air into industrial gases, including nitrogen, oxygen, argon, and other inert gases. Increasing demand for such industrial gases will create opportunities for the air separation plant market to grow in the coming years.
The food and beverage industry’s growing emphasis on gas packaging, rapid refrigeration, and freezing technologies is driving up demand for liquid nitrogen freezing.Several air separation plant manufacturers are specifically launching units for gas-related products in the food industry. Additionally, demand for medical gases and equipment like infusion pumps and continuous positive airway pressure (CPAP) devices in hospitals and private homes will ramp up investments in the air separation plants market in the coming years.
Growing Demand for Pure Gases Augments Adoption of On-site Air Separation Plants
In lieu of growing demand for on-site gas generation for environmentally friendly operations, key players in the air separation plant market are catering to the diverse needs of several industries looking for volume and purity with customizable on-site production solutions. An on-site air separation plant enhances energy efficiency, boosts product quality, and increases throughput. Modular configuration, designed with backup systems, and easy installation and integration are some of the factors pushing the adoption of on-site air separation plant technologies—offering a highly reliable source of energy.
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Customized solutions, mergers and acquisitions, and divestitures are the key strategies driving the global air separation plant market.
Top players operating in the global air separation plant market are focusing on strategic mergers and acquisitions to expand their businesses in regions with high industrial growth. Manufacturers are also empowering end-users with innovations and digitization in air separation plants for increased operator comfort and protection. Market players are customising air separation plants in order to meet specific customer demands in terms of gas volume and purity. For instance, Linde AG serves a major share of customers looking for customised solutions owing to their worldwide presence and vast experience in engineering and operation of customised air separation plants.
However, factors such as high capital costs associated with setting up air separation units and cyclical fluctuations in end-user markets could negatively impact the growth of the air separation plant market, in terms of market volume. Mature markets in Japan are likely to reduce air separation plant deployments in the coming years.