(PharmaNewsWire.Com, December 15, 2020 ) According to the new market research report “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” published by MarketsandMarkets™
Revenue Growth Opportunities and Growth Drivers?
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.
Growth Boosting 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
The Lab Gas Generators Market is a highly diversified and competitive market, with a large number of players, including mid-tier companies and startup firms, competing for market shares. The prominent players in the global market include 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), and ErreDue s.p.a. (Italy).
Peak Scientific Instruments Ltd. (UK): Peak Scientific is one of the prominent players in the market. The leading position of the company can be attributed to its strong brand recognition and extensive product portfolio in this market. Peak Scientific has two decades of experience in manufacturing laboratory gas generators, which gives it an edge over other players in this market.
Geographical Regions Mapped in Report:
North America accounted for the largest Laboratory Gas Generators Market share, followed by Europe. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which has led to a higher demand for efficient and advanced laboratory equipment. Growth in the North American market is supported by the importance of lab automation, government funding for R&D, and stringent requirements for high-purity gases. Moreover, the rising funding for environmental testing and the growth of the food testing industry are responsible for the growth of this segment.
Based on application, is segmented into gas chromatography (GC), liquid chromatography-mass spectrometry (LC-MS), gas analyzers, and other applications (light scattering detectors, evaporators, microwave plasma-atomic emission spectrometers, and sample preparation instruments). The LC-MS segment accounted for the largest share of the laboratory gas generators market in 2018. The large share of this segment is attributed to the significant usage of LC-MS by clinical research laboratories. Their high efficiency and expandable nitrogen generation capacity have also supported their utilization in LC-MS applications.
On the basis of type, 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 market share in 2019. The large share of this segment can be attributed to their advantages, including better efficiency, improved safety, and expandable and scalable nitrogen generation capacity. These generators are also cost-effective, and their compact design helps free up working space. Owing to these advantages, the demand for nitrogen gas generators is increasing among end users. Nitrogen gas generators are widely used in LC-MS applications.
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