Increase in employee safety have boosted the drive the growth of the global nitrogen generators market
PORTLAND, OR, UNITED STATES, September 22, 2020 /EINPresswire.com/ — The development of the industrial sector and an increase in demand for nitrogen generators in the semiconductor & electronics industry are anticipated to fuel the growth of the global nitrogen generators market in the coming years.
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.
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Based on the end-user industry, the market is divided into food & beverage, medical & pharmaceuticals, transportation, electrical & electronics, chemical, and others. The food & beverage segment is expected to garner the largest share in the global market during the forecast period, owing to the increase in the adoption of nitrogen generators to inhibit bacterial growth, maintain the freshness of food for a prolonged period, and offer a controlled atmosphere for the storage of vegetables & fruits. Depending on the product, the PSA nitrogen generator segment is expected to acquire maximum share during the forecast period. This is attributed to industries such as automotive, consumer goods, and electronics opting for nitrogen generators for on-site, high-purity nitrogen gas.
The global nitrogen generators market across North America held the largest share in 2018, accounting for nearly two-fifths of the market, owing to the 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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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 the plastic molding industry and food & beverage industry and the advantages offered by this generator such as convenience, consistency & reliability, and low operating costs.
Key Findings of the Nitrogen Generators Market :
• Based on the generator type, the PSA nitrogen generator segment was the largest revenue contributor in 2018.
• By the end-user industry, in 2018, the food & beverage segment generated the highest revenue, accounting for almost one-fifth of the market, and is projected to grow at a substantial CAGR from 2019 to 2026.
• Region-wise, Asia-Pacific is expected to exhibit the fastest growth during the study period.
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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Source: EIN Presswire