US Rare Gases Market to Witness Muted Growth over Next Five Years, Says TechSci Research
Burnaby, Canada, May 28, 2014 --(PR.com
)-- Krypton, Xenon and Neon are the major rare gases, which form a part of noble gases group in the periodic table. These gases are inert in nature and are called ‘rare gases’ as they constitute miniscule percentage of atmospheric air. Rare gases have been known for their light emitting properties as they emit different colors upon being electrically charged. Only a handful of facilities in the US produce these gases, since large ASUs (Atmospheric Separation Units) such as those with liquid oxygen production capacity of more than 2,000 TPD (Tons per Day) are required for rare gas production.
According to a recently published report by TechSci Research, “United States Rare Gas Market Forecast & Opportunities, 2019”, the country’s rare gas market revenues are projected to grow at a CAGR of around 1.34% during 2014-19. The market is anticipated to be largely driven by the demand for rare gases in lasers, energy efficient solutions and cryogenic applications. “In the US rare gas market, lighting & lasers account for the largest consumption of rare gases, predominantly due to the light emitting properties of these gases. Though, the demand for rare gases is declining in this application, new applications such as window insulation and medical anaesthetics are expected to emerge as the major applications over the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
As the lighting industry is being over-shadowed by LEDs (light emitting diodes), the demand for rare gases in general lighting applications is diminishing. Application of rare gases in lighting application is now largely limited to halogen incandescent lamps, a segment that is also expected to shrink over the next few years. The report highlights growing applications of rare gases in other segments such as medical and energy saving in the country.
“United States Rare Gas Market Forecast & Opportunities, 2019” has evaluated the potential of the rare gas market in the US and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.