(EMAILWIRE.COM, January 26, 2021 ) Major Growth Boosting Factors:

The Growth in Laboratory Gas Generators Market is mainly driven by the growing importance of analytical techniques in drug and food approval processes, increasing R&D spending in target industries, rising safety concerns related to the use of conventional gas cylinders, and the growing demand for hydrogen gas as an alternative to helium. The rising demand for laboratory automation and opportunities in the life science industry will also have a positive impact on market growth in the coming years. On the other hand, the reluctance to replace conventional gas supply methods with modern laboratory gas generators is a major factor challenging market growth.

Expected Revenue Growth:

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.

Market Size Estimation;

Both top-down and bottom-up approaches were used to estimate and validate the total size of the laboratory gas generators market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

- The key players in the industry and markets have been identified through extensive secondary research

- The revenue generated from the sales of laboratory gas generators by leading players has been determined through primary and secondary research

- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources

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“The hydrogen gas generators segment is expected to grow at the highest CAGR during the forecast period.”

Based on type, the lab gas generators market 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 hydrogen gas generators segment is expected to grow at the highest CAGR during the forecast period, owing to advantages such as a growing preference for hydrogen as a cost-effective alternative to helium, as it offers faster analysis and optimal results. The trend of high-purity dry hydrogen replacing helium is considered as a major opportunity area for players operating in this market. In addition to their enhanced safety, hydrogen gas generators offer other advantages such as simple installation and cost-efficiency.

Recent Developments;

- In May 2017, Peak Scientific announced the expansion of its regional office in Brazil.

- In November 2018, Praxair (US) signed an agreement with Phillips 66 (US) to supply high-purity hydrogen for Phillips’ 66 Sweeny Refinery

- In February 2017, NEL (Norway) acquired Proton Energy Systems Inc. (Proton Onsite) (US) to become the world’s largest supplier of products based on the Proton Exchange Membrane (PEM) technology.

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Geographical Scenario: On the basis of region, the market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2018, North America accounted for the largest share of the market, followed by Europe. However, Asia is expected to grow at the highest CAGR during the forecast period. Market growth in this region is primarily driven due to the significant outsourcing of clinical trials to Asian countries, among other factors.

Key players in the laboratory gas generators market;

The 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).