The industrial gases sector is poised for notable advancements in 2024. As technology, regulations, and environmental considerations evolve, it is crucial for businesses and stakeholders to stay informed about the latest trends. This article highlights key trends, statistics, and insights regarding industrial gases that will shape the industry in the coming year.
The global industrial gases market was valued at approximately $88 billion in 2021 and is expected to reach around $120 billion by 2028, growing at a CAGR of 5.5% during the forecast period (2021-2028). This growth can be attributed to increasing demands from various industries including healthcare, manufacturing, and food processing.
Source: Fortune Business Insights
In 2024, sustainability will continue to dominate industrial gases trends. More companies are focusing on reducing carbon footprints, with a rise in the adoption of hydrogen as a cleaner alternative to traditional fuels. The hydrogen production market is expected to grow significantly, reaching around $197.4 billion by 2030.
Source: Research and Markets
The drive towards net-zero emissions has increased investment in green hydrogen production. Initiatives such as the European Green Deal are poised to accelerate this trend, with an estimated investment of €180 billion annually needed to meet green hydrogen goals.
Source: European Commission
Technological advancements are reshaping the industrial gases landscape. In 2024, advancements in AI and IoT will enhance the efficiency of gas supply chains and monitoring systems. Companies that leverage these technologies will likely see a reduction in operational costs by up to 20%.
Source: MarketsandMarkets
With increasing safety concerns related to industrial gases, regulations are tightening. The introduction of stricter guidelines will influence supply chains and operational protocols. The OSHA (Occupational Safety and Health Administration) is expected to release new standards in 2024 that could impact how industries handle gases.
Source: OSHA
The healthcare sector's dependence on industrial gases is projected to surge, especially concerning medical oxygen and anesthetic gases. The global medical gases market is anticipated to grow from $9.5 billion in 2021 to $16.5 billion by 2028.
Source: Grand View Research
As telehealth becomes more integrated into patient care, companies will explore ways to efficiently deliver gases for home use. This shift could lead to innovative packaging and delivery solutions, potentially increasing private consumer sales by 30% in the next few years.
Source: McKinsey & Company
Distribution models will also evolve, with on-site gas production becoming a trend. Industries are increasingly investing in on-site solutions to minimize logistics costs and improve supply chain resilience. The market for on-site gas generation is expected to grow by 7.2% annually through 2025.
Source: Technavio
Despite the promising growth, the industrial gases sector faces challenges, particularly related to supply chain disruptions and the rising cost of raw materials. The global chip shortage and geopolitical tensions may impact production capacities by 15% in some sectors if not addressed adequately.
Source: Deloitte
As we move into 2024, the industrial gases industry will witness significant transformations driven by market demands, technological innovations, and regulatory changes. Stakeholders and businesses should remain agile and informed to capitalize on the opportunities arising from these trends.
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