The industrial gases sector is expected to see significant developments in 2024, driven by various market dynamics, technological advancements, and growing environmental concerns. This article highlights the top trends in the industrial gases industry, backed by relevant statistics to provide readers with insights into what to expect in the coming year.
One of the most significant trends influencing the industrial gases sector is the increasing demand for clean energy solutions. According to a report by Fortune Business Insights, the global hydrogen market is projected to reach $184.4 billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028.
Innovations in hydrogen production technologies, such as electrolysis and steam methane reforming, are gaining traction. Bloomberg New Energy Finance reported that the cost of green hydrogen production is expected to drop by 60% by 2030, thanks to advancements in renewable energy sources and electrolysis technologies.
As the world shifts towards sustainability, carbon capture and storage (CCS) technologies are becoming vital. The Global CCS Institute revealed that over 50 CCS facilities are currently operational worldwide, with an estimated investment of $83 billion needed by 2030 to scale these initiatives effectively.
The market for gases utilized in carbon capture, such as CO2, is expected to expand. The North America CO2 market alone was valued at approximately $1.3 billion in 2020 and is projected to reach $2.1 billion by 2028, according to Reports and Data.
Technological developments in gas distribution systems are improving efficiency and safety. The global industrial gas distribution market is anticipated to grow from $41.1 billion in 2021 to $53.9 billion by 2027, at a CAGR of 4.8%, as reported by MarketWatch.
Smart monitoring technologies are being integrated into gas distribution systems, enabling better asset management and predictive maintenance. Research from Forbes indicates that the industrial IoT (Internet of Things) market is expected to grow from $64 billion in 2020 to $91 billion by 2026, which will benefit the industrial gases sector immensely.
Governments worldwide are implementing stricter regulations to promote sustainability. The European Commission's Green Deal aims for the EU to become the world’s first climate-neutral continent by 2050. As a result, industrial gas suppliers must adapt to meet these regulatory requirements.
Renewable gases, such as biomethane and syngas, are gaining regulatory support. The U.S. Environmental Protection Agency has set a Renewable Fuel Standard (RFS) that mandates the blending of renewable fuels into the national transportation fuel supply, increasing demand for renewable gases significantly.
Specialty gases, including noble gases and electronic gases, are on the rise due to their importance in industries like electronics, healthcare, and aerospace. The specialty gases market is projected to grow from $10.7 billion in 2020 to $15.1 billion by 2026 at a CAGR of 5.5%, according to Mordor Intelligence.
The advancement in semiconductor manufacturing and the growing demand for lasers in healthcare will drive this growth. The global semiconductor market itself is anticipated to reach $1 trillion by 2030, bolstering the demand for specialty gases.
As we head into 2024, the industrial gases sector is poised for transformative changes driven by clean energy initiatives, technological innovations, regulatory shifts, and the growing need for specialty gases. Stakeholders must keep an eye on these trends to capitalize on opportunities and navigate challenges effectively.
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