Krypton Gas Market is estimated to be US$ 327.3 million by 2032; Rising Focus on Green Building Construction to Propel Market Growth-PMI
Prophecy Market Insights latest research report on the In Krypton Gas Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Sept. 29, 2023 (GLOBE NEWSWIRE) — How big is the Krypton Gas Market?
Krypton Gas Market accounted for US$ 180.9 billion in 2022 and is estimated to be US$ 327.3 billion by 2032 and is anticipated to register a CAGR of 5.8%.
Krypton Gas belongs to the noble gas group, which also includes helium, neon, argon, xenon, and radon and is used as a filling gas for energy saving fluorescent lights. They are commonly used in various lighting applications, including fluorescent lamps, neon signs, and high-intensity discharge (HID) lamps.
Growing construction activities across the globe coupled with increased adoption of sustainable building practices, including the use of energy-efficient material has given positive impact on target market growth. Rising focus on green building construction and demand for krypton gas in this sector is likely to provide lucrative opportunities in Krypton Gas market growth over the forecast period.
The growing demand for energy-efficient lighting solutions has led to an increased use of Krypton gas, contributing to its market growth. Presence of major companies and growing market consolidation activities across globe to strengthen its position in global market is expected to boost the demand for Krypton Gas market growth in coming years.
|Krypton Gas Market Value (2022)||US$ 180.9Bn|
|Krypton Gas Market Projected Value (2032)||US$ 327.3Bn|
|Krypton Gas Market CAGR (2022 – 2032)||5.8%|
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- Based on Type-Krypton Gas Market is segmented into Illumination and Insulation.
- Based on Application-Krypton Gas Market is segmented into Laser mixtures, Lighting, PDP backlighting, Research, Satellites, and Others.
- By Region-the Krypton Gas Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Growth drivers for the krypton gas market:
- Energy Efficiency Initiatives: Energy-efficient lighting solutions, such as krypton-filled bulbs, are in demand due to increasing environmental concerns and energy-saving regulations. As governments and consumers seek more energy-efficient options, this can drive the demand for krypton gas.
- Space Exploration and Satellite Technology: Krypton gas is used in ion propulsion systems for spacecraft. As space exploration efforts expand, including missions to the Moon, Mars, and beyond, there may be a growing need for krypton gas in this sector.
- Electronics and Semiconductor Manufacturing: The electronics industry continually evolves, with a focus on smaller, more powerful devices. Krypton gas can be used in the production of semiconductors, and as technology advances, the demand for semiconductors may increase.
Competitive Landscape & their strategies of Krypton Gas Market:
The prominent players operating in the Krypton Gas Market includes,
- Air Products and Chemicals, Inc.
- AIR WATER INC.
- BASF SE
- Gulf Cryo Holding C.S.C
- Messer Group GmbH
- Nanjing Special Gas Factory Co., Ltd.
- Praxair Technology, Inc.
- RasGas Company Limited
- Shengying Gas
- Universal Industrial Gases, Inc.
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What are the opportunities in the krypton gas market?
- Lighting Industry: Krypton gas is commonly used in high-intensity discharge (HID) lamps, including some types of incandescent and fluorescent bulbs. As energy-efficient lighting solutions become more popular, there may be opportunities to supply krypton gas for these applications.
- Laser Technology: Krypton lasers are used in various applications, including medical devices, scientific research, and material processing. As technology advances, the demand for krypton lasers may increase, providing opportunities for gas suppliers and laser manufacturers.
- Aerospace and Defense: Krypton gas can be used in certain types of ion thrusters for spacecraft propulsion. As space exploration and satellite deployment continue to grow, there may be opportunities in supplying krypton gas for these applications.
- Window Insulation: Krypton gas can be used as an insulating fill in double and triple-pane windows, improving energy efficiency. The construction industry’s focus on energy-efficient building materials could create opportunities in this market.
The reports help answering the following questions:
- What is the current size of the Krypton Gas Market, in different regions?
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