Pune, India, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The global xenon market size was valued at USD 203.92 million in 2021 and USD 247.86 million in 2022. The market is likely to touch USD 286.42 million by 2029, exhibiting a CAGR of 2.1% during the forecast period. Excellent characteristics of the chemical and its rising applications in the semiconductor industry are expected to propel market growth. Fortune Business Insights™ provides this information in its report titled “Xenon Market, 2022-2029.”
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List of Key Players Profiled in the Report
- Air Liquide (France)
- Linde PLC (Ireland)
- Air Products & Chemicals, Inc. (U.S.)
- Messer Group GmbH (Germany)
- Proton Gases (India) Pvt. Ltd. (India)
- Matheson Tri-Gas, Inc. (U.S.)
- American Gas Products (AGP LLC) (U.S.)
- Coregas Pty Ltd. (U.S.)
- Akela-p Medical Gases P. Ltd. (Russia)
- Electronic Fluorocarbons, LLC (U.S.)
- Iceblick Ltd. (Ukraine)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 2.1% |
| 2029 Value Projection | USD 286.42 Million |
| Base Year | 2021 |
| Xenon Market Size in 2021 | USD 203.92 Million |
| Historical Data | 2018-2020 |
| No. of Pages | 135 |
| Segments Covered | By Category, By Type and Regional |
| Xenon Market Growth Drivers | Due to Higher Adoption, the Satellite Segment Dominated the Market in 2021 |
| Asia Pacific is a major consumer owing to the rising demand from the satellite industry. |
COVID-19 Impact
Strong Medical Oxygen Production Fostered Industry Progress
This industry was positively impacted during the COVID-19 pandemic due to rising demand for medical oxygen production. Further, the sudden spike in COVID-19 patients enhanced the demand for oxygen from the healthcare industry. Moreover, the rising adoption of the product from hospitals is expected to enhance the product adoption. Further, the adoption of automated production techniques enabled manufacturers to enhance sales and balance costs. These factors fueled the industry's growth during the pandemic.
Segments
N5 Segment to Dominate Owing to Strong Demand from the Aerospace Sector
By type, the market is segmented into N3, N4.5, and N5.
The N5 segment is expected to dominate, owing to strong demand from the aerospace sector. Further, its high purity levels and cost-effectiveness are expected to enhance industry growth.
Satellite Segment to Dominate Owing to Robust Demand from the Aerospace Sector
Based on application, the market is classified into imaging & lighting, satellite, electronics & semiconductors, medical, and others.
The imaging & lighting segment is expected to dominate the market due to the robust demand for xenon from the aerospace sector. The robust demand for the product from the aerospace sector is expected to enhance the industry’s growth.
Regionally, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Strong Demand for Satellites to Foster Market Progress
Xenon (Xe) is an inert gas that emits blue light when exposed to an electrical discharge. Strong demand for satellites is expected to enhance the product’s adoption. Further, the reduced weight of the gas is expected to enhance the demand for satellites. Moreover, the high ionization of the product is expected to bolster its sales. The satellite allows spacecraft to carry more payloads and reduces risks associated with the product. Also, launch of satellites by major countries may enhance the product’s adoption. These factors may drive the xenon market growth.
However, the dangerous effects of the gas on the human body are expected to restrain the market growth.
Regional Insights
Strong Demand for the Gas During Engine Testing to Propel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the xenon market share due to the strong demand for gas during engine testing. The market size in 2021 was USD 74.80 million and is expected to grow positively in the coming years. Furthermore, the strong adoption of Xe from China and Japan is expected to enhance its demand.
In Europe, the strong demand for the product from the satellite and semiconductor industry is expected to enhance gas adoption. Further, the ongoing dark matter research in Europe is expected to enhance the product’s adoption.
In Latin America and the Middle East & Africa, fewer developments in end-use markets are expected to enhance the industry’s growth.
Browse Detailed Summary of Research Report with TOC:
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Market Trends
- Insights on Regulatory Scenario
- PEST Analysis
- Key Developments
- Impact of COVID-19 on Xenon Market
- Supply Chain Challenges
- Steps taken by companies to combat COVID-19 Outbreak
TOC Continued…!
Competitive Landscape
Companies Devise Product Launches to Enhance Brand Image
Prominent players operating in the market announce novel products to enhance their brand image. For example, OneWeb Satellites announced its first six spacecraft in February 2019. The company is expected to announce nearly 100 spacecraft. This launch may allow the company to bolster its brand image. Furthermore, companies devise partnerships, acquisitions, mergers, and acquisitions to enhance their brand image.
Key Industry Development
- September 2021: Linde announced plans to enhance its air separation unit capacity in Florida to satisfy consumer demand for industrial gases.
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Frequently Asked Questions (FAQs):
1. Is the Impact of COVID-19 on Xenon industry growing?
Answer: Global xenon market size was valued at USD 203.92 million in 2021 and USD 247.86 million in 2022. The market is likely to touch USD 286.42 million by 2029.
2. Who are the key players in the the Impact of COVID-19 on Xenon Market?
Answer: Air Liquide (France), Linde PLC (Ireland), Air Products & Chemicals, Inc. (U.S.), American Gas Products.
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