Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Oxygen Cylinders and Concentrators Market (By Product: Portable, Fixed; By Application: Manufacturing, Healthcare, Aerospace & Automotive, Pharmaceutical & Biotechnology, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”.
LOS ANGELES, March 26, 2019 (GLOBE NEWSWIRE) -- The global oxygen cylinders & concentrators market size is anticipated to around USD 5,320.4 million by 2026, this market is anticipated to grow with 9.1% CAGR during the forecast time period. The increase in demand for adventure sports is expected to drive the growth of the global oxygen cylinders & concentrators market.
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The rising demand for oxygen cylinders & concentrators from the healthcare and manufacturing industry is expected to boost the global oxygen cylinders & concentrators market. Numerous factors such as the increase in elderly population rise in a number of smokers, an increase in consumer awareness about the importance of oxygen cylinders and concentrators are the latest trends that are impelling the overall industry. In turn, these factors are expected to boost the demand for oxygen cylinders & concentrators market in the forthcoming years.
Moreover, the growing incidence of chronic diseases, respiratory disorders, asthma, and other disorders is expected to drive the growth of oxygen cylinders & concentrators market in the forecast period. Extreme smoking and direct contact to industrial dust worsen the air quality that leads to respiratory illness. Also, the climatic change further can be a huge threat to respiratory health as it raises risk factors such as amounts of allergens and pollens. These are the major factors that expected to boost the demand for oxygen cylinders & concentrators market. Also, factors such as increasing demand for adventure sports such as mountaineering and scuba diving will fuel the market growth. The absence of oxygen at higher altitudes and deep-sea levels fuels the need for oxygen cylinders that ensure a continuous supply. Lack of these devices results in headache, suffocation and dizziness, and even death. Also, the manufacturing sector is expected to witness noteworthy growth in the future. The rising number of manufacturing units such as metals processing, glass making, welding, and pulp and paper production, and other plants are expected to stimulate market expansion. Moreover, the growing number of people selecting sports boost the growth of oxygen cylinders & concentrators market. Moreover, the rising demand for portable oxygen cylinders & concentrators is expected to create lucrative growth opportunities for the key manufacturers in the global oxygen cylinders & concentrators market.
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The global oxygen cylinders & concentrators market is segmented into the product, application, and region. On the basis of the product, the global oxygen cylinders & concentrators market is segmented into portable and fixed. On the basis of application, the global oxygen cylinders & concentrators market is segmented into manufacturing, healthcare, aerospace & automotive, pharmaceutical & biotechnology, and others. On the basis of the region, the global oxygen cylinders & concentrators market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Asia Pacific region is expected to dominate the global oxygen cylinders & concentrators market followed by North America and Europe region. The market in the Asia Pacific is expected to grow significantly during the forecast period due to the upsurge in demand from various end-use industries such as automotive, textile, and packaging in developing countries, such as India, Malaysia, Vietnam, and Singapore. The oxygen cylinders & concentrators in North America region is anticipated to hold a significant share in the upcoming years. The demand for oxygen cylinders & concentrators in North America is expected to increase at a significant pace owing to the increase in consumption of UV-cured inks in advertising, automotive component printing, textile printing, and other applications.
The prominent players operating in the global oxygen cylinders & concentrators market are Koninklijke Philips N.V., Air Liquide, Chart Industries, Invacare, Catalina Cylinders, Inogen, TecnoGaz, MeBer, Cramer Decker, and HERSILL, etc.The demand for oxygen cylinders & concentrators in the Asia Pacific region is expected to increase rapidly during the forecast period owing to the huge patient pool that is suffering from chronic diseases and respiratory disorders. The market in the North America region is dominated by large players and is moderately consolidated. Also, the strategic initiatives are commenced by key players that include new product launch, partnerships, acquisitions, and mergers.The R&D investments coupled with advanced technologies are expected to offer innovative portable solutions that are predicted to offer growth opportunities for the market players in the global oxygen cylinder & concentrators market.
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