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The laboratory gas generators market is projected to reach USD 508 million by 2024 from USD 279 million in 2019, at a CAGR of 12.7%

NEW YORK, Sept. 19, 2019 /PRNewswire/ --

Rising safety concerns related to the use of conventional gas cylinders, growing importance of analytical techniques in drug and food approval processes, and increasing R&D spending in target industries are the key factors driving the laboratory gas generators market.

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The laboratory gas generators market is projected to reach USD 508 million by 2024 from USD 279 million in 2019, at a CAGR of 12.7% during the forecast period. Growth in this market is mainly driven by the rising importance of analytical techniques in drug and food approval processes, increasing R&D spending in target industries, rising safety concerns related to the use of conventional gas cylinders, and the growing demand for hydrogen gas as an alternative to helium. The increasing demand for laboratory automation and opportunities in the life science industry will also have a positive impact on market growth in the coming years. On the other hand, the reluctance to replace conventional gas supply methods with modern laboratory gas generators is a major factor challenging market growth.

Hydrogen gas generators segment is expected to grow at the highest CAGR during the forecast period.
Based on type, the laboratory gas generators market is segmented into nitrogen gas generators, hydrogen gas generators, zero air generators, purge gas generators, and others (oxygen gas generators, calibration gas generators, and dry air generators).The nitrogen gas generators segment accounted for the largest share of the laboratory gas generators market in 2018, while the hydrogen gas generators segment is projected to grow at the highest CAGR during the forecast period.

The trend of replacing helium with high-purity dry hydrogen is considered a major opportunity area for players in this market.

The pharmaceutical & biotechnology companies segment accounted for the largest share of the laboratory gas generators market in 2018
Based on end user, the laboratory gas generators market is segmented into pharmaceutical & biotechnology companies, chemical & petrochemical companies, food & beverage companies, and other end users (environmental companies and research & academic institutions).The pharmaceutical & biotechnology companies segment accounted for the largest market share in 2018.

Rising drug R&D, stringent drug discovery regulations, and the growing demand for laboratory analytical instruments and lab automation are some of the key factors enhancing the growth of this end users segment. The chemical & petrochemical companies segment is expected to register the highest growth during the forecast period.

Asia to be the fastest-growing regional market.

By region, the laboratory gas generators market is segmented into North America, Europe, Asia, and the Rest of the World (RoW).North America accounted for the largest market share in 2018.

The large share of this market is attributed to the strong economies in the US and Canada, which has led to a higher demand for efficient and advanced laboratory equipment in this region.However, the market in Asia is expected to grow at the highest CAGR during the forecast period.

Market growth in this region is attributed to the significant outsourcing of clinical trials to Asian countries, among other factors.

The primary interviews conducted for this report can be categorized as follows:
• By Company Type: Tier 1 (28%), Tier 2 (42%), and Tier 3 (30%)
• By Designation: C-level (30%), D-level (34%), and Others (36%)
• By Region: North America (46%), Europe (25%), Asia (18%), and the RoW (11%)

List of Companies Profiled in the Report
• Parker Hannifin Corporation (US)
• Peak Scientific Instruments Ltd. (UK)
• Praxair Technology, Inc. (UK)
Nel (Norway)
• F-DGSi (France)
VICI DBS (US)
• LNI Swissgas Srl (Switzerland)
• LabTech S.r.l. (Italy)
• Claind S.r.l. (Italy)
• ErreDue s.p.a. (Italy)

Research Coverage:
This report provides a study of the laboratory gas generators market.It aims at estimating the size and future growth potential of the market across different segments, such as type, application, end user, and region.

The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of revenue numbers for the overall laboratory gas generators market and its subsegments.This report will also help stakeholders understand the competitive landscape, and gain insights to better position their business and make suitable go-to-market strategies.

It will also enable stakeholders to understand the pulse of the market and provide them with information on the key market drivers, challenges, and opportunities.

Download the full report: https://www.reportbuyer.com/product/5815912/?utm_source=PRN

About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers

For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: sarah@reportbuyer.com
Tel: +1 (718) 213 4904
Website: www.reportbuyer.com

Cision View original content:http://www.prnewswire.com/news-releases/the-laboratory-gas-generators-market-is-projected-to-reach-usd-508-million-by-2024-from-usd-279-million-in-2019--at-a-cagr-of-12-7-300921642.html

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