Industrial Gas Storage Cabinets Market Size 2024-2028
The industrial gas storage cabinets market size is forecast to increase by USD 393.2 million at a CAGR of 4.5% between 2023 and 2028.
- The market is experiencing significant growth due to several key trends. Rising safety regulations for handling industrial gases are driving the need for advanced storage solutions, such as gas cabinets, to ensure the safe and efficient handling of these gases. Eco-friendly and sustainable storage solutions, such as fuel cell technology, are gaining popularity due to their environmental benefits. Furthermore, the ability to store gases In the form of hydrates offers advantages in terms of reducing transportation costs and minimizing the risk of leakages. Regulatory standards mandate advanced safety systems, such as automatic pressure relief valves, locking mechanisms, and containment trays, to ensure the safe handling and storage of these gases. Additionally, fluctuations in oil and gas prices continue to impact the market, with the increasing adoption of natural gas as a cleaner alternative to traditional fossil fuels boosting demand for industrial gas storage solutions. Overall, these factors are contributing to the growth and evolution of the market.
What will be the Size of the Market During the Forecast Period?
- The industrial gas storage cabines market encompasses a range of applications, primarily centered around compressed air, nitrogen, and oxygen. This sector caters to various industries, including healthcare, laboratories, manufacturing, and chemical sectors, where workplace safety is paramount.
- Market trends include the adoption of eco-friendly storage solutions, like wet and dry storage cabinets, which minimize gas loss and reduce environmental impact. Automation and integration with ventilation systems further enhance safety and efficiency. The market also witnesses growing demand for industrial gases from renewable energy sources, such as biogas and hydrogen, as part of the clean technologies movement. Gas cylinders continue to be a significant component of the market, but the shift towards advanced storage solutions is gaining momentum.
How is this Industry segmented and which is the largest segment?
The industrial gas storage cabinets industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- End-user
- Oil and gas industry
- Chemical industry
- Others
- Geography
- North America
- US
- Europe
- Germany
- France
- APAC
- China
- Japan
- Middle East and Africa
- South America
- North America
By End-user Insights
- The oil and gas industry segment is estimated to witness significant growth during the forecast period.
Industrial gas storage cabinets are essential components in various industries, particularly In the oil and gas sector, due to increasing safety regulations. OPEC countries, as significant oil and gas exporters, represent a substantial market for these cabinets. The growing industrialization and economic expansion in developing countries like India, Brazil, Russia, China, and Indonesia, coupled with the rising demand for steel, iron, glass and ceramics, automotive and transportation, and chemical and petrochemical industries, fuel the need for industrial gases. Consequently, the demand for industrial gas storage cabinets is on the rise. These cabinets are used to store compressed air, nitrogen, oxygen, and other gases.
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The oil and gas industry segment was valued at USD 609.00 million in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
- North America is estimated to contribute 51% to the growth of the global market during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Industrial gas storage cabinets are essential for the secure and safe storage and transportation of compressed air, nitrogen, oxygen, and other industrial gases in sectors such as manufacturing, healthcare, laboratories, biogas, hydrogen, and renewable energy sources. The North American market is experiencing significant demand for industrial gases due to their extensive use in industries like construction, automotive, and electronics. For instance, the growth of the residential construction sector in North America is fueling the demand for industrial gases from the glass industry. However, workplace safety and regulatory standards are paramount concerns as the use of industrial gases increases. Advanced safety systems, automation, eco-friendly storage solutions, wet and dry storage cabinets, ventilation systems, and locking mechanisms are integral features of industrial gas storage cabinets, ensuring safe handling and containment of gases.
Market Dynamics
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise In the adoption of Industrial Gas Storage Cabinets Industry?
Rising safety regulations for handling industrial gases is the key driver of the market.
- Industrial gas storage cabinets are essential components in various industries for storing and managing compressed gases such as nitrogen, oxygen, hydrogen, and others. These gases are vital for numerous applications in manufacturing, healthcare, laboratories, and renewable energy sources. However, handling and storing industrial gases come with inherent risks due to their toxic, carcinogenic, hazardous, and flammable nature. Therefore, regulatory bodies like the Occupational Safety and Health Administration (OSHA) and the US Environmental Protection Agency (EPA) have set stringent safety standards for the storage and transportation of these gases. Compliance with these regulations includes product classification and labeling, registration, packaging and transportation, storage, and product information, and disposal.
- Industrial gas storage cabinets come in two main types: wet and dry. Wet storage cabinets maintain a constant temperature and humidity level, making them suitable for storing gases like oxygen and nitrogen. In contrast, dry storage cabinets maintain a low humidity level, making them ideal for storing gases like hydrogen and acetylene. Advanced safety systems, such as ventilation systems, locking mechanisms, containment trays, and automatic shut-off valves, are essential features of industrial gas storage cabinets. Companies like Air Products and other industrial gas suppliers offer a range of storage solutions that cater to various industries and applications.
What are the market trends shaping the Industrial Gas Storage Cabinets Industry?
Storage of gas in form of hydrates is the upcoming market trend.
- The market encompasses the production, sales, and distribution of compressed air, nitrogen, oxygen, and other industrial gases. These gases are integral to workplace safety, regulatory standards, and various industries, including healthcare, laboratories, biogas, hydrogen, and renewable energy sources. Advanced safety systems, automation, eco-friendly storage solutions, and containment trays are essential features of these cabinets. Compressed air and industrial gases are extensively used in manufacturing and chemical sectors for various applications. Nitrogen and oxygen are commonly used for welding, food processing, and medical applications. Eco-friendly and sustainable storage solutions, such as wet storage cabinets and dry storage cabinets, are gaining popularity due to their environmental benefits.
- Gas hydrating technology, which allows industries to store natural gas In the form of hydrates, is an emerging trend. Synthetic natural gas technology enables the storage of natural gas as hydrates, leading to cost savings in storage and transportation. Gas hydrates are economically feasible due to their lower storage costs compared to traditional methods. Furthermore, industrial gases are essential for ventilation systems, fuel cell technology, and manufacturing processes. Locking mechanisms ensure safety and prevent gas leaks. The market is driven by the increasing demand for clean technologies and the need for workplace safety and regulatory compliance.
What challenges does the Industrial Gas Storage Cabinets Industry face during its growth?
Fluctuations in oil and gas prices is a key challenge affecting the industry growth.
- The market encompasses the production, sales, and installation of compressed air, nitrogen, oxygen, and other industrial gas storage solutions. These cabinets are essential for workplace safety and adherence to regulatory standards in various industries, including healthcare, laboratories, manufacturing, and chemical sectors. Advanced safety systems, such as ventilation systems, locking mechanisms, containment trays, and automation, are integral to these cabinets. Compressed air, nitrogen, oxygen, and other industrial gases are utilized in numerous applications, including biogas, hydrogen, and renewable energy sources. Eco-friendly and sustainable storage solutions, such as wet storage cabinets and dry storage cabinets, are gaining popularity due to their environmental benefits.
- Fuel cell technology and medical applications are other significant markets for industrial gas storage cabinets. The oil and gas industry, a significant end-user, faces challenges due to fluctuating prices. These price fluctuations impact industries reliant on oil and gas, such as manufacturing and chemicals, which in turn affect the demand for industrial gas storage cabinets. Despite these challenges, the market for industrial gas storage cabinets continues to grow, driven by the increasing demand for clean technologies and innovative solutions. Companies like Air Products and other industrial gas suppliers are at the forefront of providing advanced and eco-friendly storage solutions to meet the evolving needs of various industries.
Exclusive Customer Landscape
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Air Liquide Electronics Systems
- Air Products and Chemicals Inc.
- Al Ameen Steel Fabrication Engineering LLC
- American Standard Manufacturing Inc.
- Applied Energy Systems Inc
- asecos GmbH
- Avantor Inc.
- Chemix Specialty Gases
- Chung Fu Technical Development Co. Ltd.
- D Safe Cabinets
- DENIOS INC.
- DILO Co. Inc.
- Eagle Manufacturing
- Elekmerk
- Goldcrest International Singapore Pte Ltd.
- HEC Showman Ltd
- Iwatani Corp.
- Linde Plc
- Mitsubishi Chemical Group Corp.
- Pucel Enterprises Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
Industrial gas storage cabinets play a crucial role in various industries by providing a safe and efficient means of storing compressed gases such as nitrogen and oxygen. These gases are essential for numerous applications, including workplace safety, healthcare, laboratories, and manufacturing processes. The market for industrial gas storage cabinets continues to grow due to the increasing demand for advanced safety systems, automation, and eco-friendly solutions. The use of industrial gases is prevalent in several sectors, including manufacturing and chemical industries. Compressed gases are utilized in various manufacturing processes, such as welding, cutting, and heat treatment. In the chemical sector, gases like nitrogen and oxygen are used for production, purification, and as reagents.
In addition, safety is a significant concern In the storage of industrial gases. Regulatory standards mandate the use of safety systems such as ventilation systems, locking mechanisms, and containment trays to prevent leaks and ensure safe handling. Advanced safety systems are increasingly being adopted to mitigate potential risks and ensure workplace safety. Eco-friendly storage solutions are gaining popularity In the market due to the growing emphasis on sustainability and reducing carbon footprints. Wet storage cabinets and dry storage cabinets are two common types of eco-friendly storage solutions. Wet storage cabinets use a liquid absorbent to store gases, while dry storage cabinets use a solid desiccant.
Moreover, both types offer several advantages, such as reduced gas loss and improved safety. The use of industrial gases is not limited to traditional applications. Renewable energy sources like biogas and hydrogen are gaining traction as clean technologies for generating electricity and heat. Fuel cell technology, which uses hydrogen as a fuel source, is an emerging area of interest In the energy sector. Industrial gas storage cabinets are also used in medical applications, such as hospitals and laboratories, where gases like oxygen and nitrogen are essential for patient care and research. The healthcare sector's growing demand for medical gases is driving the market's growth.
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Market Scope |
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Report Coverage |
Details |
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Page number |
145 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2024-2028 |
USD 393.2 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.23 |
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Key countries |
US, China, France, Germany, and Japan |
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Competitive landscape |
Leading Companies, market growth and forecasting, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Market Research and Growth Report?
- CAGR of the Industrial Gas Storage Cabinets industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across North America, Europe, APAC, Middle East and Africa, and South America
- Thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the market growth of industry companies
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