Enjoy complimentary customisation on priority with our Enterprise License!
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 witnessing significant growth due to several key trends and drivers. One of the primary factors driving market growth is the increasing focus on safety regulations in handling industrial gases. These regulations necessitate the use of specialized storage solutions, such as industrial gas storage cabinets, to ensure safe and efficient storage of gases. Another trend influencing market growth is the storage of gases in the form of hydrates, which offers advantages such as reduced transportation costs and improved safety. Furthermore, fluctuations in oil and gas prices have led to increased adoption of industrial gas storage cabinets in the manufacturing and chemical sectors to optimize gas usage and reduce wastage. Key features of these cabinets include ventilation systems for maintaining optimal gas conditions, locking mechanisms for secure storage, and containment trays to prevent leaks and spills.
The market is witnessing significant growth due to the increasing demand for compressed air, nitrogen, oxygen, and other industrial gases in various sectors. These gases are essential for numerous applications, including manufacturing, healthcare, laboratories, and clean technologies. Advanced safety systems, such as ventilation systems, locking mechanisms, containment trays, and eco-friendly storage solutions, are becoming increasingly popular to ensure workplace safety and regulatory compliance. Wet and dry storage cabinets cater to different gas storage requirements, while gas cylinders remain a traditional alternative. Industrial gases, such as nitrogen, oxygen, hydrogen, and biogas, are used in various industries, including manufacturing, chemical sectors, and renewable energy sources.
Further, the healthcare and laboratory sectors also rely heavily on these gases for critical applications. Regulatory standards continue to evolve, emphasizing the importance of advanced safety features and eco-friendly storage solutions. Automation and the integration of industrial gas storages with clean technologies further enhance the market's growth prospects. In summary, the market is driven by the increasing demand for industrial gases and the need for advanced safety systems, regulatory compliance, and eco-friendly solutions.
The market 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.
The oil and gas industry segment is estimated to witness significant growth during the forecast period. Industrial gas storage cabinets play a crucial role in the safe and efficient handling of industrial gases, particularly in industries reliant on renewable energy sources and clean technologies. Air Products and other key players dominate the market for these cabinets, catering to the growing demand from sectors such as steel and iron, glass and ceramics, automotive and transportation, and chemical and petrochemical industries.
Further, the increasing use of industrial gases in developing countries like India, Brazil, Russia, China, and Indonesia, driven by industrialization and economic growth, is fueling market expansion. OPEC countries, as major oil and gas exporters, represent significant markets due to stringent regulations for the secure transport of these resources. The global industrial gas storage cabinet market is poised for steady growth, driven by the expanding industrial sector and the shift towards cleaner energy solutions.
Get a glance at the market share of various segments Request Free Sample
The oil and gas industry segment accounted for USD 609.00 million in 2018 and showed a gradual increase during the forecast period.
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.
For more insights on the market share of various regions Request Free Sample
Industrial gas storage cabinets serve a vital function in various sectors, including chemical, construction, automotive, and electronics, by ensuring the secure and safe storage and transportation of industrial gases. The North American market experiences significant demand for industrial gases due to their extensive applications in these industries. For example, the expanding residential construction sector in North America fuels the need for industrial gases from the glass industry. As the utilization of industrial gases increases, safety concerns for workers and the environment have emerged as critical issues, leading to a growing demand for industrial gas storage cabinets in the region. These cabinets offer reliable containment and protection for industrial gases, addressing safety and environmental concerns while optimizing operational efficiency.
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.
Rising safety regulations for handling industrial gases is the key driver of the market. Industrial gas storage cabinets are essential infrastructure for various industries, including healthcare and laboratories, that require the use of gas cylinders for applications such as biogas and hydrogen. However, handling and storing these gases pose significant safety risks due to their toxic, carcinogenic, hazardous, and flammable nature. To mitigate these risks, industrial gas manufacturers must adhere to stringent safety regulations. OSHA and the EPA set guidelines for the storage and transportation of cryogenic agents, covering product classification and labeling, registration, packaging and transportation, storage, and product information, and disposal. These regulations aim to protect individuals from potential health and safety hazards associated with these gases. Compliance with these regulations is crucial to ensure safe handling and storage of industrial gases, safeguarding both the workforce and the environment.
Storage of gas in form of hydrates is the upcoming trend in the market. Industrial gas storage cabinets are increasingly being utilized in various sectors, including healthcare and laboratories, for storing gas cylinders such as biogas and hydrogen. A recent trend in the market is the adoption of gas hydrating technology, which enables industries to store natural gases in the form of hydrates. This innovation offers several benefits, including reduced storage and transportation costs. Synthetic natural gas derived from gas hydrates is an economically viable alternative energy source, capable of meeting the escalating energy demands. Gas hydrating is gaining popularity due to its potential to provide a cost-effective solution for industries seeking to store and utilize natural gases.
Fluctuations in oil and gas prices is a key challenge affecting the market growth. The market experiences significant challenges due to the volatility in oil and gas prices. Key industries, including oil and gas and chemicals, are significant consumers of industrial gas storage cabinets. The price instability of crude oil impacts the cost of gasoline, which in turn affects the purchasing power of end-users in these industries. The ongoing geopolitical tensions, such as the invasion of Ukraine by Russia in February 2022, have caused oil and gas prices to reach new highs. This price volatility poses a significant challenge for industries that rely on industrial gas storage cabinets, making it crucial for them to manage their inventory and costs effectively.
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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Air Liquide Electronics Systems - The company offers gas storage cabinet product named FabStream III Gas Cabinet and ALIM 2 gas cabinet for TCP IP Ethernet Communication, flow rate 3000 slpm, detoxal cartridge, inductive AVP regulation system.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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 market 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.
The market is witnessing significant growth due to the increasing demand for compressed air, nitrogen, and oxygen in various industries such as healthcare, laboratories, manufacturing, and chemical sectors. These gases are essential for numerous applications, including welding, food processing, medical treatments, and clean technologies. Regulatory standards and workplace safety concerns are driving the adoption of advanced safety systems in industrial gas storage cabinets. These systems include ventilation systems, locking mechanisms, containment trays, and automated gas delivery systems. Eco-friendly storage solutions, such as wet storage cabinets and dry storage cabinets, are gaining popularity due to their sustainability and reduced environmental impact.
Additionally, the market for industrial gas storage is also expanding in renewable energy sources, including biogas, hydrogen, and fuel cell technology. Industrial gases like nitrogen and oxygen are crucial in manufacturing processes, particularly in the production of steel, chemicals, and pharmaceuticals. The integration of automation and digitalization in industrial gas storage systems is further enhancing efficiency and safety. In summary, the market is thriving due to the growing demand for industrial gases, regulatory requirements, and the shift towards eco-friendly and sustainable storage solutions. This trend is expected to continue as industries seek to optimize their operations while ensuring workplace safety and reducing their carbon footprint.
Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 393.2 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 51% |
Key countries |
US, China, France, Germany, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., and Pucel Enterprises Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.