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The industrial gas storage cabinets market share is expected to increase by USD 372.7 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.29%.
This industrial gas storage cabinets market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers industrial gas storage cabinets market segmentations by end-user (oil and gas industry, chemical industry, and others) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The industrial gas storage cabinets market report also offers information on several market vendors, 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, Pucel Enterprises Inc., Shanghai SYSBEL Industry and Technology Co. Ltd., Taiyo Nippon Sanso Corp., and The Durham Manufacturing Co. Inc. among others.
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The stringent safety regulations for handling industrial gases is notably driving the industrial gas storage cabinets market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industrial gas storage cabinets industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Industrial Gas Storage Cabinets Market Driver
The stringent safety regulations for handling industrial gases is one of the key drivers supporting the industrial gas storage cabinets market growth. Many industrial gases are toxic, carcinogenic, hazardous, and flammable and are stored at high pressures. This has created a potential threat for individuals working in this environment, exposing them to the risks. In view of this, industrial gas manufacturers must comply with stringent safety regulations, from product classification and labeling, registration, packaging and transportation, storage, and product information to product disposal. Moreover, these stringent safety regulations can minimize the occurrence of accidents and eliminate damage-related costs. Thus, increasing stringent safety regulations for handling industrial gases will drive the growth of the market during the forecast period.
Key Industrial Gas Storage Cabinets Market Trend
Storage of gas in form of hydrates is one of the key industrial gas storage cabinets market trends contributing to the market growth. Gas hydrating is gaining traction as it is a viable source of energy and is capable of catering to the rising energy requirements. Synthetic natural gas technology allows industries to store natural gas in the form of hydrates, which results in a reduction in storage and transportation costs. Natural gas hydrates are economically feasible due to lower costs associated with the storage of natural gases as hydrates. Gas hydrating is gaining attention as it is a viable source of energy and is capable of catering to the rising energy requirements. Thus, with the increase in the global population and depletion of conventional resources, the storage of gas hydrates will also increase during the forecast period.
Key Industrial Gas Storage Cabinets Market Challenge
Fluctuations in oil and gas prices is one of the factors hindering the industrial gas storage cabinets market growth. Gasoline prices are increasingly dependent on crude oil prices and the level of supply relative to the market demand. The oil and gas prices are recording new heights every alternate day since the invasion of Russia into Ukraine in February 2022. On the other hand, oil and gas prices increase with a decline in their supply compared with their expected consumption. Any disruption in crude oil supplies or refinery operations can destabilize the prices further. This will negatively impact the profitability of end-users and destabilize the demand for industrial gas storage cabinets among end-user industries and hamper the growth of the market in focus during the forecast period.
This industrial gas storage cabinets market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global industrial gas storage cabinets market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the industrial gas storage cabinets market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the industrial gas storage cabinets market encompasses successful business strategies deployed by the key vendors. The industrial gas storage cabinets market is fragmented and the vendors are deploying growth strategies such as price, quality, innovation, reputation, brand identity, and distribution to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The industrial gas storage cabinets market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the industrial gas storage cabinets market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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41% of the market’s growth will originate from North America during the forecast period. The US is the key market for industrial gas storage cabinets market in North America. Market growth in this region will be faster than the growth of the market in other regions.
The steady growth of the residential construction market will facilitate the industrial gas storage cabinets market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 slightly declined the demand for industrial gas storage cabinets. However, lockdowns were lifted in the second half of 2020 due to the initiation of vaccines, which resumed operations in the automobile, construction, metals, mining, and chemicals industries. Thus, with the increase in the use of industrial gases and an increase in safety regulations, the demand for industrial gas storage cabinets will rise, which will drive the growth of the market during the forecast period.
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The industrial gas storage cabinets market share growth by the oil and gas industry segment will be significant during the forecast period. Despite the presence of several driving factors, the global oil and gas industry is facing several challenges. The safety of workers exposed to industrial gases and the heavy dependence on proper gas distribution and gas handling systems pose serious challenges to vendors. Thus, all these factors are driving the demand for industrial gas storage cabinets in the oil and gas industry, which, in turn, will fuel the market in focus growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial gas storage cabinets market size and actionable market insights on post COVID-19 impact on each segment.
Industrial Gas Storage Cabinets Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.29% |
Market growth 2022-2026 |
$ 372.7 million |
Market structure |
Fragmented |
YoY growth (%) |
3.52 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 41% |
Key consumer countries |
US, China, Japan, France, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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, Pucel Enterprises Inc., Shanghai SYSBEL Industry and Technology Co. Ltd., Taiyo Nippon Sanso Corp., and The Durham Manufacturing Co. Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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