Rising Efforts Of Automation In Laboratories To Bolster Demand For Laboratory Gas Generators; Increasing Product Interest From Pharmaceutical Companies To Boost Market Growth
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Laboratory Gas Generators Market is expected to reach USD 687.5 million by the end of 2026.
Bizlytik analysts forecast the global Laboratory Gas Generators market to grow at a CAGR of 5.9% during the forecast period, according to their latest market research report.
Laboratory Gas Generators deliver a continuous stream of highly purified gas to sensitive scientific systems, such as gas chromatography-mass spectrometry (GC-MS) systems, Fourier-transform infrared spectroscopy (FTIR) equipment, gas chromatograph, and much more. The gas generators operate with a higher degree of safety precaution and are being increasingly preferred than traditional high-pressure gas cylinders. Laboratory gas generators are often designed as automated systems that do not require a greater extent of supervisory monitoring.
The rising investments and funding in specific R&D initiatives in laboratories and corporations and growing product need and demand for food & drug approval processing are the influential primary factors that would propel the growth of the market during the forecast period. The increasing tendency among scientific laboratories to decrease dependency on unpredictable delivery timelines of gas cylinders would improve the growth prospects of the market. The requirements of a consistent supply of ultra-high purity gas to advanced scientific equipment would further enhance the product demand and growth of the market in the ensuing years. The laboratory gas generators also provide safe & secure operations in comparison with traditional cylinders, which would factor in as a significant contributor to the market growth. The rising need for industrial food processing and pharmaceutical product development to ensure operational excellence using automated systems would instigate a high demand for laboratory gas generators, propelling market growth. The increasing efforts of product technological improvement for extensive scientific use would offer crucial manufacturers with new opportunities for product sales and business expansion over the forecast period.
Nitrogen, Hydrogen, Carbon Dioxide, and Other Types are covered in the Type segment of the market scope. In contrast, the Application segment is categorized into Pharmaceutical & Biotechnology Companies and Academic & Research Institutes. The report covers Consumption volume of the global market by Application, with the volume expressed in K Units. The Type segment is calculated in terms of Production value and volume.
The volume of the Pharmaceutical & Biotechnology Companies Consumption by Application is estimated to garner 139.1 K Units by 2026, growing at a CAGR of 5.3% from 2020 to 2026. The high product demand from leading biotechnology and pharmaceutical companies to increase possibilities of innovation and conformance to international product standards would boost the growth of the segment in the coming years.
North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
North America is a prominent region of the market and holds a considerable market share in terms of overall consumption volume. The establishment of several R&D facilities in commercial enterprises as well as academic institutions would improve demand for laboratory gas generators. The increasing investments on automation of laboratories would further incite growth in the regional market during the forecast period.
The Laboratory Gas Generators market is moderately consolidated, with a few global companies operating with expansive manufacturing capabilities and extensive product distribution networks for consistent profits. The launch of new products after thorough improvement and expansion of business opportunities through strategic partnerships are the primarily followed business strategies of top players.
Peak Scientific Instruments Ltd. is one of the most significant companies of the global Laboratory Gas Generators Market in terms of production volume, with VICI DBS S.r.l. and Parker Hannifin Corporation among many other vendors to hold substantial market share by volume and value.