Laboratory Gas Generators Market Growing at a CAGR of 14.2% – Global Industry Segments and Leading Key Players

Laboratory Gas Generators Market

PUNE, India, 2021-Aug-26 — /EPR Network/ —

The Key Growth Elements in Detailed?

The Growth of Laboratory Gas Generators Market is primarily driven by the growing importance of analytical techniques in drug and food approval processes, rising food safety concerns, increasing adoption of laboratory gas generators owing to their various advantages over conventional gas cylinders, growing demand for hydrogen gas as an alternative to helium, and the increasing R&D spending in target industries. On the other hand, reluctance shown by lab users in terms of replacing conventional gas supply methods with modern laboratory gas generators and the availability of refurbished products are the major factors expected to hamper the growth of this market.

Worldwide Growth Opportunities in Terms of Revenue:

The Global Laboratory Gas Generators Market is projected to reach USD 686 million by 2026 from USD 353 million in 2021, at a CAGR of 14.2% during the forecast period.

Growth Drivers: Increasing R&D spending in target industries;

With a growing focus on developing and delivering effective solutions, there has been a significant increase in the overall R&D activities in industries such as life sciences, chemical and petrochemical, and food and beverages. In 2019, Pharmaceutical Research and Manufacturers of America (PhRMA) members invested USD 83 billion in R&D, establishing the biopharmaceutical industry as the most R&D-intensive sector in the US. Similarly, the European Commission’s new framework, Horizon 2020, proposed a budget allocation of USD 110.99 billion (EUR 100 billion) for research activities for the period of 2021 to 2027 (Source: European Commission).

Opportunities in the life sciences industry;

The demand for the analytical testing of cannabis for ensuring its safety before human consumption has increased in recent years, as medical cannabis is being legalized in a number of countries/states across the globe. Medical cannabis has proven effective in various medical applications, such as reducing nausea caused due to chemotherapy, stimulating appetite in AIDS patients, controlling muscular spasms in multiple sclerosis patients, and reducing intraocular pressure in patients with glaucoma. Owing to their health benefits, governments in various countries are legalizing the use of medical cannabis. Australia (2016), Canada (2015), South Korea (2018), Portugal (2001), the UK (2006), Germany (2017), Italy (2013), the Netherlands (2003), and Brazil (2017) have all legalized the use of medical cannabis in recent years.

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Regional Growth, Development and Demand Analysis:

The lab gas generators market is divided into five regions, namely, North America, Europe, Asia Pacific, and Rest of the World. North America dominated the global laboratory gas generators market. The large share of the North American region is mainly attributed to the high investments in R&D in the US and Canada, which has led to a higher demand for efficient and advanced laboratory equipment.

Major Key Players Mentioned in the research report are:

The major players in the laboratory gas generators market are Parker Hannifin Corporation (US), PeakGas (UK), Linde plc (Ireland), Nel ASA (Norway), PerkinElmer Inc. (US), VICI DBS (US), Angstrom Advanced Inc. (US), Dürr Group (Germany), ErreDue spa (Italy), F-DGSi (France), LabTech S.r.l. (Italy), CLAIND S.r.l. (Italy).

Parker Hannifin is one of the leading providers of laboratory gas generators. With a wide distribution network across the globe, the company has established itself as one of the leading players in the lab gas generators market. The company has installed over 40,000 units of laboratory gas generators globally. The company offers a wide range of products in the laboratory gas generators market. The company’s gas generators produce gas purity levels that are the highest in the industry.

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Recent Developments:

• In 2020, PeakGas launched various laboratory gas generators such as Genius XE SCI 2, MS Bench (G) SCI 2, MS Bench SCI 2, and i-Flow O2 oxygen gas generator.
• In 2019, Laboratory Supplies Ltd. (Ireland), a supplier of scientific, industrial, and laboratory apparatus, joined the distributor network of the Asynt Ltd.