Xenon is an odourless, colourless, tasteless, inflammable, monatomic, and nonreactive noble gas. Among the noble gases, xenon is the perkiest, and emits blue light when electric current is passed through it; this property is used for lighting determination. Xenon gas is a trace gas, which can be found in earth’s atmosphere and can also be gained or introduced commercially as a by-product throughout the separation of oxygen and nitrogen in air-separation units. This gas is warehoused in metal containers or sealed glass under the standard temperature and pressure.
According to the report analysis, ‘Xenon Market: Current Analysis and Forecast (2021-2027)’ states that as the world economy predicted to augment continuously, the requirement for xenon gas is burgeoning. Several applications for xenon gas are presenting significant growth. Xenon gas is the by-product of large scale oxygen introduction and thus, supply of xenon gas is propelled by the requirement in the oxygen markets. Requirement for the window insulations, lightning and satellite markets are primarily accountable for the proficient growth of global xenon gas market.
Wisco, Coregas, Messer Group, Beijing Shougang Oxygen Factory, Cryogenmash, Air Liquide, Praxair, Air Product, BOC-MA Steel Gases, Nanjing Special Gas Factory Co Ltd. and many more are the key entities which presently functioning in the Xenon market more actively for ruling around the globe, keep maintaining the dominant position, registering the great value of market share, generating the highest percentage of revenue, and leading the highest market growth by spreading the awareness connected to the applications and advantages of xenon, employing the young and active personnel, improving the qualitative and quantitative measures of such, implementing the policies of profit making and strategies of expansion, analysing the strategies and policies of government as well as contenders, increasing the benefits and features of xenon and establishing the several research and development programs.
Based on Type, the market is categorized into high purity xenon and common purity xenon. Currently, high purity xenon developed substantial share in the market. It is majorly owing to its purest form which is mainly usage in healthcare industry such as medical equipment and aerospace industry. However, common purity xenon also caters considerable share due to its increasing adoption of consumer goods, and several other end-users industries.
Based on Application, the market is classified into semiconductor industry, PDP backlighting, lighting, medical appliances and several others. Presently, lighting segment substantial market presence and projected to have consistent market requirement in the projected year. It is majorly owing to the growing implementation of LED technology. Whereas semiconductors segment had seen wildest growth over a period of time due to the significant growth in need for xenon gas for propulsion technology.
Region wise, it is predicted that Asia Pacific constitutes the largest market for the industry and estimated to have an influential growth rate in the predicted years predominantly owing to rising requirement for satellite industry. Therefore, in the near years, it is predicted that the market of xenon will increase around the globe over the near future.
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Ankur Gupta, Head Marketing & Communications