The helium market covered in this report is divided by form into liquid helium, gaseous helium. It is also sectored by end-user into aerospace and aircraft, electronics and semiconductors, nuclear power, healthcare, welding and metal fabrication, and several other end-user industries. However, the helium market comprises of sales of helium gas. Helium is a chemical element also well-known as Nobel gas (inert gas) which is accessible in natural gas form and can be transformed into liquid form by sinking the temperature to below -270 degrees.
According to the report analysis, ‘Helium Global Market Report 2020’ states that in the helium market there are numerous prevailing entities which presently functioning more actively for leading the highest market growth and dominating the handsome value of market share around the globe while delivering the better consumer satisfaction, increasing the applications of such, advancing the specifications of the production technologies, implementing the profitable strategies and policies, studying and analyzing the strategies and policies of the government and competitors, decreasing the linked prices, employing the young workforce and investing the effective amount of money includes Airgas, Air Liquid, Linde, Messer Group, Air Products, Gazprom, Gulf Cryo, Matheson Tri-Gas, Exxon, Praxair, Buzwair, Badger Midstream, Iceblick, RasGas, Taiyo Nippon Sanso, PGNiG, NexAir LLC, Qatargas Operating Company Limited, Renergen, Weil Group, Iwatani Corporation, and several others.
In addition, the worldwide helium market was worth USD 10.6 billion in 2019. It is expected to increase at a compound annual growth rate (CAGR) of 11% and reach USD 15.73 billion by 2023. The helium market growth is projected to be propelled by the growing requirement from the healthcare industry. Helium is broadly used in several disease diagnosis equipment, as it has exclusive properties such as inert in nature, non-reactive with the other elements, noncorrosive and non-flammable. Helium is utilized in several applications in the healthcare industry such as adjunct therapy in asthma exacerbation, ARDS, croup, COPD, and bronchiolitis. For instance, the Helium is effectively used in the magnetic resonance imaging (MRI) apparatus to normalize powerful magnet, which is beneficial for monitoring several conditions within the abdominal, chest, and pelvis also convenient in pregnancy diagnosis.
Stringent protection regulations linked with the manufacturing and transportation of helium gas was a foremost restraint on the market. Such substances are toxic and dangerous when exposed to exposed dangerous temperatures and pressures. Corporates in this industry should participate in equipment, technologies, and progressions to restrict the toxic levels and chemical concentrations. These regulations augmented the functioning costs of corporates in this industry, thus restricting the scope for investments involving the establishment of new products and development into new markets, thereby affecting the market growth.
In addition, the development of competent storage and transport approaches for gases is anticipated to deliver numerous opportunities over the predicted period. North America registered the market with the principal consumption, followed by Asia-Pacific and Europe. However, Asia-Pacific is prospective to register the maximum CAGR through the forecast period. Therefore, in the near years, it is anticipated that the market of helium will increase around the globe more effectively over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications