Dielectric Gases Market Value to Expand 1.8X through 2030, Demand Dynamics to Present Grim Outlook with COVID-19 Impact, Opines Fact.MR
Published : 22 May 2020 Industry: Chemical & Materials
Poised to surpass US$ 110 Mn by 2020, our expert analysis anticipates a grim outlook in near-term with the unabated trajectory of the COVID-19 pandemic. In the long-term forecast however the dielectric gases market will grow at a steady clip of 8%. Dielectric gases are prominent gases used in power utilities to protect equipment from sudden quenching of high voltages. Though high voltage applications capture a significant share in the market, utilization of dielectric gases in extra and ultra-high voltage applications are proliferating. Key stakeholders are leaning towards end-uses providing profitable opportunities for business growth. For instance, companies such as 3M is constantly leveraging its SF6 substitutes in the extra and ultra-high voltage applications.
Key Takeaways of Global Dielectric Gases Market Study
- The global dielectric gases market is anticipated to create a value opportunity of around US$ 100 Mn during the forecast period, adding 1.8X times more value as compared to 2020.
- Market consolidation is set to impact the dielectric gases market by the end of 2030, with high voltage applications accounting for around 50% of the market. The high voltage application is projected to grow at just over 8% CAGR, as most of the dielectric gases are used to quench high voltage in switch gears and transformers.
- The power utilities end-use segment is anticipated to lose around 130 BPS in the forecast period of 2020-2030.
- By end-use, the oil & gas industry is set to grow at a stellar 7% during the forecast period of 2020-2030 and is set to gain 90 BPS through 2030.’
- East Asia holds the leading share, accounting for more than 30% of the dielectric gases production to cater to the requisite demand from end-use industries across the globe.
- South Asia & Oceania and East Asian markets are set to grow at a faster pace, together accounting for around 60% demand share globally.
- Global dielectric gases market is observed to fluctuate in the 3rd quarter of 2020 owing to the COVID-19 pandemic and market outlook will remain grim till the last quarter of 2021.
“Reduced power consumption and cessation of transportation facilities owing to COVID-19 pandemic has downsized the demand of dielectric gases. This trend will continue till the first quarter of 2022,&rdquo says a Fact.MR analyst.
Astute Inorganic Strategies to Pave Way for New Growth Milestones
Dielectric gases market stakeholders such as 3M, Solvay S.A. and Linde AG are keenly looking at high demand growth of dielectric gases across myriad regions to channelize their products and attain hegemony in strategic markets. Stakeholders are also collaborating with regional players to boost their market share. Expanding profit pools and strong market positions in the foreseeable future will pave way for a highly competitive market structure.
More Valuable Insights on Dielectric gases Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global dielectric gases market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the Dielectric gases market on the basis of gas type (SF6, dry air, nitrogen, fluoronitrile, fluoroketone and others), end-use equipment (switchgear, transformers, gas insulated lines) and end-use equipment (power utilities, oil & gas, chemicals & petrochemicals, heavy metals, mining, transportation and others) across six major regions.
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the Chemicals & Materials team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the Chemicals & Materials industry lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.