Global Rare Gases Market Analysis Highlights the Impact of COVID-19 2020-2024 | Demand For Energy-Efficient Lighting and Laser Solutions to Boost Market Growth | Technavio

The global rare gases market size is expected to grow by USD 120.36 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Technavio has announced its latest market research report titled Global Rare Gases Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Rare Gases Market 2020-2024 (Graphic: Business Wire)

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Rare gases are used in CFLs (compact fluorescent lamps), HIDs (high-Intensity discharge lamps), and other lighting applications. Rapid advancements in technology for semiconductors have led to the emergence of LED (light-emitting diode) lights, which emit light using semiconductor diodes without using any glasses. Krypton and Xenon are also used in different commercial lighting applications. Krypton is used in halogen sealed beam headlights to increase light, and in lasers, it is mixed with fluorine to create an excimer mixture. With the rising preference for energy-efficient lighting solutions among consumers, the demand for light-emitting diode solutions is expected to increase, thereby fueling the growth of the rare gas market during the forecast period.

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As per Technavio, the booming pharmaceutical and healthcare industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Rare Gases Market: Booming Pharmaceutical And Healthcare Industry

Rare gases are an imperative part of the healthcare industry. Pharma grade rare gases are expected to be highly compliant with pharmacopeia standards. Since the pharmaceutical and healthcare industries are keenly focused on patient safety, high-purity rare gases are of prominence in these industries. In addition, Xenon has begun to replace nitrous oxide as an anesthetic because it does not inebriate patients, and it also reduces the potential for nausea. Recent studies have been indicating that xenon can protect cardiovascular and neurological systems from overstimulation and oxygen deprivation during bypass surgeries. In addition, all analytical procedures require the use of rare gases. Such applications of rare gases are expected to drive their demand in the healthcare industry.

“Other factors such as the growing demand from emerging markets, and the increasing use of neon as a cryogenic refrigerant will have a significant impact on the growth of the rare gases market value during the forecast period,” says a senior analyst at Technavio.

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Rare Gases Market: Segmentation Analysis

This market research report segments the rare gases market by end-user (electronics, construction, Healthcare, and automobile and aerospace) and geography (APAC, Europe, North America, South America, and MEA).

The APAC region led the rare gases market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as rapid industrialization and increasing demand for rare gases from end-user industries such as construction, electronics, and healthcare.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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