INERT GAS GENERATOR SYSTEM MARKET TO REACH USD 110.4 BILLION BY 2024 | CAGR 18.8% – FORENCIS RESEARCH

Inert Gas Generator System Market Size, Share, Trends, Growth, Analysis, Research

Global Inert Gas Generator System Market: Key Highlights

  • According to the new market research report Inert Gas Generator System Market by Type (Aerospace, Industrial, Marine), by Component (Marine, Industrial, Aerospace,), by End-use (Food & Beverage, Chemical, Aerospace & Monitoring, Defense, Electronics, Marine, Metallurgy), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2017 to 2024)”, the global inert gas generator system market is estimated to reach USD 110.4 Billion by 2024 at a CAGR of around 18.8% during the review period.
  • The inert gas generator system produces inert gases by burning process to ensure non explosive ambience in the structure
  • The inert gas system helps in spreading the inert gas over the mixture of oil cargo hydrocarbon that rises the lower explosion limit and simultaneously reduce the higher explosion limit
  • Inert gas generator system helps to reduce oil consumption providing cost efficiency and environmental benefits

Inert Gas Generator System Market

Global Inert Gas Generator System Market: Key Market Dynamics

  • Increasing demand for military cargo aircrafts and commercial aircrafts has expected to drive the demand for inert gas generator system market
  • Rising demand for adoption of inert gas generator system in different industries such as oil & gas, metallurgy, and others is expected to positively influence the demand for inert gas generator system
  • The ongoing long term contracts with the nitrogen gas suppliers has expected to hinder the growth of inert gas generator system

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Global Inert Gas Generator System Market: Regional Overview

  • Asia-Pacific

The inert gas generator system market in Asia-Pacific is projected to witness high demand owing to increasing industrialization in emerging nations such as China, India, and others. This has increased the demand for aircrafts and shipping cargo vessels. Countries in these regions are engaged in exports of various goods such as agricultural goods, and amongst others to different countries. For instance, according to United Nation ESCAP, merchandise trade accounted for 68.9% of India’s total trade in 2017. 

  • North America

The inert gas generator system market in the North America region is projected to witness demand due to the high production of aircraft in the region. The US aerospace industry is the largest across the globe and contributed to around USD 374 billion of the country’s GDP in 2018. Moreover, extensive R&D spending in the aerospace & defense industry is likely to propel the demand for inert gas generator system in the coming years.

Global Inert Gas Generator System Market: Key Players Overview

  • Alfa Laval AB:

Alfa Laval AB is one of leader in key technology areas of heat transfer, separation, and fluid handling. It has strong geographical presence with customers in more than 100 countries and 42 major production units. The company offers its products various industries like biotech & pharmaceutical, energy, chemical, HVAC, marine & Transportation, and others. In March 2017, the company modified their automatic fuel efficiency module (AFEM), in order to reduce the fuel consumption of their SMIT combustion inert gas system.

  • Honeywell International Inc.:

Honeywell International Inc. is a US-based company engaged in the invention and commercialization of technologies for overcoming the challenges across energy, safety, security, productivity, and global urbanization. It operates through major business segments, i.e., aerospace, Honeywell building technologies, performance materials and technologies, and safety and productivity solutions. 

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