CHICAGO, Sept. 11, 2019 /PRNewswire/ -- According to the new market research report "Laboratory Gas Generators Market by type (Nitrogen, Hydrogen, Zero Air, Purge Gas, ToC), Application (GC, LCMS, Gas Analyzer), Enduser (Pharma, Biotech, CRO, Chemical, Petrochemical, Food & Beverage, R&D, Environmental Companies) - Global Forecast to 2024", published by MarketsandMarkets, the Laboratory Gas Generators Market is projected to reach USD 508 million by 2024 from USD 279 million in 2019, at a CAGR of 12.7% during the forecast period.
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Growth in the Laboratory Gas Generators Market is mainly driven by rising safety concerns related to the use of conventional gas cylinders, the growing demand for hydrogen gas as an alternative to helium, increasing R&D spending in target industries, and the growing importance of analytical techniques in drug and food approval processes. On the other hand, the reluctance to replace conventional gas supply methods with modern laboratory gas generators is a major factor challenging market
"The hydrogen gas generators segment is expected to grow at the highest CAGR during the forecast period."
Based on type, the Laboratory Gas Generators Market is segmented into nitrogen gas generators, hydrogen gas generators, zero air generators, purge gas generators, and others (oxygen gas generators, calibration gas generators, and dry air generators).The hydrogen gas generators segment is expected to grow at the highest CAGR during the forecast period, owing to advantages such as a growing preference for hydrogen as a cost-effective alternative to helium, as it offers faster analysis and optimal results. The trend of high-purity dry hydrogen replacing helium is considered as a major opportunity area for players operating in this market. In addition to their enhanced safety, hydrogen gas generators offer other advantages such as simple installation and cost-efficiency.
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"The LC-MS segment accounted for the largest market share in 2019."
Based on application, the Laboratory Gas Generators Market is segmented into gas chromatography (GC), liquid chromatography-mass spectrometry (LC-MS), gas analyzers, and other applications (light scattering detectors, evaporators, microwave plasma-atomic emission spectrometers, and sample preparation instruments). The LC-MS segment accounted for the largest share of the Laboratory Gas Generators Market in 2018. The large share of this segment is attributed to the significant usage of LC-MS by clinical research laboratories. Their high efficiency and expandable nitrogen generation capacity have also supported their utilization in LC-MS applications.
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"North America commanded the largest share of the Laboratory Gas Generators Market in 2019."
In 2019, North America accounted for the largest market share, followed by Europe. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which has led to a higher demand for efficient and advanced laboratory equipment. Growth in the North American market is supported by the importance of lab automation, government funding for R&D, and stringent requirements for high-purity gases. Moreover, the rising funding for environmental testing and the growth of the food testing industry are responsible for the growth of this segment.
The prominent players in the Laboratory Gas Generators Market are Parker Hannifin Corporation (US), Peak Scientific Instruments Ltd. (UK), Praxair Technology, Inc. (UK), Nel (Norway), F-DGSi (France), VICI DBS (US), LNI Swissgas Srl (Switzerland), LabTech S.r.l. (Italy), Claind S.r.l. (Italy), and ErreDue s.p.a. (Italy).
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