Oxygen Market to Record an Exponential CAGR by 2027
Submitted 28 min 36 sec ago by TMR Market research.
Oxygen is a reactive oxidizing agent that forms oxides with numerous compounds. Pure oxygen can be commercially produced using a vacuum swing adsorption process or electrolysis. The finds numerous applications in the healthcare which has been further elucidated in the upcoming report. The global oxygen market is perceived to grow exponentially during the forecast period owing to emerging healthcare industry.
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Below is a notable development that may aid the global oxygen market’s growth:
The Inogen One G4 portable concentrator launched by Inogen provides oxygen delivery in an incredibly small package. It offers three different oxygen flow settings and can be charged at home or on the go. Moreover, it uses Inogen’s Intelligent Delivery technology which facilitates rapid detection of breath. Additionally, it ensures quick delivery of oxygen within the first 400 milliseconds. The discovery of portable concentrator is a major breakthrough in the global oxygen market leading to an expansion of the growth prospects.
Prominent players in the global oxygen market comprise Praxair Technology Inc., Praxair Technology Inc., Yingde Gases, Guangdong Haute Gas Co. Ltd., and Taiyo Nippon Sanso.
Global Oxygen Market: Key Growth Dynamics
There has been a tremendous rise in the level of pollution owing to the growing use of vehicles and industrialization. This has led to a surge in need and production of breathing aids, thereby propelling the market’s growth. Additionally, there has been a spur in the demand for oxygen worldwide owing to the growth of industries such as automobiles, agriculture, construction, food and beverages, and medicine. This has served as a major propellant in the oxygen market’s growth.
Moreover, diversified applications of oxygen as a catalyst and oxidizing agent in the chemical industry has helped the market gain a strong foothold. Another factor that has scaled up the global oxygen market’s growth is the use of oxygen in mineral processing and mining. Oxygen enhances the overall efficiency of these processes, thereby reducing the production cost. Further, advancements in oxygen therapies and flow regulating devices have steered the industry’s growth.
In addition to the aforementioned drivers, use of oxygen in water treatment plants to remove the pollutants from water has opened new growth opportunities for the oxygen market. Furthermore, rising applications of oxygen in the cosmetic and beauty industry for hyperbaric treatments and oxygen facials has stimulated the industry’s expansion. Additionally, a growing geriatric population has led to an increase in the need for mobility support. This has surged the demand for portable oxygen concentrators, thus expediting the oxygen market’s growth.
On the downside, there are a few bottlenecks that may cause a shortfall in the global oxygen market. Factors such as lack of awareness regarding oxygen therapies and high initial investment may restrain the market’s growth. Moreover, the safety issues associated with oxygen handling leading to severe injuries may act as hindrances in the market. Nonetheless, recent advancements in the healthcare and medicine industry along with the new technological developments will offset the effects of the restraints, thereby ushering the market’s growth.
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Global Oxygen Market: Regional Outlook
Asia Pacific accounts for the largest share in the global oxygen market owing to a booming healthcare industry. An emerging manufacturing sector has also contributed to the market’s growth in this region. Japan, China, and India are the major contributors to the market’s expansion in Asia Pacific. Europe and North America are anticipated to witness a steady growth during the forecast period owing to increasing adoption of oxygen in scientific processes.
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