The Business Research Company’s Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, Feb. 22, 2023 /PRNewswire/ — As per The Business Research Company’s Helium Global Market Report 2023, the global helium market size will grow from $4.4 billion in 2022 to $5 billion in 2023 at a compound annual growth rate (CAGR) of more than 12%. The global helium market size is the expected to grow from $6.4 billion in 2027 at a CAGR of more than 6%.
Growth in the helium market during the forecast period is expected to be driven by –
- Growing Demand From The Healthcare Industry
The escalating demand from the healthcare sector is anticipated to drive helium market growth. Due to its distinctive characteristics, helium is frequently utilized in a variety of disease diagnosis equipment. For example, in July 2022, according to OECD Health Statistics 2022, per the preliminary estimates for a group of 17 nations, health spending would have increased by roughly 6% on average in 2021.
- Rise In Geriatric Population
Aging increases the risk of chronic diseases, including diabetes, kidney disease and asthma. Helium is utilized to observe breathing. It is crucial to the management of breathing disorders as asthma, emphysema, and others. According to October 2021 published factsheet by the World Health Organization, there will be 1.4 billion individuals over the age of 60 in the world by 2030, up from 1 billion in 2020.
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In view of the consistent rise in demand for helium, companies operating in the helium market are continuously focusing on increasing production capacity and output to meet the increasing demand from end-user industries. For example, in August 2022, North American Helium Inc, a Canada-based company engaged in the exploration, development, production, refining and marketing of helium, announced that it has successfully brought on-line its third helium purification facility with zero operational issues. This facility is located near the village of Mankota in Southwest Saskatchewan.
According to TBRC’s helium market research, major market players in the helium market are adopting market-trend-based strategies such as the adoption of IoT technology, use of helium-filled hard drive technology, and entering partnerships and collaborations with companies to increase production capacity and develop innovative products.
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The global helium market analysis is segmented –
- By Type: Liquid Helium, Gaseous Helium
- By Application: Breathing Mixes, Cryogenics, Leak Detection, Pressurizing and Purging, Welding, Controlled Atmosphere, Other Applications
- By End User: Aerospace and Aircraft, Electronics and Semiconductors, Nuclear Power, Healthcare, Welding and Metal Fabrication, Other End-User Industries
Companies should focus on gaseous helium segment since it’s going to be the market with the most growth opportunity.
Asia Pacific was the largest region in the helium market, accounting for 39.8% of the total in 2022. Companies should build strategies keeping in mind the Asia-Pacific regions growth potential. North America and Western Europe are other main regions that companies in the helium market should take into account.
View More Similar Market Reports:
Cryogenic Equipment Global Market Report 2023
Gas Equipment Global Market Report 2023
Welding Gas Or Shielding Gas Global Market Report 2023
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