Global Dielectric Gases Market: Overview
The shift from high-risk oil towards a much safer dielectric gases alternative will propel the global dielectric gases market. Shift largely owes to dielectric gases being widely used in switch gears, transformers and gas insulated lines. These are also used in high voltage transmission units. The gases that are used as insulating media can reduce the weight and size of transmission units. Besides, the market is looking at a significant demand surge due to ever increasing consumption of electricity worldwide.
It therefore comes as no surprise that the market is set to grow at a robust CAGR (Compound Annual Growth Rate between 2019 and 2027. The market value will reach to a significant number.
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Global Dielectric Gases Market: Notable Developments
July 2018: ABB completed acquisition of GE Industrial Solutions. The move will strengthen ABB’s position as number 2 player in terms of electrification and will expand access to the lucrative North American Market. Cost synergies amounting to $200 million will be realised in 5 years by ABB. Besides, ABB’s digital offerings coupled with GE’s installed base will up the competition in the global dielectric gases market substantially
Market is fairly consolidated. Prominent players include 3M Company, General Electric Company, ABB Inc, Solvay S.A., Messer Group, The Linde Group, SHOWA DENKO K.K.
Global Dielectric Gases Market: Key Trends and Drivers
Growth of dielectric gases market is a given. What’s leading to this growth and what are the trends that market players should be aware of? The upcoming report by Transparency Market Research covers it in-depth. Few factors are stated below.
- A steep rise in construction industry owing to an increase in residential and commercial sectors is leading to a growth in the global dielectric gases market. Worldwide, the construction volume will grow by 85% to USD 15.5 trillion by 2030. The industrial sector will create abundant opportunities, owing to its high consumption of total electricity (about 55%). Demand will surge for medium voltage substation due to a rising number residential units that require setting-up of IT and telecom infrastructure. HVAC units and office equipment all lead to demand generation. With preference leaning to dielectric gases for insulation, outlook is rosy.
- The market is currently occupied by SF6 manufacturers. But players are already looking for alternatives due to SF6 being a greenhouse gas, contributing to global warming. As more awareness about climate change is catching-up with masses, manufacturers feel hard pressed to come up with better options. Currently, fluoronitriles and fluoroketones look like a good bet as they are similar to SF6 in terms of properties without having its potential of warming up the environment.
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Global Dielectric Gases Market: Regional Analysis
The region that is all set to dominate the global dielectric gases market is Europe. The growth is largely attributable to a strong manufacturing base. The region is marked by some of the most prominent names in the global market such as Solvay S.A. and The Linde Group.
Another region that would grab attention and plenty of market share is the Asia Pacific (APAC). It would represent a highly lucrative play field for dielectric gases in the forecast period. It would owe its growth to increase in construction which will be 57% plus of global market growth ($15.5 trillion).
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