Las Vegas Industrial Gases Market Analysis - 2032
The Las Vegas industrial gases market was valued at $155.9 million in 2022, and is projected to reach $208.7 million by 2032, registering a CAGR of 3.0% from 2023 to 2032.
Industrial gases such as nitrogen, inert gases such as noble gases are used in the electronics industry to manufacture and develop flat panel display products, compound semiconductors, and advanced components, such as silicon wafers and integrated circuits. These growing applications make industrial gases necessary for innovation and new product design in the electronics industry. Increase in industrialization and urbanization, coupled with the rise in application of industrial gases in various industries, such as healthcare, metals and mining, and food and beverages, are expected to influence the market growth in coming years. Electronic applications of industrial gas are witnessing strong growth on account of the high demand for flat panel displays, semiconductors, and printed electronics.
The use of industrial gas in the electronics (photovoltaic) industry for the manufacturing of semiconductors, solar, displays, LED solid-state lighting, wafers, and polysilicon compel the growth prospects for this market. Clean energy, predominantly solar PV, is evolving as an eminent source of clean energy generation, thus attracting investments globally. These gases substantially reduce the manufacturing costs, which augments the demand for industrial gases.
NV Energy constructed two new gas-fired units near Las Vegas to meet the state increase in demand for energy. The addition of these two 200-MW natural gas-fired units at the Silverhawk Generating Station will boost the overall electricity generation capacity in Nevada and Las Vegas. This is particularly crucial during the hot summer months when demand for electricity surges due to increased air conditioning usage, which is common in both residential and industrial settings. Industries in Las Vegas rely on a stable and abundant energy supply to operate machinery and equipment efficiently. An improved power supply can support industrial growth to ensure that businesses have access to the energy to expand manufacturing operations. A stable and reliable energy supply is a critical factor to attract new businesses to Las Vegas and encourage existing ones to expand. This can lead to economic growth and potentially increase the demand for industrial gases, as many industrial processes require gases such as nitrogen and hydrogen.
Oxygen held the largest revenue share of 35.2% in 2021. It is known to improve the thermal efficiency of fuel. Oxygen is used to treat polluted water and hazardous wastes and for the gasification process of coal. The gas can also replace chlorine in the pulp and paper industry to reduce pollution. Oxygen also finds large applications in the medical industry. Thus, the large-scale application of oxygen in various industries is expected to propel the demand for industrial oxygen in the coming years. Nitrogen gas held the second-largest revenue share in 2021 and is projected to expand at the highest growth rate from 2022 to 2031. Nitrogen gas is used on a large scale in the healthcare sector due to the growing medical and pharmaceutical industry in U.S. Among the top incentive programs offered in metro Las Vegas is the Nevada Catalyst Fund, which is intended to attract new businesses to Las Vegas and encourage existing businesses to expand. Another program offered by the Nevada Governor's Office of Economic Development (GOED) is the Workforce Innovations for the New Nevada (WINN) program. It supports companies that locate or expand operations in Nevada by providing training programs to create a more diversified and skilled workforce. Henceforth, all the above-mentioned factors are projected to boost the growth of the Las Vegas industrial gases market during the forecast period.
The Las Vegas industrial gases market is bifurcated on the basis of type, and end use industry. On the basis of type, the market is segmented into oxygen, carbon dioxide, nitrogen, hydrogen, noble gas, and others. In addition, on the basis of end use industry, it is segmented into healthcare, electronics, aerospace, construction, energy & power, and others. The major companies profiled in this report include Air Liquide, Linde plc, BASF SE, Messer Group, NEXAIR, Air Products and Chemicals Inc., Universal Cryo Gas, LLC, and MATHESON TRI-GAS, INC.
Rapidly increasing demand for energy from the renewable energy resources and on-going infrastructure development in developing countries, has led the key manufacturers expand their industrial gas production capacities to meet market demand across the globe. Additional growth strategies, such as acquisition, partnership, product launch, and business expansion, are also adopted to attain key developments in the industrial gases market trend.
Las Vegas industrial gases market, by type
In 2022, the oxygen segment was the highest revenue contributor to the market, with USD 55.67 million in 2022, and is estimated to reach USD 72.88 million by 2032, with a CAGR of 2.8%. The growth of industries such as agriculture, automobiles, beverages, chemicals, construction equipment, food, glass, medicine, ship building, space explorations, steel manufacture etc. require stable oxygen for processes; increase the demand for oxygen production. The versatile uses of oxygen in chemical industry as an oxidizing agent and catalyst are contributing to the growth of oxygen market.
By Type
Oxygen segment is the most lucrative segment
Las Vegas industrial gases market, by end use industry
In 2022, the construction segment was the highest revenue contributor to the market, with USD 46.06 million in 2022, and is estimated to reach USD 57.47 million by 2032, with a CAGR of 2.3%. Industrial gases have a wide range of applications in the construction industry. It is used as a fuel in welding metals. It is further used as an insulating gas between windowpanes. It has a large range of applications in this sector, due to its corrosion resistance property. Increase in investment of the government and public toward the construction of commercial and residential buildings will provide lucrative opportunities for the growth industrial gases market.
By Nitrogen Type
Oxygen segment is the most lucrative segment
Key Strategies
In May 2022, Air Liquide opened its largest liquid hydrogen production and logistics infrastructure facility in North Las Vegas, Nevada. This facility will produce 30 tons of liquid hydrogen per day.
By Noble Gas Type
Helium segment is the most lucrative segment
Report Key Highlighters
- The Las Vegas industrial gases market is consolidated the major companies profiled in this report Air Liquide, Linde plc, BASF SE, Messer Group, NEXAIR, Air Products and Chemicals Inc., Universal Cryo Gas, LLC, and MATHESON TRI-GAS, INC.
- The Las Vegas industrial gases market includes company profiles of 7 key players who are actively engaged in producing various Las Vegas industrial gases.
By End Use Industry
Construction segment is the most lucrative segment
Key benefits for stakeholders
- The report includes in-depth analysis of different segments and provides market estimations between 2022 and 2032.
- A comprehensive analysis of the factors that drive and restrict the growth of the Las Vegas industrial gases market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the Las Vegas industrial gases market growth, in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
Las Vegas Industrial Gases Market, by Type Report Highlights
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Analyst Review
The Las Vegas industrial gases market is expected to witness increase in demand during the forecast period, due to significant growth on account of increasing application in electronics, healthcare, semiconductor, power generation, oil & gas, mining, and other industries.
Industrial gases mean the gaseous materials used for industrial purposes. Nitrogen, oxygen, carbon dioxide, argon, hydrogen, acetylene, and helium are the few major gases used in industries. These industrial gases are manufactured from the process of cryogenic filtration of air through air separation units. These gases are also called medical gases, refrigerant gases, fuel gases, and specialty gases depending on their applications in various industries.
Noble gases are also a type of industrial gases, which have found diverse applications in medicine. Helium and xenon are widely used in the field of anesthesia. Moreover, they are used to maintain a state of superconductivity of the electromagnet used in MRI scanners. Helium is further used in lung testing and laparoscopy. In addition to this, helium and argon plasma technology are used in surgeries. Neon is used in television tubes, in advertising boards, wave meter tubes, lighting systems such as lamps and parts of aircraft. Krypton is used in the tubes of fluorescent lights, nuclear fusion energy research experiments, and satellites propellant. Radon, a chemically inert but radioactive element, is used in cancer therapy, treatment of tumors, hydrological research, earthquake predictions, and industrial radiography. Thus, increase in application of noble gas is a major factor driving the growth of the market. Rising demand for industrial gases from major end-use industries such as oil & gas, chemicals, petrochemicals, food & beverage, and power industry is expected to have positive impact on industrial gases market.
Due to the increasing urbanization and industrialization, the rising application of industrial gases in various sectors like construction, metals, mining, and food services are accelerating the growth of the market. Moreover, enhancing demand for electronic devices throughout the world and renewables are boosting the market growth. Furthermore, expanding crude oil consumption and the need for refining may enhance the demand for industrial gases in the forecast period.
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