Helium finds wide applications in various end-use industries such as healthcare, aerospace, electronics, welding & metal fabrication etc. In healthcare industry, liquid helium is used as a cryogenic coolant in MRI scanners and medical refrigeration units. It is also used as a pressurizing and purging gas in the manufacturing of semi-conductors, LCDs and fiber optics. Besides, helium has non-flammable and lighter than air properties which make it suitable for inflation of airships and balloons.
The global Gaseous and Liquid Helium Market is estimated to be valued at US$ 7.05 Bn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
As per recent industry estimates, over 50,000 MRI machines are installed worldwide which consumes significant amount of liquid helium for cooling purpose in superconducting electromagnets. Moreover, growing aging population and rising healthcare spending is further propelling the demand for medical imaging techniques like MRI, thereby augmenting the helium market growth. Another key driver is increasing usage of helium in electronics sector. Rise in global semiconductor sales and shift towards miniaturization of electronic devices is promoting demand for helium in semiconductor manufacturing. For instance, helium is used for purging and pressurizing systems during semiconductor chip fabrication.
Segment Analysis
Global Gaseous And Liquid Helium Market Size is dominated by the cryogenics segment. This segment accounts for over 55% of the total market share owing to extensive use of liquid helium in superconducting magnets used in medical imaging devices like magnetic resonance imaging (MRI) scanners and analytical instrumentation like nuclear magnetic resonance (NMR) spectroscopy. Demand for helium is expected to rise significantly from the cryogenics segment with growing applications of MRI and NMR systems in research studies and medical diagnostics.
PEST Analysis
Political: Prices for helium gas production are determined by the US Bureau of Land Management (BLM) which reserves around 30% of global helium supplies. Any changes in the US federal helium program could impact global helium supplies and prices.
Economic: Growth of the global economy and trade is positively impacting several helium market end-use industries like healthcare, electronics and aerospace industries which utilizes helium for various applications. Rising healthcare spending is also propelling the demand.
Social: Increasing public and private investments in life sciences research for drug development, growing health awareness are driving the demand for medical diagnostic devices like MRI that uses liquid helium for their functioning.
Technological:Advancements in cryogenic technology for efficient liquefaction and storage of helium is helping reduce production costs. New applications are also being discovered through R&D.
Key Takeaways
The Global Gaseous And Liquid Helium Market is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing investments in healthcare sector globally. The market size is projected to reach US$ 16.03 Bn by 2030 from US$ 7.05 Bn in 2023.
Regional analysis: North America is expected to dominate the market over the forecast period owing to high demand from healthcare and electronics manufacturing industries in the US. Asia Pacific is anticipated to exhibit fastest growth enabled by rising medical tourism and increasing research activities in countries like China and India.
Key players operating in the Gaseous and Liquid Helium market are Air Products and Chemicals, Inc., Linde plc, Praxair, Inc. (now part of Linde), Air Liquide S.A., Gazprom, RasGas (now part of Qatar Petroleum), ExxonMobil Corporation, Matheson Tri-Gas, Inc., Iwatani Corporation, Messer Group GmbH. The market is highly consolidated in nature.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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