The emergence of the life science industry and increasing healthcare facilities have accelerated the adoption of analytical instruments and methods in research activities.
Laboratory Gas Generators Market: Innovation-driven Growth
The emergence of the life science industry and increasing healthcare facilities have accelerated the adoption of analytical instruments and methods in research activities. This has strengthened innovations related to laboratory gas generators since compressed gases are an essential part of research experiments.
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Safety concerns and the need for on-demand supply are further prompting researchers to move away from traditional tanks and adopt laboratory gas generators. Moreover, the spiraling demand for highly pure gases and soaring costs of cylinder gases are encouraging laboratories to embrace this technology. These strides towards ‘safety coupled with efficiency’ and need for ‘application-specific purity level of gases’ have significantly expanded the confines of the laboratory gas generators market.
Innovation spawned in the landscape of laboratory gas generators such as enhanced compressor designs and electronic controls has opened the doors for a lucrative future. Gauging the potential of future developments and transition, Transparency Market Research (TMR) conducted an incisive analysis on the laboratory gas generators market. In its latest offering, TMR divulges insights on the evolving trends and the impact of the emergence of new technologies on stakeholders.
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A Glance at the Evolutionary Landscape
The laboratory gas generators market is growing synchronously with numerous industries such as petrochemicals, pharma and biotech, and food and beverages. Expansion and advancements in these industries drive the technological modifications in laboratory gas generators, paving the way for use in complex applications.
The pharmaceutical and biotechnology industries, in particular, act as a harbinger for the growth of the laboratory gas generators landscape with the use of gas generators in the prevention of viral contamination in the packaging of drugs. The pharmaceutical & biotechnology companies segment was valued at ~ US$ 200 Mn in 2018, and is anticipated to reach ~ US$ 330 Mn by 2027.
However, it is pertinent to note that, lack of skilled personnel in the installation, services, and maintenance of gas generators continues to be a long-standing challenge for the laboratory gas generators market. Moreover, the high costs of gas generators due to the premium products used may descend the sales of gas generators. Manufacturers are using this bottleneck well in their favor by developing products with competitive prices to overarch other players in the market.
Key Trends Shaping the Future of the Laboratory Gas Generators Market
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High Adoption of New Technologies and Inclination towards ‘Ease of Use’
Technological giants in the laboratory gas generators market are using ‘ease of use’ as the new catchphrase to lure the attention of customers. This is mainly because advances in medical science have shifted consumer preference towards technologies that are not only easy to use but also offer instant results. For instance, the portability of medical gas analyzers and their ability to simultaneously measure multiple gases, allowing easy measurement of gases, makes them one of the most preferred technologies in the medical industry. This trend has laid down the foundation for market growth, as manufacturers are vying towards the development of new technologies such as gas generators with maintenance reminders and automatic leak detection.
Hydrogen Gas Generators are Here to Stay
The high demand for hydrogen gas generators is based on the extensive use of hydrogen gas in laboratory tests. Moreover, helium shortage has created a lucrative market for hydrogen in gas chromatography. As a result, instrument companies are promoting the use of hydrogen carrier gas through presentations and articles. This has highly benefitted the manufacturers of gas generation equipment who are foraying towards increasing the production of hydrogen gas generators.
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Winning Strategies to Sustain Market Headwinds
A key overriding strategy deployed by market players is product promotion through trade shows, exhibitions, product catalogues, and trade fairs. The laboratory gas generators market, being innovation-driven, calls for the need to create a brand identity to gain recognition in the market. Partakers in the market are banking on this opportunity by introducing their products at exhibitions and trade fairs to advertise them to a large audience pool. These product promotion activities also help them understand the current requirements of the market and analyze the new opportunities emerging in the market.
Gauging the high demand for laboratory gas generators across numerous end-use industries, and countries across the globe, companies are foraying towards business expansion. They are doing so through various channels such as mergers and acquisitions, expansion of distribution networks, and product reach expansion. For instance, Parker Hannifin Corp has a distribution network spanning around 13,000 locations across the globe, thereby catering to the individual needs of these regions. On the other hand, Nel ASA focuses on business expansion through mergers and acquisitions, which gives it an opportunity to expand and strengthen its existing product portfolio.
Competition Landscape Remains Fragmented
The laboratory gas generators market features a fragmented vendor landscape due to the presence of large players along with emerging domestic players. The degree of competition in the market is moderate, and is mainly characterized by the emergence of new technologies and incessant pressure to develop products at competitive prices. Although there are several established players associated with the manufacture and supply of laboratory gas generators, there is still scope for the emergence of new players through the development of moderately low-cost technology.
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Prominent companies functioning in the laboratory gas generators market include Nel ASA, Angstrom Advanced, Inc., Peak Scientific Instruments Ltd., and Parker Hannifin Corp. Among these, Parker Hannifin accounted for a prominent share of ~ 30% of the laboratory gas generators market in 2018. It was followed by Peak Scientific Instruments Ltd, with a share of ~ 15%. Other companies in the market such as Erre Due s.p.a., F-DGSi, and others held ~ 55% market share in 2018.
The formation of subsidiary companies and acquisition of gas generator companies remains a preferred strategy for key enterprises to reap revenue benefits. The reason for this is attributable to the collective notion of companies to foray into untapped regions through the enhancement of distribution channels. Companies are also thriving in the regional markets on the back of strategic alliances and new business developments. In addition to this, technological advancements and new product launches are relied upon to foster presence in the global market.
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