Key Insights for the Global Industrial Gas Storage Cabinets Market 2018-2022| Technavio

LONDON–(BUSINESS WIRE)–#GasCabinets—Technavio
projects the global
industrial gas storage cabinets market to exceed USD
1,617 million by 2022. Growth in the demand for specialty
chemicals is a key driver, which will impact market growth. Specialty
chemicals include agrochemicals, cosmetic additives, adhesives,
polymers, food additives, and construction chemicals. The growth of the
specialty chemicals market is influenced by the increase in its demand
from industries such as construction, automotive, and electronics.

Chemicals companies are scaling up their production capacity to cater to
the high demand from emerging economies. The applications of industrial
gases in various industrial environments would also spike the production
of specialty chemicals, which will boost the demand for industrial gas
storage cabinets and equipment.

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In this report, Technavio highlights the storage of gas in the form of
hydrates as one of the key emerging trends in the global industrial gas
storage cabinets market:

Storage of gas in the form of hydrates

The industrial gas market has changed significantly during the past
decade due to an increase in safety regulations and a rise in the number
of applications of industrial gas. The demand for industrial gases is
increasing due to the rising demand from the oil and gas industry.
Industrial gases are extensively used in the process and manufacturing
industries, i.e., energy, oil and gas, petrochemicals, chemicals, food
and beverages, and healthcare. As industrial gases such as natural gas
are in high demand, they need to be transported from their natural
reserves and stored for posterity when the demand is more than the
production.

ÔÇ£Synthetic natural gas technology allows industries to store natural
gas in the form of hydrates, which results in a reduction of storage and
transportation costs. Natural gas hydrates are economically feasible due
to the lower costs associated with the storage of natural gases as
hydrates. Gas hydrating is gaining attention as it is a viable source of
energy and is capable of catering to the rising energy requirements.
With the increase in the global population and depletion of conventional
resources, the storage of gas hydrates will also increase,ÔÇØ says a
senior analyst at Technavio for tools
and components research.

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Market segmentation and analysis through 2022

This market research report segments the global
industrial gas storage cabinets market by end-user (oil and gas
industry, chemical industry, and others) and key regions (the Americas,
APAC, and EMEA).

In the oil and gas industry, the largest percentage share is acquired by
liquified natural gas (LNG), industrial gas, fuel oil, and gasoline. Gas
storage cabinets are required for the safe storage of gas cylinders in
industrial as well as commercial indoor and outdoor applications in the
workplace. Storage cabinets are used to protect LPG, propane, welding
gas, gas tanks, and cylinders from theft or unauthorized access.

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