Global Oxygen Market – Industry Share & Forecasts 2023-2031
- March 24, 2023
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The global Oxygen Market accrued earnings worth approximately 27,549 (USD Million) in 2020 and is predicted to gain revenue of about 32, 052(USD Million) by 2028, is set to record a CAGR of nearly 6.2% over the period from 2021 to 2028. The report offers assessment and analysis of the Oxygen Market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Million).
Oxygen is vital for life on earth and is colorless in nature. Apparently, it is provided to patients through cylinders or cans. Moreover, wide spread of COVID-19 pandemic had resulted into lucrative need for oxygen and this had facilitated opening of new oxygen manufacturing units across globe to increase oxygen supply to COVID-19 patients. Furthermore, oxygen is utilized as catalytic agent in myriad industrial processes. Increase in demand for medical oxygen concentrators will boost growth of oxygen market.
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Oxygen Market: Growth Factors
Expansion of oxygen market over assessment period can be credited to large-scale demand for oxygen in automotive, farming, food & beverages, medicine, chemical, shipbuilding, steel production, and space explorations. Apart from this, large-scale use of oxygen in surgeries and for patients suffering from chronic disorders will bulge size of oxygen market in near future. Most common application of oxygen includes plastic production, textile manufacture, and steel production. Additionally, it also finds slew of applications in brazing, metals, oxygen therapy, welding & cutting activities, rocket propellant, and life support tools. All these aforementioned aspects are projected to provide new avenues of growth for oxygen market.
Furthermore, oxygen masks are worn by persons in aircraft & space craft and while landing on other planets or space. Apparently, oxygen cylinders are used by people in submarines, diving, and spaceflight. All these factors will propel growth chart of oxygen market in near future. Moreover, oxygen dissolves easily in water as compared to other gases such as nitrogen and this has enlarged scope of use of oxygen in freshwater lakes and ponds. Such beneficial features are likely to augment growth of oxygen market in upcoming years.
Furthermore, oxygen is also used food production in plants and this is predicted to satiate global food requirements and stave off food crises as well as resolve food scarcity problems. However, oxygen can prove to be toxic at high partial pressure resulting in health issues and can lead to convulsions. Additionally, oxidation can lead to corrosion of substances and sometimes can render or make the substance devoid of use (or make it useless). This can prove detrimental to growth of oxygen market.
Industry players use strategic acquisitions and collaborations as a significant strategy
Precision Medical Inc, Besco Medical Co Ltd, AirSep Corporation, Chart Industries Inc, Drive DeVilbiss Healthcare LLC, Philips Healthcare, Koninklijke Philips N.V., Nidek Medical Products Inc, Invacare Corporation, O2 CONCEPTS LLC.
This market research study on Oxygen covers the industry in full, with revenue estimates and forecasts in USD for the following segments from 2023 to 2030:
Market, By Type
● Industrial Oxygen
● Medical Oxygen
Market, By Application
● Homecare Settings
● Ambulatory Units
Oxygen Market: Regional Landscape
Asia Pacific Oxygen Market To Record Exponential Growth By 2028
Expansion of oxygen market in Asia Pacific over assessment period can be credited to rise in demand for oxygen in healthcare industry as well as manufacturing units across countries’ such as India, Indonesia, China, Japan, and Philippines. Additionally, large-scale presence of major oxygen manufacturing units in countries such as India and China will account majorly towards size of oxygen market in Asia Pacific zone.
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The following are the contents of our sample report:
● The new research for 2021 includes an introduction, overview, and in-depth industry analysis.
● The package includes the COVID-19 Pandemic Outbreak Impact Analysis.
● Research Report (about 230 pages) (Including Recent Research)
● On Request, provide extensive chapter-by-chapter assistance.
● Updated Regional Analysis for the Year 2021 with Graphical Representation of Size, Share, and Trends
● Includes The data and tables have been updated.
● The most recent version of the study provides an analysis of the top market players’ business strategies, sales volume, and revenue.
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