Rare Gases Market in India to Grow due to Increasing Application in Lighting Industry
Government regulation to phase out incandescent bulbs coupled with increasing medical applications to boost rare gas market in India
Over the years, rare gases have been used extensively in lighting applications such as krypton in Compact Fluorescent Lamps (CFLs); neon in signages; xenon in automotive lights such as High Intensity Discharge (HID) headlights, stadium flood lights, spotlights, and other high intensity lighting applications. Though, the consumption of krypton increased as CFLs became popular over the last few years, this trend is anticipated to witness a decline due to emergence of Light Emitting Diodes (LEDs), which are being increasingly used in flash lights, emergency lights and other general lighting equipment. Consequently, usage of krypton in lighting applications is expected to decrease over the next five years, however, other applications such as window insulation are expected to support krypton gas consumption in the country.
In lighting industry, consumption of xenon is expected to increase as most high end vehicles such as luxury cars and motorcycles are using xenon lamps. Also, consumption is anticipated to increase in other high intensity discharge lamps, like the ones used in IMAX theatres for projectors, stadium flood lighting, etc.
According to a recently published report by TechSci Research, “India Rare Gases Market Forecast and Opportunities, 2019”, the Indian rare gases market revenues are projected to grow at a CAGR of around 4% during 2014-19. Lighting application is the leading market driver and is expected to remain dominant during the forecast period as well.
The report reveals that Xenon is expected to drive the market, witnessing highest amount of growth, both in terms of value and volume. This is due to increasing applications of Xenon coupled with anticipated increase in its prices. Though, neon accounts for the highest amount of production from atmospheric separation units (ASUs), neon consumption is expected to be sluggish has the use of neon gas is limited in the country. However, in the field of research, neon use as a cryogenic refrigerant continues to grow, which is expected to offer the required demand support to the neon market.
“In India, lighting applications account for the highest consumption of rare gases. The lighting sector is expected to maintain its dominant position over the next five years. Moreover, demand for rare gases in the field of research and laser technology is anticipated to increase during the forecast period”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Rare Gases Market Forecast and Opportunities, 2019” has analyzed the potential of the rare gases market in India, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges prevalent in the industry.